Educators Credit Union
has acquired 3.3 acres of commercial land on Prairie Creek Boulevard in Oconomowoc, where the credit union will eventually build a new branch.
The vacant site
sits south Prairie Creek Boulevard and west of Brown Street. ECU purchased the land for $950,000 from affiliates of Wauwatosa-based Wangard Partners Inc.
, according to state records.
Shannon Huot, ECU senior vice president of marking, said a new branch will eventually be developed at the site. However, there is no specific timeline for when that will be.
"It was just a great opportunity," Huot said of the site. "We have many members in the Oconomowoc area. We thought it was a really great piece of land and we didn't want to miss out on the opportunity."
Wangard Partners was the developer of the neighboring 102,000-square-foot Prairie Creek Shoppes retail center and 362-unit The Preserve at Prairie Creek apartments.
Stu Wangard, chairman and chief executive officer of Wangard Partners, said ECU would make for a "fantastic occupant" that would complement the surrounding retail and residential developments.
"They use a very high-quality design and architecture," he said. "We just think it's going to be a very complementary overall development."
ECU operates 23 branches in Wisconsin, including Kenosha, Milwaukee, Racine, Rock, Walworth, Washington and Waukesha counties. It recently announced plans to open a new branch in the Aurora Sinai Medical Center
in Milwaukee, and just recently opened a branch on Chapman Farms Boulevard in Mukwonago.
Huot said the Mukwonago branch opened a week before many businesses statewide shuttered due to the COVID-19 outbreak. The branch's drive thru is still serving customers, she said.
The Aurora Sinai location was not open before the outbreak, and will remain closed until the outbreak subsides and conditions are safe for workers and members, she said.
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