The Lynchburg Redevelopment & Housing Authority is considering hiring a real estate agent to help it market several historic, but damaged, buildings it owns along the Fifth Street corridor.
The fate of the authority-owned commercial properties along the 700 block of Fifth Street came under public scrutiny earlier this year when officials decided to tear down two of the decaying buildings that had been deemed beyond repair.
The move, designed to make the area more attractive to potential buyers, drew criticism from corridor activists who felt the buildings were still valuable. The authority has said it is committed to preserving and restoring the remaining five buildings it owns.
To that end, the board of housing commissioners plans to interview three real estate agencies next month in hopes of getting some help in promoting the buildings.
“We need to have some experts that can guide us in this process and help us market these properties,” said board chairman Joe Seiffert, adding the authority hopes to reach a “broader audience” than it has before.
The board of housing commissioners had been sorely disappointed by the apathetic response generated by its last request for redevelopment proposals in 2008. Only one proposal was submitted for consideration.
“We didn’t feel that was adequate coverage,” Seiffert said. “… We want to test the waters and see what’s out there.”
The authority approached some local agents last month and asked them to submit proposals for marketing the sites. Because the price of any future contract with those firms will be less than $50,000, no open call for bids is required, said authority director Ed McCann.
Five proposals were received and reviewed by the housing commissioners during a meeting last Wednesday.
The commissioners, following much discussion about their hopes for these properties, selected three agencies that will be invited to interview with them next month. They are: Sperry Van Ness Commercial Real Estate Advisors, Thalhimer Commercial Real Estate and Consensus Real Estate Services.
The interviews will take place during the board’s next regular meeting Dec. 2.
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