MADISON HEIGHTS, Va. – The Central Virginia Training Center property in Madison Heights is now debt free.
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The facility opened in 1910 to serve people with mental disabilities and relocated its last patients in 2020, as we reported.
Virginia State Senator Steve Newman has been pushing for the debt to be paid off and made $4 million in 2021 alone. He then secured $25 million in state general funds during the 2022 General Assembly Session.
Newman said he hoped the bonds would be defeased by mid-2023, officials said. Now, with the help of the Youngkin Administration, which worked with Wall Street, the timeline was moved up dramatically, and all bonds have been paid.
“Looking forward, I am encouraged by the strong team of local government officials and economic development experts who will continue running the ball down the field to ensure the CVTC property becomes an economic engine and a source of pride for all of Central Virginia,” said Senator Steve Newman.
In June, leaders wanted to create a place for shopping, dining, housing, and more, but no one wanted to buy something that had millions of dollars of debt, 10 News reported.
“Removing the $25 million in bonds from the site clears the way for a developer to bring new life, capital investment, and jobs to CVTC after the loss of 1,600 jobs and $87 million in annual economic activity when CVTC closed in 2020,” said Victoria Hanson, Executive Director, Economic Development Authority of Amherst County in a statement.
Developers will now be able to proceed with the next steps in the revitalization of 350 acres on the James River.
The property will first be appraised, then will be offered for sale to Amherst County in accordance with their Code. Based on the county’s decision, it could be marketed for sale by the Virginia Department of General Services to the private sector, according to Newman’s office.