JPMorgan Chase & Co. Chairman and CEO Jamie Dimon told news reporters Jan. 31 that Jacksonville, with 20 offices, is an expanding market and the bank plans to add 10 more branches in the metropolitan area.
One of those appears to be in College Park, the former Town & Country Shopping Center at northeast University Boulevard and the Arlington Expressway in Arlington.
The city is reviewing a permit application filed by Benchmark Construction Consulting & Management LLC to build-out space for Chase Bank at 903 University Blvd. N.
The 3,430-square-foot space is in the southern part of the shopping center between Max’s Restaurant and Legacy Ministries, nearest the expressway.
The pending permit indicates a $1 million build-out, although that can be adjusted during permit reviews.
A little more than a decade ago, New York City-based JPMorgan Chase & Co. was a big employer in Jacksonville after taking over the mortgage operations center formerly run by Washington Mutual Bank.
The company, which operates branches under the Chase Bank brand, didn’t have a consumer banking operation.
Dimon said he saw that as an opportunity.
“I wanted a test to go to a new market and build a profitable bank,” Dimon said during a visit to the company’s Downtown Jacksonville Chase branch at 112 W. Adams St.
“Jacksonville is actually the first new market we ever put a branch in,” he said.
After starting to build a branch network for its Chase business in 2013, the company now has 20 offices in the Jacksonville market.
Dimon said he is patient about results from new markets.
“We’re quite vigilant about those investments paying off over time,” he said.
“I’ve never been the kind of manager who said you have to have a payoff this year.”
He said Jan. 31 the next expansion will include offices in low-to-moderate income neighborhoods in Jacksonville and St. Augustine.
Dimon said banks have an obligation under the federal Community Reinvestment Act to serve all parts of the community but he said JPMorgan would provide those services anyway.
One issue JPMorgan seeks to address is affordable housing, and helping customers qualify for a home loan.
“We go the extra mile to make the mortgage, or get them the proper mortgage,” he said.
PMorgan employs about 1,700 people in Jacksonville and said it will hire 100 more for the new branches and other needs.
Besides growing the branch network in the Jacksonville area, Dimon said JPMorgan may also add back-office operations in addition to its large mortgage center.
Dimon said the company seeks to work with local communities as it adds jobs, not just seeking tax incentives to help an expansion but also issues like adding bus routes to help employees get to work.
Jacksonville-based JWB Real Estate Capital bought and is redeveloping the 71-year-old Arlington retail plaza. Through 903 University Blvd LLC, Jacksonville-based JWB Real Estate Capital paid almost $5.1 million for the 18.27-acre property in August 2019.
Winn-Dixie returned to the center last year with a renovated supermarket. Other new tenants will include Donatos Pizza, Conie’s Ice Cream, First Gear Coffee and the Philippines-based Max’s Restaurant.
Existing tenants include Dollar General, Advanced Auto Parts, dialysis center DaVita Inc., Arlington Bait & Tackle Fishing and Legacy Ministries.
Property records show Town & Country was built between 1953 and 1979. It comprises about 189,000 square feet of space.
JWB also plans apartments and a food court.
The Urban Division at Colliers commercial real estate represents the landlord in tenant leases. The Colliers team comprises Senior Vice President Matthew Clark and associates Sam Middlekauff and Olivia Steinemann.