Another bank is on the way to downtown Bethesda. An unnamed bank will open a new branch in the space vacated by Wells Fargo Bank at 7901 Wisconsin Avenue. The bank's owner has requested a construction permit for the interior fit-out of the new branch. Wells Fargo moved their branch into the new Stonehall Bethesda condo building at Woodmont Avenue and Battery Lane. That spot lacks the convenient drive-thru lanes this building offered, however.
9 comments:
When news breaks out, we break in. Absolutely shocking that a bank could be replaced by a bank. Whew! I can sleep better tonight reading this.
I’m really surprised that no new projects have been announced on the east side of Wisconsin in this area. Yes I know the allowable height is much lower than the west side, at about 80’ to 90’. One would think the massive new Marriott HQ and Hotel, and at least 7 other high rise apartment and biomedical office towers would have more impact in the east side.
It seems like the east side has some very low hanging development fruit, like the very low density CVS, muffler shop, funeral home, the Benihana and this bank. Eight or nine story high mixed use residential or office seems like an natural, with likely much less expensive land acquisition cost.
Yes, East Bethesda does not (yet) have the cachet of the neighboring Woodmont Triangle, and downtown, and much less than Bethesda Row, but it is just across the street from a massive amount of development. I know the East Bethesda community fought hard to keep the height down, but at least for the foreseeable future, the west side density will seemingly create a wall of development not unlike an edge of Central Park in New York. A man made cliff of high rises that drop off to mostly one story buildings and parking lots,
It could be one of the new JPmorgan Chase banks moving into the area. I believe they have a small branch planned for the 4749 Bethesda building, formerly the proposed Dean and Deluca, but perhaps this much larger building with drive through, and office above would be possible as well.
By the way, that dirty white marble bank building building really needs a chemical cleaning and a power wash.
6:13
The "unnamed bank" is actually Chase.
6:16
I think a lot of it has to do with the burdensome height and setback restrictions put in place by the council, as you said. Developers will get a higher return on investment on the west side of the street since they can build more. Landowners on the east side are also getting a steady income stream from high-credit tenants, such as the CVS and all the banks, so they have less incentive to sell or redevelop. The east side will get developed eventually, but perhaps not until the next cycle.
6:22
Chase is opening branches in both locations, in addition to branches in Silver Spring and Rockville-N Bethesda.
6:16 AM: Thank you for your informative and insightful comment. Yes, the East Bethesda Citizens Association fought hard and successfully for "Communities not Canyons". The height limit for the CVS site was 210 feet in the draft Bethesda Downtown Plan, for example, until it was reduced to 90 feet at the last moment. The height limit is 90 feet on the East side of Wisconsin Ave from CVS up to the north side of Chestnut St, where it's 70 feet.
We have plenty of construction along Wisconsin and it's good that the East side isn't yet being redeveloped. It will come.
The huge number of banks is a mystery. (Does anyone here use them? Online banking is better in every way.) They have a deadening effect, as Robert Dyer has pointed out. Are the banks squatting on their sites until they increase further in value?
@7:35 I go to the bank about once a month. In my case, I need certain denominations of cash (50s and 100s) that are not available at an ATM, for travel abroad.
The other people in there seem to be doing mostly cash-related transactions also. Many seem like small business owners dropping off deposits from the cash register. I think the banks don't want to miss out on that business by not having a nearby branch.
10:44am/1:09pm started drinking early today. And you still think we're all here to read your drunken rants?
"And you still think we're all here to read your drunken rants?"
Says the guy who hits the F5 key every minute.
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