One of Richmond’s largest financial institutions is spreading out in Chesterfield and building from scratch a new branch and office for its growing real estate brokerage arm.
Virginia Credit Union recently signed a ground lease for a 1.5-acre parcel at Hancock Village, on which it plans to build and own a two-story, 10,000-square-foot office.
It’ll serve as the $3.1 billion credit union’s 18th branch and as a third outpost for its real estate subsidiary, Virginia CU Realty.
VACU spokesman Glenn Birch said the new branch will complement the credit union’s existing location nearby at Genito and Hull Street roads.
“We have a busy branch at Genito and Hull, which will continue,” Birch said.
Construction of the new building is expected to be completed by the end of 2017 or early 2018. Taylor & Parrish is the general contractor. Birch would not share the estimated costs for the project.
Virginia CU Realty was formed in 2010 to serve VACU members. Then last year it launched Virginia Select Realty to offer those same services to the general public who are not members of the credit union. The company now has 37 agents in offices at Reynolds Crossings in Henrico and in Fredericksburg.
“It has grown very rapidly,” Birch said of the real estate arm. “We have found it to be very beneficial as a subsidiary.”
The outparcel VACU is taking over sits along Hull Street Road, in between Longhorn Steakhouse and McDonalds.
VACU will be the second credit union to set up shop in Hancock Village, joining Call Federal Credit Union, which opened in one of the center’s in-line storefronts.
Ellen Long of Taylor Long Properties handles leasing for Hancock Village, which is anchored by Walmart and Five Below.
Long said talks with another large retailer are in the works for a vacant plot in between the two current anchors.
Another outparcel in the center was sold last year to HCA, where the healthcare giant built a $10 million freestanding emergency room.
Long said there is one remaining vacant outparcel for which they’re already in discussions with tenants.