Chase Bank readies first local branch, digs in at Willow Lawn

Chase Bank’s new branch at the corner of Staples Mill and Parham Roads. The branch is ready to open and awaits an opening date. (Photos by Michael Schwartz)

A national bank continues to push ahead with its first retail branches in the Richmond region, albeit slowed down a bit by the coronavirus.

Chase Bank has completed renovations on the building at 8727 Staples Mill Road, which will be the company’s first retail location in the market when it opens later this summer.

The branch, which Chase leases, is ready to open. But the opening date is still in flux for sometime this summer because of the pandemic.

And it might have a new landlord when it does open for business. The owner of the property has put the 2,900-square-foot building up for sale with an asking price of $3.25 million. Its online listing on Loopnet boasts of a 4 percent cap rate and a 20-year triple-net lease with Chase.

Elsewhere in Henrico, Chase also aims for a summertime opening of 11720 W. Broad St. in the former Matchbox restaurant space in front of Short Pump Town Center. That building, which the bank is leasing from the mall’s owners, is being renovated to make way for Chase. It will occupy 4,000 square feet.

Over at Willow Lawn, site work has begun for Chase’s from-scratch branch at 5205 W. Broad St. on the site of the former Extra Billy’s BBQ building. Crews made quick work in recent weeks of demolishing the restaurant building, which is bordered by the infamous aluminum-clad flying saucer building that once housed the headquarters of Markel Corp.

Site work is underway at Chase’s forthcoming new location at Willow, on the property where Extra Billy’s once stood.

The Willow Lawn branch would stand at 2,900 square feet, a two-lane drive-thru with an ATM and 31 parking spaces. It’s expected to open before year’s end.

All of the branches will have eight to 10 employees.

The projects are part of Chase’s Richmond retail expansion plan, which is expected to include a total of 20 branches in the Richmond region over time, 10 which it aims to open by the end of 2022.

The Richmond market is part of a larger radius that Chase has identified for expansion spanning from Baltimore to Richmond and down into Hampton Roads.

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Ed Wren
Ed Wren
4 months ago

With Suntrust and Atlantic Union at Willow Lawn putting a third one nearby to me doesn’t make much sense especially in spot where Extra Billy’s used to be. That spot could be used for better use to improve Willow Lawn and surrounding areas. Yes it will bring business in but I feel not the right type. This will upset people as it will look like bigger businesses are pushing local ones further out or out of business. I hope Chase Bank considers this. Thank you.