Landmark Credit Union is set to begin development of its new corporate headquarters after completing the purchase of the project site.

Landmark recently bought the Brookfield site, at 555 S. Executive Drive, for $ 8 million, according to newly posted online state real estate records.

The 19.5-acre property, which includes a vacant office building to be demolished, was sold by branches of Zilber Ltd.”.

Landmark plans to soon begin road and Foundation work, with demolition of the existing building expected this year, says Cathy Monfre, Landmark’s communications Manager.

“We plan to complete construction in the spring of 2021,” Monfre said.

Landmark will develop a five-story, 158,000 square foot office building and move its operations there from 5445 S. Westridge Drive, New Berlin.

This project was approved by the city, said Dan Ertl, Brookfield Director of community development.

Landmark plans include a possible second five-story, 148,000 square foot building.

“The second building remains a possible future expansion,” Monfre said. “We will only build one building at a time.”

About 300 employees will move from headquarters in new Berlin and elsewhere when the new Brookfield building opens.

The two-story, 83,300-square-foot building that was to be demolished was home to Herzing University. Herzing recently moved to the former fresh market grocery, 15895 W. Blue mound Road, in Brookfield square. 

With assets of $ 3.9 billion, Landmark is the largest credit Union in the state and the third largest financial institution in Wisconsin, behind only green Bay’s Associated Bank and Racine Johnson Bank.

Credit unions are like banks in many ways, but they are financial cooperatives owned by their members, not shareholders.