JACKSONVILLE, Fla.–Community First Credit Union of Florida has purchased what’s known as the Diamond-S building downtown with plans to expand its headquarters to the structure at 701 W. Adams St.
Community First paid $4.6 million for the two-story, 32,300-square-foot building and parking lot on 1.7 acres at Adams and Jefferson streets, according to the Jax Daily Record
Community First has been headquartered at 637 N. Lee St. in LaVilla since 2002. Property records show the three-story building is 55,054 square feet, Jax Daily Record stated. The building is about six blocks from the existing Community First headquarters at Beaver and Lee streets.
Community First told the Jax Daily Record it is downtown’s longest continuously operating financial institution and the purchase allows it to continue to invest in the area.
‘Immediate Solution’
In a news release, the credit union said the acquisition provides an immediate solution to its at-capacity headquarters space and additional walkability for its employees.
“Repurposing this existing, nearly vacant building makes economic sense for the credit union, which is member owned,” Community First said in the release, adding it estimated the cost of property and a newly constructed building at more than double the cost of renovating and reusing the existing building.
“We anticipate doubling our size in membership and assets during the next decade and this building should meet our future growth needs,” said John Hirabayashi, CEO and president of Community First, in the release.
Community First said its workforce has increased 80% from 188 employees in 2002 to 340 now, with assets growing over the same period from $605 million to $1.8 billion.
The credit union has more than 144,000 members and 19 branches.