Print
Banking & Finance

Live Oak Bank Files HQ Expansion Plans

By J. Elias O'Neal, posted Oct 10, 2013
LIve Oak Bank's headquarters building (Business Journal file photo)

Wilmington-based Live Oak Bank officials are scheduled to meet with city planning officials in the coming weeks to discuss the firm’s corporate headquarters expansion.

Live Oak Bank, which opened a new two-story, 37,000-square-foot facility at 1741 Tiburon Drive this summer, plans to expand its existing corporate footprint by 55,140 square feet on a neighboring 10.66-acre parcel within the Tiburon Office Park development, according to plans filed Wednesday with Wilmington Development Services.

The site is currently zoned office and institutional conditional district, which allows for new office development.

Company officials will meet with the city’s technical review committee Oct. 24 to discuss the expansion plan, according to the group’s meeting agenda.

Wilmington-based Norris & Tunstall Consulting Engineers completed the engineering design of the proposed building, while Wilmington-based LS3P has been tapped to complete the architectural design of the future facility.

The Wilmington division of Clancy & Theys Construction will be the general contractor for the project.

Pending city approval, company officials hope to break ground on its second building in early 2014.

The proposed three-story building is slated to house the firm’s nCino division – a company that develops software for banks and credit unions to monitor their operations. The new facility would also house a 6,199-square-foot cafeteria and kitchen as well as 48,941 square feet of office space, according to plans filed with the city.

The existing headquarters and the proposed new office building could be connected by a covered deck walkway to allow for easy passage of employees between the two buildings.

While the site can have a maximum of 261 parking space, officials are proposing 192 parking spaces with 10 bike parking spaces and number of hike and bike trails that would connect to the office park’s existing mulch pathway system.

The plan submittal comes roughly a month after New Hanover County and city officials approved incentives of $325,000 and $250,000, respectively, over the next five years.

As part of the agreement, Live Oak officials would be required within five years to complete the bank expansion and add 120 jobs to its workforce with an average annual wage of $80,000.

Live Oak Bank continues to experience rapid growth – ranking second in the nation in Small Business Administration 7(a) loans and fifth-highest SBA lender in North Carolina in the first seven months of 2013. Since August, Live Oak Bank has approved 28 loans in the state for a total of nearly $23.7 million.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Untitleddesign7

Getting Your Community Ready for Spring and Summer

Dave Orr - Community Association Management Services
Pfinder john zachary

What You Need to Know About SECURE 2.0 and Its Effect on Individual Retirement Accounts

John B Zachary - Pathfinder Wealth Consulting
Jasonpathfinder3

What You Need to Know About SECURE 2.0 and Its Effect on Retirement Plans

Jason Wheeler - Pathfinder Wealth Consulting

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

Rezoning Could Bring 123 Townhomes To Growing Leland Corridor

Emma Dill - Mar 25, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

In The Current Issue

Q&A: Andrews Reflects On Leadership

Pender County Manager David Andrews is slated to retire this summer after 33 years in local government....


INFO JUNKIE: Jack Fleming

Jack Fleming, owner of Socialry Marketing & Scourz and emcee for 1 Million Cups Wilmington, shares his media and tech picks....


Expanding Tastes On Castle Street

As John Willse and Beth Guertin, owners of Wilmington Wine bottle shop and now the recently opened Creative Tastings restaurant on Castle St...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments