WINCHESTER — The city’s Economic Development Authority (EDA) has extended its agreement with a Richmond-based firm spearheading the redevelopment of the vacant site where Winchester Towers once stood.
At its meeting Tuesday morning, the EDA voted unanimously to add another 60 days to its memorandum of understanding (MOU) with Lynx Ventures Inc., which partnered with the authority in October to envision a new use for the property at 200-214 N. Cameron St.
The original agreement gave Lynx 120 days to conduct a feasibility study of the Towers site to determine its best use. If Lynx and the EDA reach agreement on a redevelopment project, Lynx will buy the property from the EDA for a still-to-be-determined price and proceed with construction.
“The progress that has been made by Lynx over the past few months has been significant and their vision for the site is one that would be a transformational investment into our downtown,” Winchester Development Services Director Shawn Hershberger said. “The MOU extension will provide more time to work through this effort.”
“We hope to be able to provide a high-quality product for downtown Winchester and be a part of the continuing growth of this area,” added Rick Gregory, founder of Lynx Ventures.
Hershberger said Lynx is also negotiating with adjacent property owners in regard to the project. The names of those owners and the potential property uses were not disclosed.
Last month, Gregory said Lynx and the EDA are envisioning a mixed-use building with retail space on the first floor and apartments in the upper floors. A similar complex is currently being developed by the EDA and Providence Capital Partners LLC at the northeast corner of North Kent and East Piccadilly streets, one block east of the Towers site.