Patch Blog: Does Eagle Rock Need Another Chase Bank?

At 6 p.m. on Thursday, December 1, the Los Angeles Department of City Planning's Colorado Boulevard Design Review Board will hold a public hearing at the . The issue: Should the building on the corner of Colorado Boulevard and Eagle Rock Boulevard, which until a few months ago housed a franchise, be allowed to add floor-to-ceiling windows.

For those of us who might be unaware of just what is going to replace the widely despised Blockbuster edifice, here’s the scoop: A branch of the ubiquitous Chase Bank is coming up on the site—and the financial behemoth has the zoning code fully on its side.

It may be important to note that the recent purchase of Washington Mutual by Chase has initiated a so-called boom of new Chase branches throughout Los Angeles. It is quite easy to spot them. They have large, well-lit and prominently displayed logos that not only have an eye-catching design but also appear to emit a signature beacon-like blue glow.

Colorado's Centerpiece?

The change from Blockbuster to Chase would radically alter the look of Eagle Rock’s major intersections. Colorado Boulevard is, of course, a very busy three-lane street that happens to be an officially certified highway cutting right through the neighborhood. Many small businesses call it home. , , and are just a few of the great businesses on Colorado Boulevard. Eagle Rock takes pride in the small businesses it houses and continues to attract. They, in a way, define Eagle Rock.

Now, Chase wants to remodel the old Blockbuster building in a way that gives its upcoming branch a commanding vista of one of Eagle Rock’s most iconic intersections. The question is does Eagle Rock need another Chase Bank?

There’s no denying that the corner of Colorado and Eagle Rock Boulevard needs a facelift. The problem is that Eagle Rock already has a very large presence of large banks. One block over on Colorado we have . Two blocks down on Eagle Rock Boulevard we have Citibank. And that’s not even including the fact that we already have a Chase branch—located in the “” strip mall—barely a quarter mile away.

Ubiquitous Chase

In fact, a Google Maps search of “Chase Bank” or “Chase ATM” within a two-mile radius of 2175 Colorado Blvd., the old Blockbuster address, returns a list of nine existing locations.

With that many Chase outlets already available, what’s the need for another bank? Isn’t this the same community that has contested other business types having too many locations in such a concentrated way? In recent months, the (on whose board I was a member until a few months ago) has taken a hard line against medical marijuana dispensaries and massage parlors, arguing that there are too many of these businesses in our cozy community. The ERNC went so far as to call on the federal government to help tackle the “proliferation” of medical marijuana dispensaries and called for an audit of sorts for the massage parlor locations.

Why Not Hound Chase?

If the legitimacy and legality of businesses is so important to the ERNC and the rest of the neighborhood they may want to put the brakes on Chase as well. Here’s why: As recently as September, the Federal Housing Finance Agency filed a lawsuit against Chase (and other banks) for misleading business practices. Is this okay with the residents of Eagle Rock?

With nine Chase locations in and around Eagle Rock, not to mention many more competing bank branches, Eagle Rock may be up to its elbows in banks. What’s more, given its prominent location, the Chase branch will likely leave commuters, passersby, patrons and neighbors alike in awe of the shiny new building. It probably won’t be long before aesthetically inclined Eagle Rockers will be overcome by a wave of nostalgia—for Blockbuster.