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Real Estate - Commercial

Live Oak Bank Eyes More Land Near Wilmington Campus

By Christina Haley O'Neal, posted Sep 12, 2019
As Live Oak Bank wraps up work on a new building, the company may have more options to one day expand its headquarters property even more.

The company entered into an agreement for an option to buy or lease 19 acres next to its existing campus at Tiburon Drive and Pickard Road from The Oleander Co. Inc. The document was recorded with the New Hanover County Register of Deeds on Aug. 1.

The option, according to the document, is available until the end of 2024.

The company, however, has no current plans to expand, officials said Thursday.

“Projected growth may call for additional buildings, but there are no plans in place to build further at this time,” Live Oak Bank spokeswoman Claire Parker said in an email when asked about the agreement.

The Wilmington-headquartered bank opened its first building on the property in 2013 and has seen steady employee growth since.

The company is set to complete construction and move into its third building in October, Parker said. The four-story, 64,000-square-foot building will also house Apiture, a joint venture between Live Oak Bank's parent company, Live Oak Bancshares, and Atlanta-based First Data.

Apiture, which currently operates out of 319 N. Third St., will not keep its downtown location, Parker said.

By the end of October, 145 Apiture employees and 120 Live Oak Bank employees are expected to move into the third building, Parker said.

The building will accommodate 410 people (offices and workstations) with room for growth for either Live Oak Bank or Apiture, she said.

Construction wrapped up on Live Oak’s 18,000-square-foot fitness center earlier this year. Wilmington Health also opened a clinic at that facility in July to serve Live Oak Bank employees and their families.

Other completed work at the campus included a $16 million construction of a two-story parking garage with 600 spaces.

Live Oak Bank employs about 525 in Wilmington and more than 570 total, according to recent numbers provided by the company.

And previously mentioned plans for a fourth building, don't seem to have moved any further.

"There are no expansion or design plans for additional buildings at this time. However, we are grateful to have the opportunity to expand if future growth allows," Parker said when asked about the previously discussed project. "Live Oak is committed to being a strong supporter of our local economy and community, and if the opportunity to grow presents itself, we would like to be in a position to continue building on the successes of our company."
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