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Winston-Salem Developer Closes on $12 Million Project in Lynchburg, Va. WINSTON-SALEM—The Landmark Group has closed on a $12 million project to convert two historic tobacco warehouses and the first self-service grocery in Lynchburg, Va., into 59 loft apartments downtown, commercial space and a dormitory for the Central Virginia Criminal Justice Academy. Crucial to project financing were $1.2 million in New Markets Tax Credits. The U.S. Treasury Department competitively awards new-market credits under a program to stimulate economic growth and create jobs in urban and rural low-income areas. The funding package also includes historic tax credits, an interest-free city loan and loans from BB&T and Wachovia, according to Landmark CEO Jim Sari. Sari said the project, more than five years in the making, would add to the downtown revival. “The city showed a lot of vision in partnering with Landmark on this project,” he said. Instead of obsolete, vacant buildings, 1225 -1307 Main St. will have apartments, about 20,000 square feet of commercial space and dormitory space leased year round for law enforcement officers who go through training at the Central Virginia Criminal Justice Academy. The project will be completed in fall 2006.
The Landmark Group is a team of more than 150 people with expertise in architectural design, city planning, layered financing, construction and property management. It has partnered with local governments, housing authorities and private investors on more than $200 million worth of community development projects in the Carolinas, Virginia, Tennessee and Georgia.
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