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Lynchburg, VA: City Market Lofts |
| Description: In their heyday, the three historic buildings in the Lower Main Street area of downtown Lynchburg, Va., bustled with activity. At 1307 Main St. was the old Piggly Wiggly, the city’s first self-service grocery. Next door were the turn-of-the-century Bowman & Moore Leaf Tobacco Factory and the James T. Davis building, situated on the Community Market. As revitalization took hold across the street and spread downtown, the three buildings remained vacant. What to do? |
| Impact: After three years of collaboration and planning with city officials, The Landmark Group secured funding for a $12 million plan to revive the buildings as the Market Lofts. The development has 59 New York-style lofts to slake a growing thirst for downtown living, on-street commercial space and a year-round dormitory for the Central Virginia Justice Academy. Since the lofts opened in 2007, downtown living in Lynchburg has never been the same. |
Key Ingredients:
- New Market Tax Credits
- Historic Property Tax Credits
- EDGE (Economic Development and Growth Enhancement) Loan
- No-Interest City Loan
- Central Virginia Justice Academy Lease
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| Other Views
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