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Heard on the Street: Bank pays $2.73 million for land to build new office/branch

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In preparation for building a new corporate headquarters and branch, an area bank purchased 12 acres for $2.73 million.

Sterling State Bankbought the open land at West Circle Drive Northwest and Badger Hills Drive Northwest.

The plan is to build a 30,000-square-foot, three-story complex on the site. Work will start this summer with the goal of opening in about year.

Plans put the proposed building directly across West Circle Drive from Mayo Employees Federal Credit Unionand just south of Hy-Vee.

Founded in Austin, Sterling has four of its nine branches in the Med City.

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"Sterling State Bank first expanded into Rochester in 1992. Since then, we’ve grown along with the city, locating our corporate office here in 2001 to better support new markets," said Sterling State Bank President Justin McNeilusin a news release about the new project.

"Between the growth that we have experienced as an organization and changes in banking, it became increasingly important to expand into a larger, purpose-built headquarters to support our growth."

The new northwest headquarters will include a retail banking branch plus office space for loan processing, commercial lending, accounting, electronic banking and bank operations, according to Sterling.

This will be a significant upgrade from Sterling’s 18,000-square-foot corporate office/branch retail at 102 S. Broadway in downtown Rochester.

Sterling bought the land for the new HQ from Northwest Investments, the development subsidiary of the Wisconsin-based Kwik Tripconvenience store chain. Olmsted County estimated the value of the property at $384,100 for 2017-18.

Northwest is adding roads and amenities to a 48-acre chunk of land to create a new development to house professional and retail businesses.

This development is the younger and smaller sibling to the nearby 100-acre Costcoarea, which now houses hotels, Five West restaurant, Aldi, McDonald’s and other businesses.

The new bank location will add to the growing list of financial institutions that occupy that stretch of West Circle Drive.

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Think Mutual Bank, West Bank, F & M Community Bank, Home Federal Savings Bank, Associated Bank, US Bank and Foresight Bankalso have nearby locations. Altra Credit Unionalso is planning to build a branch in the area.

Related Topics: FINANCE
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