Another giant of the banking world is aiming for some visibility in the Willow Lawn area.
Bank of America has filed plans with Henrico County to construct a from-scratch branch at 5000 W. Broad St. across from Willow Lawn shopping center on the site of a long-dormant Hardee’s restaurant.
The fast-food building would be razed to make way for the bank branch and Bank of America plans to purchase the property as part of the development.
The nearly 1.5-acre plot is currently owned by Miami-based Frontier Development, which bought the property for $2.05 million in the fall of 2020. The building has been vacant since the Hardee’s closed just prior to that sale.
The property was most recently assessed by the county at $1.05 million, nearly all of which is the value of the land.
Bank of America confirmed the Willow Lawn branch is in the works but would not comment further.
“We constantly adapt our financial center and ATM networks to fit our clients’ changing needs. This includes investing in new centers,” the bank said in a prepared statement. “Look forward to opening a center in this fast-changing community.”
Plans shows a nearly 4,700-square-foot branch with a drive-thru and 24 parking spaces.
The bulk of the bank’s filings with the county were submitted in December. Infinity Engineering Group out of Florida is listed as an engineer on the project in county records, as is Little Diversified Architectural Consulting.
The property will not need to be rezoned for the project.
BofA currently has 19 branches in the Richmond region. It controls by far the most deposits in the region, with $24.88 billion as of June 30. That accounts for nearly half of the $57 billion in deposits across the entire Richmond market.
The new branch will rise across the street from national competitor Chase Bank, which built a from-scratch location a few years ago where an Extra Billy’s Barbecue restaurant once stood.
Chase has been one of the only national banks to add new branches in the region in recent years, while others, such as BofA, Wells Fargo and Truist, had been on streaks of branch closures.
BofA last year closed its Lakeside branch and over the last several years had closed locations in Brookland Park, Stonebridge and Forest Hill. Its former Stonebridge location was taken over by Chase Bank.
The Broad Street site eyed by BofA is one of three dozen retail properties Frontier Development owns in Virginia. Of those, it has at least seven Richmond-area holdings with tenants such as Verizon and Starbucks.
so is this intended to replace the BOA branch at Broad and Malvern?
One would think so. I wonder why though
They don’t use drive throughs at BoA anymore but yeah it is weird. And I though there was talk of an apartment building on the site and then it was Pulse parking.
Are they being required to make any improvements to the horrible, bench-less, shelter-less bus stop in front of that building?
wouldnt that be GRTC’s responsibility?