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Bank of America building first local stand-alone center in Indy push

April 10, 2018
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The stand-alone center will be located north of 86th Street and along River Crossing Boulevard. (Image courtesy Bank of America)

Bank of America is building its first stand-alone banking center in Indianapolis, located in the heart of the upscale Keystone at the Crossing retail submarket.

The Charlotte, North Carolina-based banking corporation is making a push into the metropolitan area and so far has opened four retail bank branches—all located in existing buildings.

Two are downtown, at the Cummins office building on East Market Street and at the 747 Apartments project at the southeast corner of Massachusetts and College avenues. It also has branches at 96th Street and Interstate 69 and at Campus Parkway and Brooks School Road in Noblesville.  

The stand-alone center under construction in Keystone at the Crossing will be located along the road (River Crossing Boulevard) that leads north from 86th Street to the Shops at River Crossing project that includes Barnes & Noble and Late Harvest Kitchen. It will be situated southeast of the point where River Crossing Boulevard branches into River Road.

Local developer PK Partners owns the land on which Bank of America is building the center. An affiliate of the company has signed a ground lease with Bank of America, which is constructing the 3,500-square-foot center.

“We are pleased that Bank of America will be joining the mix of sophisticated retail brands, restaurants, offices, hotels and luxury apartments that make Keystone at the Crossing the place to be,” said Wes Podell, senior vice president of PK Partners, in a media release.

The center should open in September, said Andy Crask, the bank’s Indianapolis market president.

“There’s a lot of activity there,” he said of the Keystone at the Crossing submarket, “and those are the types of places that you want to be in if you can.”

Crask declined to provide a cost estimate for the project but said the center will be like the one in the downtown Cummins building, which is staffed by employees. The other three area branches are not.

Those are known as “advanced centers” and enable customers to interact with remote employees via video conferencing, but they do not have local staffing.

Bank of America is not saying how many centers it hopes to have in the Indianapolis area, but the company continues to look for opportunities as part of a broader effort to add 500 of the staffed locations nationally over the next four years, Crask said.

As part of the Keystone project, Bank of America has agreed to install sidewalks to make the branch more pedestrian-friendly, as well as a crosswalk across River Road to make it easier for pedestrians to access Piada Italian Street Food.

The free-standing restaurant sits in the far southwest corner of the parking lot for PK Partners' The Shops at River Crossing.

PK Partners, in fact, has a big presence in the Keystone at the Crossing area.

The company owns the office and retail building at River Crossing Boulevard and East 86 Street. The building’s retail tenants include Ocean Prime, Diamonds Direct and Dottie Couture. Office tenants include Woodley Farra Manion Portfolio Management and Keller Williams Realty.

PK Partners also recently completed the $100 million mixed-use River North at Keystone project, north of where the Bank of America branch is under construction.

River North at Keystone consists of two office buildings, the Quarry luxury apartments and a select service Hampton Inn and Suites hotel.

Next up for PK Partners’ could be the redevelopment of the Champps site. The restaurant, located just south of the River North project, closed in November after a 22-year run. PK Partners is working on plans for the property, Podell said, and an announcement should be forthcoming.

 

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