San Luis Obispo County’s oldest credit union has broken ground on a new, 9.5-acre campus in San Luis Obispo, with hopes to open for business there in the summer of 2014.
SESLOC Federal Credit Union’s development on Broad Street at Industrial Way will include a 39,000-square-foot headquarters and a separate 5,000-square-foot credit union branch. About 10,000 square feet in the new headquarters will be available for commercial lease space for one or two tenants, according to a recent news release.
The company declined to disclose costs for the project, saying they’re still being determined, according to Carla Swift, assistant vice president of marketing.
SESLOC is a not-for-profit financial cooperative serving those who live or work in SLO County and their family members.
It was founded in 1942 by 32 public school employees, with a total of $500 in assets, and has since grown to serve 36,000 members, with a total of $597 million in assets, according to Swift.
SESLOC’s headquarters is currently housed in its approximately 20,000-square-foot San Luis Obispo branch on Los Osos Valley Road, which the company built in 1987. The credit union also has branches in Paso Robles, Arroyo Grande and Atascadero.
The new campus is designed to maximize daylight to reduce energy needs, and it features recycled materials and drought-tolerant landscaping.
“The design captures the comfortable and traditional nature of SESLOC in a warm and welcoming set of buildings, and the use of glass also speaks to the transparency and clarity of how credit unions approach financial service,” said Geri LaChance, president and chief executive officer of SESLOC, in the news release.
The development was designed by RRM Design Group of San Luis Obispo, with support from JVA Mechanical Engineering, dc2 Design Collaborative, Taylor & Syfan Consulting Engineers Inc., and Thoma Electric. Specialty Construction Inc. of San Luis Obispo will build the project.
A temporary parking lot on the property, which the city built on leased land from SESLOC to accommodate overflow parking for the Damon-Garcia Sports Fields, will be razed to allow for construction. SESLOC is in talks with the city to create a cooperative system to provide some parking for the field, though the details have yet to be determined, Swift said.