The Winchester Economic Development Authority (EDA) held a special meeting today to formally select a development partner for the former Winchester Towers site (corner of Cameron and Piccadilly Streets). The EDA authorized Executive Director Shawn Hershberger to execute a Memorandum of Understanding (MOU) with Lynx Ventures Acquisitions, LLC of Richmond, Virginia. The MOU provides Lynx Ventures Acquisitions sixty days to complete a feasibility study to evaluate whether the project is feasible and determine the structure of the strategic relationship between Lynx and the EDA (property owner). Lynx will also have the option to extend the feasibility study for two additional thirty day periods if agreed upon by the EDA.
“We chose Lynx Ventures due to the wide scope and impressive nature of the projects they have completed in the Richmond area,” stated Mr. Hershberger. “They are very creative and have an eye for innovative projects, so we are excited to see what they bring to the table.”
According to the MOU, the feasibility study will allow Lynx Ventures to conduct a range of studies including, but not limited, to:
- Property’s regulatory limits
- Supply and demand for apartments and commercial space in the city
- Project’s development concept, unit mix, etc.
- Project’s plan of development
- Potential financing and equity structures for the project
- Cost and operating projections
This MOU was developed to provide exclusive rights to Lynx Ventures and begin a formal conversation with the EDA on the development of the site. After the feasibility study period, Lynx Ventures will have the option to proceed with the project in partnership with the EDA.
Former Winchester Towers building be demolition (currently a vacant lot)