Jamie Dimon has never been shy about his envy for Silicon Valley.

The CEO of J.P. Morgan Chase frequently travels west to meet with venture capitalists and entrepreneurs, touts his bank's hefty investments in technology and famously warned in 2015 that "Silicon Valley is coming," thanks to "hundreds of startups with a lot of brains and money working on various alternatives to traditional banking."

Dimon is now opening his wallet in the region like never before. Early next year, J.P. Morgan will start development of a "new fintech campus" for over 1,000 employees in Palo Alto, one of the most expensive commercial real estate markets in the country. Sandwiched between Facebook to the north and Google to the south, the building will be located at Stanford Research Park, a historic part of the tech industry that's home to Hewlett-Packard and Tesla, and on a plot of land formerly occupied by Lockheed Martin.