Bank of America branch in the works for former underpass site near Regency

The undeveloped lot, shown in 2023, is across Parham Road from Regency. (BizSense file photos)

Ten years after it left Regency at the start of the mall’s mixed-use redevelopment, Bank of America is looking to return to the area with a new spot across the street.

Plans were recently filed with Henrico County for a new Bank of America branch at 1401 Eastridge Road, a triangular-shaped lot across Parham Road from Regency that used to provide vehicular access to the mall via an underpass that has since been filled.

The former underpass was filled in after the ramp road was closed two years ago.

The 4,600-square-foot building would be built across Parham from where Bank of America had a stand-alone branch at Regency until 2015, when that location was shuttered ahead of the mall’s redevelopment by Rebkee Co. and Thalhimer Realty Partners.

TRP’s Mark Slusher, who is listed on the filings, declined to comment on the project. He said Bank of America is handling the development, working with engineering firm Kimley-Horn, the documents show.

The branch is planned to have a single access off Eastridge Road on the east side and include 22 parking spaces. Drive-thru lanes would be located on the building’s Parham side, and a stand-alone sign would be placed along Eastridge on the north side. Existing trees on the site would be removed or relocated.

A map shows the building’s planned orientation on the triangular-shaped lot. (County documents)

The 1.1-acre property is owned by an entity tied to Slusher and Rebkee principal Rob Hargett. They bought the property last November for $650,000 from Henrico’s Economic Development Authority, which struck a deal with the developers to buy the county-owned land. The land was rezoned to allow for commercial development under the county’s Urban Mixed-Use Planned Development designation.

The property was assessed by the county at the time of the sale at $293,300. It is now assessed at $392,300.

A Bank of America spokesperson said the new branch is targeted to open in the first quarter of next year. He said the bank would not comment further about the project at this time.

Meanwhile, another bank is preparing a location at Regency. Chase Bank plans to build a stand-alone branch fronting Quioccasin Road near the Starling Drive intersection at the mall’s northwest corner.

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