Members 1st Federal Credit Union is inching closer to construction on a new headquarters in Hampden Township.
The Lower Allen Township-based credit union secured land development approval last week from the township commissioners for a planned three-story, 172,000-square-foot facility on a 25-acre property off Interstate 81. Members 1st, one of the largest credit unions in the state, is looking to build on a site off Valley Road in the Hampden Marketplace behind Giant Food Stores.
Credit union spokesman Mike Wilson said Members 1st still needs to finalize a land purchase to build on the site. He expects that deal to be done by the end of August. Costs were not immediately available.
Members 1st also needs to wrap up building designs with East Lampeter Township-based Greenfield Architects and Silver Spring Township-based contractor Mowery, who have been hired for the headquarters construction.
“Our hope would be to break ground in early Q1 of 2020,” Wilson said. “Next year is our 70th year. If it all works out with this site, this will bring us back to Hampden Township where we started.”
Members 1st opened in 1950 with a small location at the Naval Supply Depot off the Carlisle Pike.
Wilson said the cost estimates for the new headquarters, which will take about 18 months to build, are still being developed. Wilson said the credit union’s goal is for the project costs to be offset by the sale of its current administrative campus.
To prepare for a future move, Members 1st sold two of its four administration buildings in the Rossmoyne Business Center for $10.3 million to Linlo Properties. The credit union continues to share office space in those two buildings at 4999 Louise Drive and 5053 Ritter Road with multiple tenants.
The institution’s main administrative operations are located in buildings at 5000 and 5020 Louise Drive. Members 1st uses about 120,000 square feet of total office space in Rossmoyne.
Wilson said the goal is to have a deal in place this year for those remaining buildings. Members 1st would likely lease back space until its new headquarters is completed in 2021.
“We’re open to partnering,” he said. “We have a good partnership on the first two buildings.”