by Mike Sharkey
Staff Writer
Sometime near the end of the year, Compass Bank will relocate its Independent Square branch to the Landing and occupy the space recently vacated by Georgiou, a women’s clothing store.
Local Compass president Bob White confirmed the planned move Thursday.
“We don’t have a firm date, but it will be near the end of the year,” said White.
Landing general manager John Kiddy corroborated that Compass was looking at the space, but declined to elaborate because a lease has not yet been signed. He did say having a bank at the Landing again would be an asset to the entire Landing.
“I know we have been talking with them, but we have not signed an agreement,” said Kiddy. “It would be a great thing.”
White said Compass has been in Independent Square for about five years and the desire to move is based more on the increased exposure at the Landing than their current situation in Independent Square. He also said Compass officials believe the landscape of the Landing is going to change dramatically as downtown Jacksonville slowly awakens commercially and residentially.
“The Landing, over the next few years, will change in its complexion,” said White. “We will have street visibility that we don’t have now and easier access to a lot more people.”
“We believe the Landing, over the long term, fits with downtown development and the changes that will be coming to the Landing. We anticipate with the increased number of downtown residents, the Landing will attract some upscale restaurants and higher end retail.”
Kiddy agreed with that assessment, but said it will still be a while before the Landing sees upscale restaurants and big name retailers such as Old Navy or Gap. Once residential developments such as Berkman Plaza and 11 East Forsyth are fully occupied, Kiddy thinks the Landing will see the benefits of having hundreds of new downtown residents looking for good places to eat and shop.
“I think that’s a natural as downtown residential comes on line,” he said.
With a little over three months until the end of the year, Compass won’t have much time to renovate the old retail space. In addition to creating a teller area and offices, the new location will also have a state-of-the-art vault and house dozens of safe deposit boxes. Although the new location appears smaller, White said both locations have about the same square footage.
White also said, given the advantages of modern technology today, the move won’t be as difficult as in years past. Renovations at the Landing should start soon, but White said the bank will not move anything until the renovations are complete.
Compass will not be the first bank to set up shop in the Landing. Several years ago, SouthTrust had a small branch downstairs but closed as part of a city-wide reconfiguration.
Prior to Compass, the space in Independent Square was occupied by Enterprise National Bank.