CoastHills CU, Lompoc, Calif., has surpassed $1 billion in assets and is planning to build a new corporate headquarters in Santa Maria, Calif.
The credit union said the 90,000 square-foot new corporate office is expected to cost $25 million and will anchor an important new development in the Enos Ranchos community.
“As our asset total shows,” CoastHills President/CEO Jeff York said, “we’ve seen tremendous growth over the past decade, particularly after adopting a state charter in 2014. With an expanded field of membership that now runs up and down the Central Coast from Santa Cruz to Thousand Oaks, it makes sense to plant our headquarters in a convenient, centralized and accessible location right in the heart of our membership base.”
The 16-acre parcel will be dubbed the CoastHills Center, and separate buildings will also be home to Lowe’s home improvement store and multiple retail/restaurant locations. An entire floor of the CoastHills headquarters will initially be available for sublease to local community businesses with the intention for the credit union to grow to fill the space in the decades to come.
CoastHills said it is working with local construction company Specialty Construction Inc. on the project, which will include an area dedicated to a retail branch, as well as space for more than 150 employees with room to spare. The CU currently employs 230 people and is projecting to add up to 150 new jobs in the next decade.
The space will also include a large meeting room/auditorium for up to 300 people with the second floor slated for future growth and potential subleasing. The facility will be more than double the size of CoastHills’ current headquarters in Vandenberg Village.
Groundbreaking on the new facility is expected to take place in the second quarter of 2017 with construction scheduled to be completed in late 2018.
