The Real Deal Miami

SunTrust to open long-delayed Boynton Beach branch

October 28, 2013 02:00PM


9909 Hagen Ranch Road in Boynton Beach (image credit: Palm Beach Post)

Atlanta-based SunTrust Bank plans to open its first new branch in Palm Beach County in five years after several permitting delays.

Fort Lauderdale contractor Scott Riznick built the 2,800-square-foot office at 9909 Hagen Ranch Road in Boynton Beach, after permits were approved in 2010, records show. SunTrust Senior Vice President Tom McDermott, however, told the Palm Beach Post permits and the recession caused the delays.

An investor bought the 0.94-acre site for $4.4 million and inked a 20-year lease with the bank for the land. The bank is expected to open in January. SunTrust has no plans for other new branches in the county.

In 2011, Crocker Partners bought the 420,080-square-foot SunTrust International Center in Miami for $80 million. [Palm Beach Post]Mark Maurer