EAST LANSING – Michigan State University Federal Credit Union has proposed building a new office building downtown as part of an effort to spark development.
According to the Lansing State Journal, East Lansing city officials and Mayor Ruth Beier have been asking for office developments for years and have always been told there isn't enough profit in it.
Beier told the State Journal she was "beside myself with joy" when the city received a proposal from MSUFCU to build a five- to eight-story building in what's currently a city parking lot.
"I think that will start to change the face of downtown," Beier told the publication.
MSUFCU April Clobes said based on what she's heard, the community wants to see different kinds of development in the city's downtown area, the State Journal reported, with Clobes saying she is sometimes asked why MSUFCU didn't build its headquarters downtown. It wasn't a lack of interest, she said, but rather a lack of sufficient space, according to the State Journal.
"We've always wanted to have a presence in East Lansing and more than just a branch," Clobes told the publication.
Strong Annual Growth
Clobes said over the last 20 years, MSUFCU has seen an annual growth of 7%, meaning the CU needs to add new member service positions. But there isn't as much growth space left at the headquarters on West Road as the company originally thought there would be, Clobes told the State Journal.
According to the report, the goal is for the new office building downtown — if approved by both voters for a land sale and by officials through a public process to rezone the land — to complement headquarters, Clobes said.
She added MSUFCU is currently working with its board to determine how many stories the building should be in a final proposal to the city. Because the city owns the parking lot, voters must also approve its sale to MSUFCU, an issue that will be on the March 10, 2020 ballot.