Generations Community CU Sells Historic Headquarters Building For $5 Million

Register now

SAN ANTONIO, Texas – Generations Community CU has agreed to sell its 70-year-old office building, the city’s former train station, to VIA Metropolitan Transit, which plans to build a new bus depot out of the historic structure.

Under the deal, the transit authority will pay the $400 million $5 million and give the credit union 24 months to relocate Including the purchase price and renovations, VIA will invest a total of $10 million in the project.

The credit union, which now uses the downtown location to house a retail branch and administrative offices, decided to sell the building because it had outgrown the more-than-27,000-square-foot facility.

Generations plans to use the sale proceeds to relocate.

The deal allows the public transit system to move forward on the development of a multimodal center that will be a hub for its Bus Rapid Transit system, expected to be operational by the end of 2012. The anticipated $60 million BRT is a system of bus corridors in the San Antonio area that connect major business districts such as downtown and the Medical Center.

For reprint and licensing requests for this article, click here.
Branch network