The Jacksonville-based credit union will relocate after a $650,000 renovation from a building it sold to Bank OZK.
The city issued a permit Feb. 24 for Auld & White Constructors LLC to build-out a branch for 121 Financial Credit Union in Claire Lane Center in Mandarin at a project cost of $650,000.
The credit union is renovating 3,105 square feet of space at 11112 San Jose Blvd., Unit 5. Hoefer Welker of Leawood, Kansas, is the architect.
121 Financial will move from property at 12250 San Jose Blvd. that it sold Oct. 12, 2021, to Bank OZK for $2 million. The credit union continues to occupy the building as it prepares to relocate.
The credit union announced Jan. 26 on its Facebook page that the Mandarin branch “is getting a MAJOR upgrade in April.”
“We’re relocating to a more convenient location just down the road in order to provide you with a truly modern update to your banking experience and a better, safer traffic flow. Hope you’re as excited as we are,” it said.
The Facebook page links to information that the new, larger location may not have a drive-thru, but it will have better parking and traffic flow, a 24-hour ATM and a free coin machine, among other services.
“121 continually monitors market conditions and branch locations to ensure we are placed conveniently to our members. Based on these conditions, we chose to sell and lease back the Mandarin location as we continue to monitor our options,” said Paul Blackstone, COO of 121 Financial, in an emailed statement Oct. 21.
Bank OZK said by email in October that the current tenant at 12250 San Jose Blvd., which is 121 Financial, will remain until mid-2022.
That 2,668-square-foot office was built in 2001 on 1.47 acres. 121 bought the property in May 2012 from Regions Bank for $835,000.
The purchase was part of Bank OZK’s expansion plans in Northeast Florida.
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