The City of Winchester has received funding approval for the 108 HUD loan application for the Taylor Hotel project. According to the City, the acquisition of the property should occur within 30-60 days. Immediately thereafter, work will begin to stabilize the existing structure (historic front portion along Loudoun Street and the rear tower on Indian Alley) and demolish portions of the property that have collapsed. <\/p>\n
Vic Bradshaw of the Winchester Star reports:<\/p>\n
A second phase of the $3.85 million project will result in the creation of 7,000 square feet of commercial space, five apartments, an entertainment pavilion and a covered farmers market area. In a third phase, 12,000 square feet would be developed as condominiums.<\/p>\n
Completion of the first two phases is expected to take 18 to 24 months, [Jim] Deskins said.<\/p>\n
\u201cI think ultimately it\u2019s going to be tremendous,\u201d he said of the entire project. \u201cThis will be moving the city toward the completion of City Council\u2019s goal of enhancing the downtown area and addressing a blighted building that sits right smack dab in the middle of downtown.\u201d<\/p><\/blockquote>\n
Read the rest of the article at www.winchesterstar.com<\/a> (login required).<\/p>\n
For more information, please contact Jim Deskins, Director of Economic Redevelopment, at (540) 667-1815. <\/p>\n
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