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Sale of Ward Plaza complete with plans for revitalization
The City of Winchester reports that Winchester Acquisition Partners LLC has completed the purchase of the Wards Plaza as of the afternoon of June 1st.
The deal was finalized with the help of the Winchester Economic Development Authority (WEDA) to help revitalize the shopping center.
Plans include a mixed-use project with a 40,000 square feet anchor tenant and a mix of residential and retail spaces.
The Winchester EDA is one of Winchester Acquisition Partners LLC’s private financing partners, lending $4 million for the acquisition.
The EDA is an independent governing body so no taxpayer funds will be used for loan payments with the developer making payments directly to the EDA until the loan is paid off.
Winchester EDA Executive Director Jeff Buettner spoke on the opportunity stating, “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.”
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