ORNL Federal Credit Union Purchases Land in West Oak Ridge
Oak Ridge, Tenn. - July 22, 2010 - ORNL Federal Credit Union announces the purchase of 37 acres of land in Oak Ridge. The tract is located in the Horizon Center Business Park and seven miles west of the current main office location at 221 S. Rutgers Avenue.
The size of the lot will provide for a future corporate headquarters and growth over the next 10 to 15 years. ORNL Federal Credit Union currently has its primary operating departments in six different locations between Anderson and Knox Counties. The objective is to bring departments together into one location for increased efficiency in daily operations. Once the corporate headquarters is constructed, the credit union plans to maintain the Oak Ridge branch office at its present location. Preliminary facility planning indicated a need for 120,000 square feet of office space for current and future needs. Estimates show an investment approaching $ 30 million depending on the final determination of needs and projected growths. Current employment is 257 with an expected long term growth of an additional 100 employees to be located in the facility.
The Credit Union has contracted with New Ground of Chesterfield Missouri, a full service design and implementation firm to assist it in all phases of the project. The process with them has been deliberate taking over year to select a site from several in the region. New Ground strongly recommended the Horizon site for its strategic location and their view of its future potential given road improvements and growth patterns in the region. An important factor included existing and future employee residency relative to the location.
A number of facility concepts are being studied for cost effectiveness, suitability and incorporation of green concepts. The objective is for the building to be "LEED" certified. The Credit Union will continue the process with New Ground to achieve the very best solution for a new facility. Construction timelines will be driven by that process.
President John McKittrick commented, "I appreciate the cooperation and responsiveness of City Officials, the Oak Ridge Industrial Development Board and the Oak Ridge Economic Partnership in providing assistance throughout the site selection process."
"Oak Ridge is our home and where we want to be as we reach out to serve throughout our community charter. Our Credit Union has total assets of $1.3 Billion and is privileged to serve over 150,000 members with 32 branches in East Tennessee. We have branch offices in Anderson, Blount, Campbell, Hamblen, Knox, Loudon, Monroe, Roane, Sevier, and Union counties."
"I am pleased that we will be able to take advantage of the efficiencies that a larger operating center will afford us in the near future."