FOR IMMEDIATE RELEASE: October 17, 2023
Lynchburg, VA – On September 15, 2023, Governor Glenn Youngkin announced $1 million in Mixed Use on Main Street (MUMS) funding for two projects in the City of Lynchburg and the City of Martinsville. The LYH project was awarded $500,000 to the Economic Development Authority of the City of Lynchburg (EDA) to transform the former A&P grocery store at 400 12th Street into a commercial and residential space.
AC Capital LLC will renovate the former A&P Grocery store from a single-story structure into a four-story building for mixed use. The project will create a commercial space on the ground floor with 10,000 square feet of retail space and 28 apartment units. Funding will go towards renovating and remodeling the ground floor for a committed food and beverage operator. The residential space will include studios, one-, two- and three-bedroom units.
The structure was built in 1946 and housed an A&P Supermarket that operated in the space through the 1970s. Following A&P’s departure, the building was used as a warehouse and had been completely vacant for approximately five years before the developer’s purchase in 2020. A production facility operated by the Lynchburg Steam Bakery also occupied the vacant land. The building was demolished over twenty years ago, and the vacant lot has been overgrown and underutilized for much of the last two decades.
“This is another example of a terrific Public-Private partnership to redevelop and reuse space in LYH’s historic downtown utilizing tools provided by the Department of Housing & Community Development (DHCD). The Office of Economic Development & Tourism and the EDA are thrilled to support AC Capitol LLC on this project. “said Marjette Upshur, Director of the Office of Economic Development & Tourism of the City of Lynchburg.
“We are honored that our project was selected for Mixed Use on Mainstreet funding, and we greatly appreciate the partnership and support we received from The Office of Economic Development (OEDT) and the EDA in the process. The OEDT and EDA proactively brought the opportunity to our attention and worked collaboratively alongside us throughout the process. Thanks to the guidance and support of these organizations, we are excited to play a role in the continued revitalization of Downtown as the cultural hub of the Greater Lynchburg Area,” said AC Capitol LLC Developers Wil Andrews and William Cook in a joint statement.
According to DHCD, MUMS is a new pilot program created as a joint effort with the Industrial Revitalization Fund (IRF) and Virginia Main Street (VMS) programs, both administered through DHCD to support the revitalization of vacant or underutilized downtown spaces to create opportunities for commercial development and housing units in communities that are active participants in VMS. Awards are available up to $500,000 for the rehabilitation of mixed-use buildings that must include the creation or preservation of housing units and can be provided as either grants or loans.
“Downtowns are the heart and soul of so many communities across the Commonwealth, and through these investments, we will transform derelict structures into vibrant businesses and create new housing opportunities,” said Governor Glenn Youngkin. “Strong infrastructure is key to any successful economic strategy, and this program is designed to keep those downtown districts thriving and catalyze both economic development and community pride,” said Governor Glenn Youngkin.
MUMS funding leverages local and private resources to achieve market-driven redevelopment of structures, creating a catalyst for long-term employment opportunities, on-going physical and economic revitalization and housing units in communities.
Office of Economic Development & Tourism