Summit Credit Union plans to add branch in Oak Creek

Branch to be built in area of proposed large commercial development

Summit Credit Union Muskego
The new Muskego branch of Summit Credit Union.

Last updated on May 15th, 2019 at 04:48 pm

A proposed Summit Credit Union branch represents the latest movement of a potential large commercial development site across I-94 from the Oak Creek Ikea store.

Summit Credit Union Muskego
The Muskego branch of Summit Credit Union.

The Madison-based credit union has filed a request for a conditional use permit with the city for a proposed 3,700-square-foot branch at 7869 S. 13th St., north of West Drexel Avenue and east of Interstate 94.

The city’s Plan Commission is scheduled to consider the proposal on Tuesday evening.

Kim Sponem, chief executive officer and president of Summit, said one of the reasons the credit union is interested in opening an Oak Creek branch was the number of new businesses close by, such as the newly built Ikea store, located west of I-94 and north of West Drexel Avenue, as well as the planned 2.6 million-square-foot Amazon fulfillment center, to be built in the Ryan Business Park near the I-94/Highway 100 (Ryan Road) interchange.

“We feel like there’s a lot of retail synergy,” Sponem said. “We think the (Oak Creek) Plan Commission is going a nice job rounding out the types of businesses in that area.”

Other reasons include the number of small businesses in the area, a target for the credit union’s business-lending services, as well as the number of potential first-time homebuyers nearby who would possibly take advantage of the branch’s mortgage operations.

Kari Papelbon, Oak Creek city planner, said the Summit Credit Union branch would go up next to a new 18,000-square-foot neighborhood hospital that Froedtert & the Medical College of Wisconsin is planning to build. The city considered plans for that hospital just a few months ago, Papelbon noted.

The site of the proposed credit union is potentially part of a larger commercial development being planned by Brookfield-based Somerstone LLC. Papelbon said the developer has not filed a master development plan yet for the 24-acre site, adding that the only detailed plans the city has received are for the hospital and credit union branch.

Somerstone could not be reached for comment.

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Alex Zank
Alex Zank covers commercial and residential real estate for BizTimes. Alex previously worked for Farm Equipment magazine and also covered statewide construction news at The Daily Reporter. He graduated from the University of Wisconsin-Eau Claire, where he studied journalism, political science and economics. Having grown up in rural western Wisconsin, Alex loves all things outdoors, including camping, hiking, four-wheeling and hunting.