» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 132 | NO. 163 | Thursday, August 17, 2017

Orion Federal Credit Union Looks to Move HQ to Edge District

By Andy Meek

Print | Front Page | Email this story | Email reporter | Comments ()

Orion Federal Credit Union is in talks to move its corporate headquarters to the former Wonder Bread bakery building.

That’s according to Orion CEO Daniel Weickenand, who said Thursday, Aug. 17, the credit union saw an opportunity to relocate its headquarters from 7845 U.S. 64 in the Wolfchase area “to transition a visibly neglected neighborhood in Memphis.”

“Development in the Edge District is a crucial link to the positive changes taking place Downtown and in the Medical District,” Weickenand said. “Orion’s presence in this neighborhood will make an impact in our city.”

Orion’s renovation of its portion of the Wonder Bread building – which was built in 1921 and has been vacant for several years – is expected to be finished in 2019. The $73 million mixed-use project, which is slated to include 286 apartments, a 481-unit parking garage and 150,000 square feet of office and retail space, received approvals from two of the Downtown Memphis Commission’s affiliate boards and is now pending the approval of the Memphis City Council, Shelby County Commission, and both mayors.

Orion sold its current headquarters to New York-based Pergament Properties, doing business as 7845 Highway 64 LLC, on June 30 for $3.4 million.

Local real estate brokerage firm Malmo Memphis Real Estate was tapped to handle leasing for the 53,000-square-foot building, which is located on 3.5 acres at the southeast corner of U.S. 64 and Kate Bond Road. The Shelby County Assessor appraised the property at $4.2 million this year.

The credit union had been thinking about playing more of a role in the heart of Memphis for a while now. The company opened a Medical District branch at 821 Poplar Ave. in the fall, the result of its purchase of a former gas station property back in March 2015.

At the time, Weickenand said branch would help rejuvenate an underused street corner on a main thoroughfare connecting Downtown with the rest of Memphis.

Daily News reporter Patrick Lantrip contributed to this article.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0