JP Morgan Chase exercises Longboat Key bank option after three-year delay

JP Morgan Chase is expected to receive permission Tuesday, Sept. 20, from the Longboat Key Planning and Zoning Board to construct a 3,113-square-foot office building in the Shoppes of Bay Isles center at 545 Bay Isles Parkway.

JP Morgan Chase requested a site-plan amendment to allow the building, drive-thru, parking and associated stormwater collection system.

The new bank site is expected to open in the third quarter of 2017.

 “We are recommending approval,” said Alaina Ray, director of the Longboat Key Planning, Zoning and Building Department, before the vote to approve the project.

The site plan has shrunk from the original proposal of nearly 4,000 feet to little more than 3,000 feet.

Anthony Baldo, JP Morgan Chase market director of banking for the Sarasota area, said the size reduction reflects the evolution of bricks-and-mortar financial outlets versus online banking.

JP Morgan Chase placed this branch on Longboat Key for client convenience, Baldo said.

“We already have a number of outlets on St. Armands,” Baldo said. “It made sense to get closer to (our customers) on Longboat Key.”

JP Morgan Chase does not reveal the cost of building bank branches.

A JP Morgan Chase spokeswoman said the new bank will feature cutting-edge technology and ATM innovations such as higher cash withdrawal limits.

“This location would bring the latest in our banking technology to clients locally, and also all of our services and advice,” said Maribel Ferrer. “It will optimize our customers’ experience.”

The new Longboat Key location is part of an ongoing JP Morgan Chase branch expansion in Florida.

“We are on track to open 10 branches in Florida this year and nine next year as we look to add locations that increase access and convenience for our customers,” Ferrer said.

The Longboat Key Town Commission will be asked to give final approval after the planners give the OK.

JP Morgan Chase is the fourth-largest bank in Florida in terms of branches and 10 new branches will not change its ranking. JP Morgan Chase trails No. 1 Wells Fargo Bank, 649; No. 1 Bank of America, 581; and SunTrust Bank, 498.