Silverthorne Town Council approved a preliminary site plan for a Chase Bank on Stephens Way at its March 27 meeting. 

The site of the bank was previously an Arby’s restaurant, which is still on the site yet out of business. 

Planner Caitlin Jacobshagen told council members that the applicant and the town negotiated the dedication of a portion of the site to the town. The land will be set aside and used later on for a right-of-way. 

The town plans to add two lanes to Stephens Way to create a four-lane road in an effort to ease congestion on the well-traveled road, which is in close proximity to Interstate 70. The town recently demolished a Burger King as part of the plan. Town officials said the plan should take 10 years or possibly less if everything falls in line.

The bank is proposed to have 19 parking spots. Eight spots will be for snow storage. 

In total, the building will be 3,293 square feet, and the drive-thru ATM will be a detached structure.