WINCHESTER, Va – Thursday afternoon, the Winchester Economic Development Authority was able to help Winchester Acquisition Partners LLC close on the sale of the Ward Plaza shopping center.
Bringing revitalization to the Ward Plaza shopping center will include a mixed-use project with a 40,000-square-foot anchor tenant and a mix of homes and retail space.
“The City has been encouraging the redevelopment of Ward Plaza for a long time, and being able to partner with a developer to bring more housing and retail opportunities to the area will be a massive benefit for all of our residents,” said City Manager Dan Hoffman.
The Winchester EDA is one of Winchester Acquisition Partners LCC’s private financing partners, lending $4 million for the acquisition. Since the EDA is an independent governing body, no taxpayer funds will be used for loan payments. The developer will be making payments back to the EDA until the loan is paid off.
“This acquisition of a property like this, for revitalization in the heart of our city presents a great promise for the future of the City of Winchester. The EDA is very excited to be a key partner in this project,” said EDA Executive Director Jeff Buettner.