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Bank of America is preparing to move from the first floor of a 13-story tower at Main Street and Orange Avenue in downtown Sarasota to a smaller stand-alone branch on Fruitville Road.
The big bank's shift a few blocks east could bring big changes to Main Street—including the possibility of more retail.
In March, the bank's downtown branch will move from the ground floor of the Ellis Building, one of downtown's most prominent towers, freeing up more than 27,000 square feet of commercial space.
The bank will move into a 5,000-square-foot building under construction at the southeast corner of Fruitville Road and U.S. 301. Bank of America will also relocate one of its branches now situated at the corner of U.S. 301 and 13th Street to the new building at 1990 Fruitville Road.
“Both of the banks were less than one mile away,” says Bank of America spokesperson Diane Wagner. “So that's why they were consolidated.”
The move opens nearly one block of mid-Main Street commercial space to potential tenants.
Larry Fineberg, with Benderson Development Co., which owns the Ellis Building, says Benderson has been in contact with several potential tenants interested in the vacant space.
Fineberg says when Bank of America first announced the departure, Benderson officials were nearly certain they would target another bank to fill the large first-floor space and put its name on the tower.
But now the real-state company has a new strategy.
“It wasn't a high-energy space,” Fineberg says about the Bank of America space on the first floor. “It is a large, cavernous space that didn't generate a lot of traffic. We are looking for something that will do the opposite.”
While Benderson is still considering leasing to another bank, if the real estate company does so, it will be for a much smaller bank—less than one-forth of the area occupied by Bank of America—leaving room for stores or other commercial uses.
While about 27,000 square feet of space will open on the first floor, the top two floors are also available. The 12th floor, formerly the University Club, has been renovated to make way for a prospective tenant.
The most visible real estate, however, is outside the building in the form of the naming rights to the top of the tower viewable from the north and south. Bank of America owns the rights, but they too will be available.
Fineberg says the goal is to find tenants that will draw pedestrians out to mid-Main, which has less activity than busy lower Main Street and upper Main Street near Regal Hollywood 20 movie theater.
“It would make sense for retail on that first floor,” Fineberg said.
The goal, Fineberg says, is to find tenants that will create traffic and “an energy” on the first floor, and promote more business to the mid-blocks of Main Street. Benderson is interested in finding long-term renters.
“It's not just about filling it,” Fineberg says. “It's about finding the right tenants.”
The new Bank of America on Fruitville Road will be housed in a building under construction by Ruben-Holland Development. The bank will go next to a recently constructed Staples office supply store.
— Reporting by Roger Drouin, correspondent
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