Liberty Lake-based Spokane Teachers Credit Union has bought 2.5 acres of land in Spokane Valley, where it plans to construct a financial center that will include a full-service branch and real estate lending services, says Patsy Gayda, STCU's vice president of branches.
The acreage includes five parcels of land located at the northeast corner of Mission Avenue and Mullan Road, just south of the Interstate 90-Argonne interchange. STCU bought the land for a total of $1.8 million in three separate real estate transactions in October, Gayda says.
While plans are tentative, STCU is considering constructing a two-story building that would have at least 20,000 square feet of floor space and likely would open in 2013 or 2014, Gayda says.
"A traditional branch will be on part of the main floor, along with some real estate lending staff," she says. "The upstairs would be for the real estate department as well."
STCU hasn't selected an architect or contractor for the project, yet, Gayda says.
Structures currently on the property include an 18-unit former apartment complex and an older house that have been converted to business use, and a single-story office building. The structures eventually will be razed or moved from the property, Gayda says.
STCU intends to give tenants enough notice that they will have time to find new quarters before they have to vacate the property, she says.
STCU has 110,000 members and more than $1.6 billion in total assets.
Subscribe today to our free E-Newsletters!SUBSCRIBE