GRAND RAPIDS — The Grand Rapids Family Credit Union will open its second location this fall in a downtown space the financial institution will sublease from Parking Services.
The branch office will set up shop in a 2,300-square-foot retail space in the century-old Phinney Building at 87 Monroe Center after city commissioners approved a lease agreement last week between GRFCU and the city’s parking department. The space is situated along a walkway that leads from the city-owned Monroe Center ramp to Monroe Center.
The lease is for five years with an option for five more years. Rent is $2,268 a month or $27,214 a year with an annual adjustment for inflation. Credit union officials are expected to begin the build-out of the space in September and plan to open the branch Nov. 1, the day the sublease agreement goes into effect.
GRFCU was founded in 1935 by city employees, and they and their families continue to be the credit union’s primary members.
The credit union’s main office is at 1225 Plymouth Ave. NE.
Parking Services has leased the first floor of the Phinney Building from Extra Room of Kalamazoo Inc. since 2003, the year the department opened the Monroe Center ramp that is immediately south of the building.