JEAN ORTIZ/Lincoln Journal Star | Posted: Wednesday, August 22, 2007 7:00 pm
The O Street building once known as the O Asian Garden has been acquired by a neighboring credit union, whose president said the purchase will keep the credit union’s options open for the future.
According to documents filed this week with the Lancaster County Register of Deeds Office, 1st Choice Credit Union bought the property at 2535 O St. for $1.125 million from Cornhusker Bank.
Credit union officials wanted the property, which came open by way of a trustee’s sale, to prevent a new owner from potentially limiting the credit union’s services, 1st Choice President Dale Springer said Thursday.
The credit union’s board of directors hasn’t made any decisions, nor ruled out any possibilities about the future development of the 28,000-square-foot building or its parking lot, he said, adding that credit unions are limited somewhat in decisions related to fixed assets.
The building had been used for an international market, Vietnamese restaurant and banquet hall until earlier this summer when it abruptly closed, with owner Tim Nguyen unavailable to explain what happened and others remaining tight-lipped.
Nguyen borrowed money from Cornhusker Bank to get the business started, according to Journal Star archives.
Cornhusker Bank President John Dittman was unavailable for comment Thursday. He has declined comment in the past.
Because members and employees can’t all fit in 1st Choice’s 18-stall parking lot, the credit union, which sits at 2500 N St., had a gentleman’s agreement to use some spots on the O Asian Garden property, he said.
Besides parking, acquiring the land will allow the credit union to maintain a line of vision from O Street and maintain access. The site also could be used for expansion, though the credit union is nowhere near outgrowing its 8,250-square-foot building, Springer said.
The credit union’s board of directors had considered the purchase since late June or early July, he said.
“It wasn’t just a snap purchase,” he said.
Springer said he could not comment on what became of the previous owner.
“It would be pure speculation on my part,” he said.
Springer offered no timeline for a decision, saying the board won’t be rushed in determining what makes sense in the long run for its 13,500 members.
“Now we have the time to make some of those good, sensible business decisions,” he said.
Reach Jean Ortiz at 473-7107 or jortiz@journalstar.com