FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

NEW YORK (Reuters) - JPMorgan Chase & Co. JPM.N plans to build a new headquarters at its existing Manhattan site in the first major project under a rezoning law passed last year that aims to revitalize the Midtown area, the bank and officials said on Wednesday.

The new 2.5 million-square-foot tower at the bank’s current headquarters at 270 Park Avenue is subject to various approvals, New York City Mayor Bill de Blasio and Jamie Dimon, JPMorgan’s chairman and chief executive, said in a joint statement.

Demolition of the existing 52-floor building will begin in 2019 and construction of the new tower, which is expected to rise about 70 stories, likely will take four to five years, a JPMorgan spokesman said.

During the work, JPMorgan employees will move to four buildings the bank already owns or leases in the Park Avenue vicinity, a spokesman said.

About 15,000 employees would occupy the new building.

The rezoning of a large swath of Midtown around the Grand Central train station will allow JPMorgan to buy development rights from nearby landmarks and build a larger building. Proceeds from the sale of those rights will help the city fund upgrades to local subway stations and improvements to the neighborhood’s streets and public areas.

The project is not expected to have a material impact on the company’s financial results, the statement said.

The project's cost was not announced. The nearby 58-story One Vanderbilt, which is rising next to Grand Central and will anchor the area's rejuvenation, was estimated to cost $3.14 billion in June 2016 by its developer, SL Green Realty Corp SLG.N.