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The Bank of America name perched on one of the more identifiable downtown Sarasota buildings will be coming down — likely by early next year.
The bank will move from 32,000 square feet on the ground floor of the building, at 1605 Main St., to a 5,000-square-foot branch a few blocks away. The Bank of America name has topped the tower, the Ellis Building, since at least 2005. The building was built in 1972.
Sarasota-based Ruben-Holland Development signed a contract to develop the new BofA branch, which will double as the bank's local headquarters. It will go next to a newly built Staples office supply store on Fruitville Road and U.S. 301 — a heavily traveled intersection that's considered a downtown gateway. Ruben-Holland also developed the Staples.
Local BofA officials couldn't be reached for comment about the bank's dwindling local presence, at least from a square feet perspective. But BofA spokeswoman Christina Beyer Toth says the bank is “always looking for retail banking centers that make sense for us, and we continue to look at that site as a possible location.”
Ruben-Holland founder Wayne Ruben says the BofA branch, which could be completed by early 2013, is another nugget in a Sarasota recovery story. In addition to Staples, restaurant chain P.F. Chang's and grocery chain Trader Joe's recently committed to the area. “It's incredible what's going on,” Ruben tells Coffee Talk. “People are saying 'woe is me,' but that's not the reality. I feel real positive about downtown.”
Meanwhile, Larry Fineberg, an official with Benderson Development Co., which owns the Ellis Building, says BofA's departure isn't as bad as it might appear. Fineberg concedes the loss of a ground-floor tenant with its name on the building, in a recession no less, obviously poses a large challenge.
But Fineberg says University Park-based Benderson can now move ahead with a much-needed first-floor renovation. The firm will also leverage the space's marketing with the ability for a new tenant to etch its name on the building.
Benderson will target a bank for the space, though Fineberg is open to other tenants. “It certainly creates an opportunity,” Fineberg says. “It's one of the most prominent buildings downtown, if not the most prominent.”
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