On the heels of its first expansion into Carytown, Richmond’s largest credit union is on the move again in the city.
Virginia Credit Union recently inked a lease for its first branch in Scott’s Addition.
The $5 billion credit union is taking 2,600 square feet in The Icon, a mixed-use development on the site of the old Quality Inn at 3200 W. Broad St.
The branch would be VACU’s 21st location and it will follow the credit union’s other new branch in the city, an outpost in the Fresh Market-anchored Carytown Place shopping center at the western edge of Carytown.
VACU spokesman Glenn Birch said it is aiming to open the Broad Street branch in December. The Carytown location is set to open next month.
Like the Carytown branch, the Scott’s Addition spot will feature a new, smaller branch concept that VACU is rolling out, particularly in the city.
“We’ve recognized the need for adding smaller, more adaptable branch locations to help us reach existing and prospective members in the city,” Birch said. “These locations will leverage technology, enabling us to expand our footprint and reach more members.”
The branches will have smaller staffs and do away with traditional teller lines, in favor of employees that can help customers with multiple transaction types from deposits to applying for loans.
Design firm Adrenaline is designing the new Scott’s Addition branch. VACU has yet to enlist a contractor for the buildout.
Meanwhile, the rest of The Icon development continues to take shape at the hands of developer Historic Housing.
The project includes the repurposed former hotel building fronting Broad Street, an adjoining new-construction, 12-story apartment tower and a six-story parking deck.
Brian White, president of Main Street Realty, Historic Housing’s leasing and property management arm, said the apartments in the redeveloped hotel building are fully leased after residents began moving in last summer.
“It leased up in a hurry. There’s a lot more demand than supply,” White said of the first building.
The tower is nearing completion and has begun leasing for the first few floors, with the hopes of having the first residents in by the summer.
The Icon will have 301 apartments across the two buildings, consisting of a mix of one- and two-bedroom units. Rent ranges from $1,600 to $2,000 and includes all utilities, cable and internet.
For The Icon’s commercial space, White said VACU is the first commercial tenant to sign on. He said conversations are ongoing with other tenants, most likely for office use. The project has 24,000 square feet of commercial space, most of it housed in an atrium-like structure fronting Broad Street.