One of largest U.S. banks coming to local gateway development

The subsidiary of finance giant JPMorgan Chase & Co. entered the Memphis market in 2023. Chase originally announced seven Memphis-area locations before 2025, but those initial locations are already online.

“Chase is proud to serve nearly 80 million consumers and 6 million small businesses with a diverse range of products and services,” a Chase spokesperson told MBJ. “We’re excited to expand into this market, leveraging all of Chase’s capabilities to help serve the banking needs of this community.”

The largest bank in the U.S. is planning a location at the Broad Avenue Gateway development, pending regulatory approval. It’s the second tenant announced at the development in two weeks, with an ambulatory surgical treatment center also signing on.

The project, being built by High Mountain Investments, is seeking one final tenant as it moves toward activation. Stuart Maxwell, founder of High Mountain Investments, said that he hopes the project can serve as an attractive entry point to the city of Memphis.

“I purchased this land not knowing exactly what I wanted to do with it,” Maxwell told MBJ. “I think it’s a very important piece of real estate and is truly one of the front doors to the city, no different than coming across the river from Arkansas. Anyone coming to Memphis from the east, this was the first stop when they get into town. It was important for me to design something that everyone could be proud of.”

Maxwell is still looking for a final tenant for the development. The site currently features a Ramblin’ Joes coffee shop, a surgical center, and the future Chase Bank. The last portion is a 2,200-square-foot site, and Maxwell said that he believes a quick-service tenant, whether it’s a restaurant or a pharmacy, would be successful in the space.

Shawn Massey of The Shopping Center Group represented Chase Bank. Massey said that the bank is looking at a second wave of expansion into the Memphis market and wants to target underserved banking markets. Massey pointed to Chase’s location in Raleigh and the planned Binghampton location and said the bank is considering Whitehaven.

“[Chase] doesn’t have a drive-thru on any of their banks,” Massey said. “They want the banking to be very community-oriented. …Chase really wants [customers] to come indoors and meet their staff and talk about what other banking needs somebody might have.”

Massey said that the bank is looking at five or six new Memphis locations. Massey also said that large clients like Chase and also Starbucks are starting to realize that there is opportunity in Memphis’ traditionally underinvested neighborhoods and are looking at planting flags in those neighborhoods that are often passed by.

“Both Chase and Starbucks realize that there’s business to be done in areas like Raleigh, Whitehaven, and Binghampton,” Massey said. “They’re allowing me to be a little bit more progressive and bring them to different areas.”

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