McDonald’s is out and Ascentra Credit Union is in at the corner of Brady and Locust streets in Davenport.

Paul Lensmeyer, president and chief executive officer of Ascentra, said Thursday that a deal was struck with owners of the property to purchase one lot at that corner that eventually will be home to an Ascentra branch store.

“We liked the visibility as well as the traffic count; the number of residential homes in the area appeals to us,” he said. “But we have no particular timeline to build it. We have a new branch at 18th Street and 53rd Avenue in Bettendorf that will be opened in May.”

Developer Ted Rebitzer, who owns the property with business partner Andy Doyle, said the initial plan to have a McDonald’s restaurant on the site was scrapped because of concerns raised by the city of Davenport and Hilltop Campus Village, a neighborhood organization working to improve the business climate in the area.

“I did not think we had a chance getting the McDonald’s deal done,” Rebitzer said. “It was tough for a driveup. We were working the deal for a year, trying to make everybody happy.”

Scott Tunnicliff, director of Hilltop Campus Village, said area businesses are “excited” to see Ascentra build on the site.

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“The thing about a McDonald’s corporate location, it takes a lot of ground to put those in and it was going to be a tight fit,” Tunnicliff said. “We were hopeful. We were anxious to see things work with McDonald’s there.”

Several structures on the site, including the Professional Arts Building, were demolished late last year. Rebitzer said he and Doyle still own three lots in an L-shaped area between Main at Locust Pharmacy and the proposed credit union site as well as property to the south.

“It is listed for sale and we will see what happens,” he said. “We may put up a building, but there are no plans now.”