Plans in the works call for Service One Credit Union’s branch at 543 U.S. 31-W By-Pass to give way to a newer, bigger branch in a part of Bowling Green targeted for a renaissance.

The credit union, which has its main branch on Campbell Lane and locations on the Western Kentucky University campus and in Glasgow, has purchased a two-acre tract near State Street and U.S. 31-W By-Pass (Riverview Drive) and plans to build a new branch on the property to eventually replace the existing bypass branch.

“We’ve already outgrown that branch,” SOCU President and CEO Rebecca Stone said. “We started searching for property, and we were blessed to find a site in the gateway leading into the city.”

The property is in the 2.1-square-mile census tract 102 that has been identified as a federal Opportunity Zone in which investors can get tax breaks for projects in underdeveloped areas.

“That area of town can use a little facelift,” Stone said. “I hope that us building a branch there will spur some growth.”

Stone hopes the $1.2 million property purchase from Phoenix Enterprises LLC and the new location will spur growth for the credit union as well.

Service One has grown during Stone’s five-year tenure as CEO, with its assets swelling from about $150 million to more than $210 million, but the existing bypass branch needs upgrading, Stone said.

Sitting on a half-acre lot, the 4,000-square-foot bypass branch is cramped, and access to the property can be difficult on the heavily traveled bypass.

“We have one way in and one way out at the existing branch,” Stone said. “The new location should give us three ways to get in and out.”

Stone said preliminary plans include access to the property from the bypass, State Street and Second Street.

“We feel that this is the right thing to do,” Stone said. “The property isn’t far from the hospital campus that is growing. That is appealing to me, and I think it can be appealing to other developers as well.”

Plans for the new branch are in their infancy, but Stone is confident it will be an upgrade from the existing bypass branch.

“We have a couple of different directions we can go,” she said. “A one-story plan would be about 8,000 square feet, and a two-story plan would be about 12,000 square feet.”

Increased size won’t be the only change from the existing branch, Stone said.

“It will be a little different,” she said. “We’re looking at more of an open concept for the lobby. It will have more of a hometown feel where you can sit and relax with coffee and enjoy yourself.”

But don’t expect to see the new building going up right away, Stone cautions.

“We don’t even have a groundbreaking date yet,” she said. “We’re still having meetings with the architect.”