A Charlottesville-based bank has found its spot for its first Richmond-area branch – an old night club building in one of the city’s most sought-after neighborhoods.
Virginia National Bank, a $717 million bank with a handful of branches mostly around Cavalier country, this month signed a lease for 2,700 square feet in the former Infuzion Dance Club at 1401 Roseneath Road.
The bank has been searching for a site for a full-service Richmond outpost since quietly entering the market about 18 months ago with a few commercial lenders on the ground here.
The new branch will be led by John Dane, VNB senior commercial lender.
“Clearly everybody knows what’s going on in Scott’s Addition and the building really works well for our model,” Dane said, adding that the model includes a focus on technology and mobile banking services.
The branch in the near term will house Dane as well as two other commercial lenders. They’ll focus mainly on winning business clients and commercial loans, but over time ramp up to handle more retail customers out of Richmond.
The bank will be on the ground floor of the two-story, 8,000-square-foot building, which is being redeveloped by Chesterfield-based Blackwood Development. The company bought the old night club (once known for its bar made of solid ice) in September 2017 for $1.6 million.
VNB will share the ground floor with Wood & Iron Gameday, a new restaurant from the owners of the Flyin’ Pig Backyard Grill and Asado that’s planned for an opening likely later this summer. It’ll be the second Wood & Iron location, joining one in Chesterfield.
The bank and restaurant also will share the building with Utopia Spa, which will be on the building’s upper floor.
VNB hopes to be open before year’s end, although Dane said the coronavirus shutdown is slowing down the process.
“Everything is slowed down from design to what’s going to be needed for permitting,” Dane said. “We’re understanding of that, but the sooner the better.”
Cheryle Toy and Read Goode of Divaris represents Blackwood. Charles Mann of Verity Commercial repped VNB.
VNB would be one of the few banks in the neighborhood, joining an M&T Bank branch up the street at the corner of West Broad Street and Highpoint Avenue.