On the heels of its first expansion in Carytown, Richmond’s largest credit union is once again on the move in the city.
Virginia Credit Union recently signed a lease for its first branch in Scott’s Addition.
The $5 billion credit union takes 2,600 square feet in The Icon, a mixed-use development on the site of the former Quality Inn at 3200 W. Broad St.
The branch would be VACU’s 21st location and it will follow the other new branch of the credit union in the city, an outpost in the Carytown Place mall anchored at the Fresh Market on the west end of Carytown.
VACU spokesman Glenn Birch said he was aiming to open the Broad Street branch in December. The Carytown location is expected 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 recognized the need to add smaller, more adaptable branches to help us reach existing and potential members in the city,” Birch said. “These locations will leverage technology, allowing us to expand our footprint and reach more members.”
Branches will have smaller staff and do away with traditional teller lines, in favor of employees who can help customers with multiple types of transactions, from deposits to loan applications.
Design firm Adrenaline designs the new Scott’s Addition branch. VACU has not yet hired a contractor for the construction.
Meanwhile, the rest of The Icon’s development continues to take shape in the hands of developer Historic Housing.
The project includes the redeveloped old hotel building overlooking Broad Street, adjoining new construction, a 12-storey apartment tower and a six-storey car park.
Brian White, president of Main Street Realty, the rental and property management arm of Historic Housing, said apartments in the redeveloped hotel building are fully rented after residents began moving in last summer.
“It was rented in a hurry. There’s a lot more demand than supply,” White said of the first building.
The tower is nearing completion and has started to be rented out for the first floors, hoping to welcome the first residents by summer.
The Icon will have 301 apartments spread across the two buildings, made up 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 up. He said conversations were ongoing with other tenants, likely for office purposes. The project comprises 24,000 square feet of retail space, most of which is housed in an atrium-like structure overlooking Broad Street.