Tennessee Valley Federal Credit Union prepares to move into renovated building at 535 Chestnut Street in downtown Chattanooga. (Photo by Dave Flessner)-Project: Headquarters and administrative offices of Tennessee Valley Federal Credit Union
-Location: 535 Chestnut Street
-Contractor: Dillard Construction
-Architect: Franklin Associates Architects
-History: The Chestnut Street office was built in 1967 and includes 83,586 square feet. In 2015, TVFCU bought the former IBM office building for $2.65 million and the two-story parking deck across the street for $930,000.
-Purpose: TVFCU will use about 60,000 square feet of the 3-story building, which are now being renovated. The Chestnut Street office will nearly double the amount of administrative offices for the credit union from the credit union's current 45,496-square-foot site at 715 Market Street, which was built in 1977. John Merritt, vice president of marketing for the Tennessee Valley Credit Union, said the expanded space will help accommodate the growth of TVFCU, which is Chattanooga's biggest credit union with more than $1.3 billion in assets. Founded in 1936, the Tennessee Valley credit union has grown to include more than 115,000 members and is now the biggest locally based lending and depository institution in Chattanooga
"Our plan is to retain a branch in the heart of the city," Merritt said. "Preferably, if we can stay where we are with a branch, that is great. If not, we can explore other options."
-Staff: About 160 employees will work in the new office for TVFCU and other tenants, including the 15-employee BrightBridge small business lending organization, will continue to lease space in the building.
-Schedule: All administrative departments of the credit union should be in the new space during first quarter 2018.
- Compiled by Business Editor Dave Flessner