Arvest Bank is building a new branch bank in downtown Kansas City, investing $1.5 million in converting what is now unused parking garage space at the high-profile northwest corner of 13th Street and Grand Boulevard.
The 3,700 square-foot branch bank is occupying a ground floor area of the Town Pavilion parking garage that has long been marketed for retail use. It shares the key intersection with the Power & Light District and the College Basketball Experience adjacent to the Sprint Center.
“We realized instead of having a concrete area of our garage that nobody used, a wasted area, we could have a prominent retail site,” Jon Copaken, a principal at Copaken Brooks, said Monday. “It’s great to see that opportunity come together.”
A formal groundbreaking ceremony is scheduled for Tuesday, but demolition work began last week and the branch bank, which will have six, full-time employees, is expected to open next January, said Mark Larrabee, president and CEO of Arvest Bank operations in the Kansas City area.
As part of the plan, Arvest will close its current downtown branch bank at 127 W. 10th Street on the ground floor of the Library Lofts apartments. The new branch will offer a drive-thru lane that was not available on 10th Street as well as a walk-up ATM machine.
Centric Projects is the contractor; BRR Architecture designed the project and Copaken Brooks is the landlord of the 2,000-space garage which primarily provides parking for the Town Pavilion office tower and other downtown events. The bank signed a 30-year lease for its new space.