A not-very-well-kept but repeatedly unconfirmed Broadway business secret was revealed last week. Yes, there’s another big bank coming to the street. Wells Fargo’s new Capitol Hill branch is under construction in the Broadway Market shopping complex:
SEATTLE, Jan. 18, 2013 – Today Wells Fargo & Company (NYSE: WFC) announced plans to open three new banking stores in the Puget Sound area, with an additional 15-20 new stores planned over the next five years. The additional locations are being opened in response to area growth.
The initial three new locations and estimated opening dates are below:
- South Lake Union: 510 Terry Ave. North , 3,550 sq. ft., May
- Capitol Hill: 401 Broadway Ave. East (Broadway Market), 2,500 sq. ft., June
- Issaquah Highlands: Highlands Dr. NE & NE Federal Dr., 2,600 sq. ft., September
“The Puget Sound region continues to grow and we are excited to match that growth by adding additional banking operations,” said Patrick Yalung, Wells Fargo Washington region president. “This expansion is an investment in our customers, team members and the entire Puget Sound community. We look forward to meeting the financial needs of our growing customer base and announcing new locations throughout the Puget Sound over the next five years as the details become finalized. ”
Wells Fargosays only the South Lake Union opening will bring the shuttering of another location (its 7th and Olive branch is getting the axe) and “the new banking stores are designed for Leadership in Energy and Environmental Design (LEED) Silver-certified and will feature “historic murals that are unique to each neighborhood’s history.”
The announcement comes on the heels of our recent report that Mountlake Terrace-based 1st Security is taking over the space that served as a temporary home for Bank of America while its new space in the Lyric apartment development was completed.
It is also part of an ongoing overhaul of the Broadway Market following a $14.7 million investment in the complex in early 2011. Smaller entities have exited the complex while another financial concern, BECU, expanded its presence. Meanwhile, the large second-floor restaurant space remains empty.
The spaces being occupied by the new Wells Fargo were once home to a Hot Topic, a florist and Broadway Shoe Repair — the latter is now making a home deeper within the complex. No record stores were displaced.
Broadway’s banks were relatively frequent targets of vandalism and protest during the height of Occupy and Occupy-inspired activity in Seattle. In the most significant case, five people accused of trespassing at the Broadway Chase outlet were found not guilty by a jury that agreed the group’s members “had carefully planned their effort and believed that they were on property that should be considered public.”
Like many large banks that survived the mortgage meltdown, Wells Fargo continues to log massive profits and has emerged as “the country’s largest home mortgage lender.”