PENSACOLA, Fla.–The world’s largest credit union, Navy Federal, continues to build out a massive new office space here.
The Pensacola News Journal reported that with 4,500 employees at one location here and another 700 at leased space elsewhere, Navy Federal remains on target to complete the first phase of almost 1.5 million square feet when it finishes out 400,000 square-feet of office space that will house 2,000 employees. That space, at a price tag of $245 million, will include offices, parking facilities, and an energy plant, the News Journal reported.
That will be followed by a second phase that will add 1.1 million square feet in additional space at a cost of $594 million that will accommodate another 5,000 employees. The News Journal reported that will be completed by late 2018 or early 2019.
Overall, the $72-billion Navy Federal is approaching 10,000 total employees by the year 2020 in the Pensacola market.
A credit union spokesperson told the News Journal the additional employees are needed to provide service to the “significant” number of new members it has added. Navy Federal has approximately 5.9 million members.
In addition to the new space for its Florida operations, Navy Federal is also undergoing a $100-million expansion of its Vienna, Va. headquarters offices.