Corda Credit Union is pursuing plans for a new branch in Coralville.
The credit union is in the process of purchasing a 3.2 acre lot at 404 Second St., which contains the former McGrath automotive dealership. This would be the second location in Johnson County for the credit union, which officially opened the doors to its North Liberty branch Sept. 9. In addition to North Liberty, Corda has four locations in Cedar Rapids and Marion.
The Coralville City Council approved the credit union’s rezoning and preliminary and final plat request during its Aug. 26 meeting. The request calls to subdivide and rezone the lot from light industrial to arterial commercial, with Corda planning to build on one acre using the west half. According to council documents, the credit union plans to market the former McGrath building for a commercial user or redevelopment.
The Planning and Zoning Commission acknowledged the irregular shape of the lots, but said they meet width-to-depth ratios and comply with filing requirements. The commission unanimously approved the rezoning request at its July 2 meeting and preliminary plat at its Aug. 6 meeting.
No building plans have yet been available for viewing.
