A new downtown development has another retail tenant.

Credit union

Grand Rapids-based Option 1 Credit Union said today that it will open a branch in the Arena Place development being built in downtown Grand Rapids, at 55 Ottawa Ave. SW.

Arena Place is a project by Orion Real Estate Development, a division of Grand Rapids-based Orion Construction. 

The Arena Place structure is scheduled to be completed by Dec. 31 and opened some time next spring, after interior build out.

Option 1 will be on the ground floor of Arena Place, joining The Wheelhouse restaurant by Meritage Hospitality Group.

Concept Design in Grand Rapids is working with Option 1 to finalize floor plans and the build-out timeline with Orion Construction.

Arena Place features “live-work-play amenities and state-of-the-art technology,” which make it “a perfect fit” for Option 1, said Steve Bush, president and CEO, Option 1 Credit Union.

Bush said the credit union is “excited” to provide “lifestyle” banking services to the building’s tenants and people downtown.

Option 1 Credit Union will celebrate its 80th anniversary in 2016.

Mixed-use development

Arena Place is an 11 story, mixed-use development with a 280-space parking garage, office space and 100 market-rate apartments.

Anchor office tenants of Arena Place include the law firm Miller Johnson, branding firm DOMOREGOOD | hanon mckendry and Meritage Hospitality Group.

There is also 8,174 square feet of ground-floor retail space, along 6,000 square feet for The Wheelhouse restaurant.