Groundbreaking at Acre Crossing. Pictured left to right: John Chemaly, Jeanne D’Arc Credit Union board chair; state Rep. Rady Mom, D-Lowell; Lowell City Councilor Paul Ratha Yem; Mark Cochran, Jeanne D’Arc Credit Union’s president and CEO; Lowell Mayor Sokhary Chau; Cathy Mercado, executive director of Merrimack Valley Housing Partnership; and William Soucy of Acre Crossing LLC. Photo courtesy of Jeanne D’Arc Credit Union

Jeanne D’Arc Credit Union has started construction on a new office building as part of a development in Lowell’s Acre neighborhood that will include more than 30 condominiums.

The Lowell-based credit union had a groundbreaking ceremony on Tuesday to mark the start of the construction project known as Acre Crossing, Jeanne D’Arc Credit Union said in a statement.

The 110-year-old credit union said its roots are in the Acre neighborhood, a historic district in Lowell. The Acre is home to the credit union’s headquarters and a full-service branch.

The credit union’s third building in the neighborhood will be a five-story office building at the corner of Merrimack and Cabot streets. The building will have 160 parking spaces in a two-level garage, and the lower level of the garage will be underground.

The residential portion of the development includes a building with 32 two- and three-bedroom condominiums. The affordable units are being built through a partnership between Acre Crossing LLC and the Merrimack Valley Housing Partnership. The residential building will also have retail space at the ground level.

“I want to thank Jeanne D’Arc for their investment in the Acre for over 100 years,” Cathy Mercado, executive director of the Merrimack Valley Housing Partnership, said in the statement. “Because of the many partnerships that have made this project possible, it will create generational wealth for generations to come. The Acre will no longer be known as a stepping stone to new community members, but will be a place to grow.”

Acre Crossing is scheduled to be completed in mid-2024, the statement said. The groundbreaking included representatives from the city of Lowell, Acre Crossing LLC, business partners, neighbors and the Jeanne D’Arc board of directors.

“The cooperation between the mixed-use space, combining business, retail, and residential is a unique opportunity that we are excited to be a part of,” Mark S. Cochran, Jeanne D’Arc Credit Union’s president and CEO, said in the statement. “The partnership we’ve created and the support we’ve received from the city and state allows Jeanne D’Arc to stay true to our mission and our roots while contributing to the improvement of the city, specifically, The Acre Neighborhood.”