Freedom First Federal Credit Union has purchased real estate in downtown Roanoke on which it plans to someday build a new headquarters.
The credit union bought the site on Third Street Northeast, near Elmwood Park, for $3.15 million March 27, according to city real estate records. Credit union officials plan to construct a new headquarters there and have chosen a designer, but won’t begin the process immediately, a spokesman said.
Spokesman Steve Hildebrand said by email that the headquarters is a “long-term” project and that it will go forward only when “financially prudent.”
“Our mission is to invest in our region and being headquartered in downtown Roanoke places the credit union in the center of commerce for our region,” he said.
Interactive Design Group in Roanoke will be the architect, he said.
Freedom First is the second largest credit union based in the Roanoke Valley with total assets of $716 million as of June 30. It was chartered in 1956. Its headquarters is at the Valleypointe business park in Roanoke County.
Lloyd Electric Co. has been based at the Third Street property for more than 40 years and plans to relocate, said Rick Lloyd, grandson of the electric company’s founder. The company feels it has “plenty of time” to select where, he added.