State Sells SECU Downtown Plot For$1

Register now

RALEIGH, N.C. - (08/10/05) -- Gov. Mike Easley signed into law abill that will allow the state to sell State Employees CU adowntown block for $1. The rock-bottom price will facilitate a $100million Green Square redevelopment project, to be financed by thecredit union, that will include 170,000 square-feet of space forthe state Department of Environmental and Natural Resources; 95,000feet for a new N.C. Museum of Natural Sciences; and 60,000 feet forthe credit union. The project will provide the state with low-costlease space with an option to buy the property, according to MikeLord, chief financial officer of SECU. "It's a good deal for usbecause it gives us a permanent site right in the middle of ourmembership base," Lord told The Credit Union Journal.

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