Heard on the Street: Credit union buys northwest land for $832k
A Rochester credit union has wrapped up a $832,284 land purchase to clear the way to build its next branch.
First Alliance Credit Unio n purchased open land between West Circle Drive and Commercial Drive Northwest from Northwest Investments of LaCrosse, LLCon March 8.
The northwest sector where the new branch is proposed is a rapidly growing 100-acre area that houses Costco, Five West, Aldiand other commercial properties. It was developed by Northwest Investments , the real estate arm of the Kwik Tripconvenience store chain.
The credit union paid cash for the land within the growing financial district, which some call Rochester’s "Destination Money Center."
The site development plan for the complex to be built there describes it as "a new business center to house five tenants. One tenant will be First Alliance Credit Union, which will have two drive-thru lanes on the south side. Another tenant is anticipated to be a bistro."
First Alliance has two other Rochester branches, at 320 Alliance Place NE and 501 16th St. SE, as well as one in Byron. First Alliance also has a full-service ATM site off 48th Street Southeast.
Rochester’s northwest area has seen many banks and credit unions build branches there in recent years.
La Crosse, Wis.-based Altra Federal Credit Union built and opened a 7,400-square-foot branch office nearby on the southwest corner at West Circle Drive and 19th Street Northwest. It opened in January.
Sterling State Bank also recently built a nearby corporate office and branch at West Circle Drive Northwest and Badger Hills Drive Northwest. The new Sterling complex is directly across West Circle Drive from another financial branch of the Mayo Employees Federal Credit Union.
Think Mutual Bank, West Bank, F & M Community Bank, Home Federal Savings Bank, Associated Bank, US Bank and Foresight Bankall have locations in that area.