Real Estate Development
Rehabilitation Opportunities
BW&A is always interested in discussing potential development opportunities
If you own or are affiliated with a historic building that you believe would be suitable for rehabilitation, Brian Wishneff & Associates would be interested in discussing potential development opportunities. We seek opportunities to develop or co-develop historic buildings while taking advantage of the various financial incentives, such as tax credits, that may be available to help finance a given project. With years of experience in determining suitable reuses for historic buildings, we can quickly determine the best and highest use for the building you have identified. For co-development opportunities, we provide extensive flexibility in structuring transactions in an optimal manner for all parties involved. In the past, we have partnered with a variety of organizations including for-profit, non-profit and quasi-governmental entities, and have carried out numerous public-private partnerships.
In addition to our interest in a potential ownership role, we have also successfully completed a number of real estate projects as a fee developer or project manager. If you have a project that you would like to discuss involving such an opportunity, we looking forward to speaking with you.
Development project
Our Health Campus Phase II (Winchester, Virginia)
This $11 million LEED silver project was developed as Phase II of the Our Health Campus, which currently houses many of the local non-profits including the United Way, Red Cross and Free Medical Clinic. This project involved the renovation of a 37,000 sq. ft. historic former foundry into offices to be occupied by local city and state agencies including the Winchester Department for Social Services and the Virginia Department of Health.
Our team developed this project in conjunction with Our Health, Inc., which revitalized an area of the city once dominated by industrial uses. BW&A, acting as developer, created a financing program taking advantage of several funding sources including Federal and State Historic Credits as well as New Market Tax Credits to make this project a reality. Our affiliate Sustainable Concepts managed the LEED accreditation process and is also helping to provide energy modeling, building commissioning and other sustainability services. This was the first LEED accredited building in the City of Winchester.
Development project
Taylor Hotel Complex
(Winchester, Virginia)
The building condition deteriorated to the point where there was a partial roof collapse in 2007. In 2010, the City Council condemned the property as blighted and unsafe. Then as the City Council moved to demolish the building, there was significant citizen participation and discussion of the merits of demolition versus renovation and the best design and use of the future project. In 2011, a joint venture between the Winchester Economic Development Authority and Brian Wishneff & Associates purchased the blighted Taylor Hotel with the intent to return the building into a successful and contributing member of the Loudoun Street Walking Mall. After the roof collapse, the building was supported by a series of cables that made renovating the historic structure a significant challenge.
The partnership between BW&A and the EDA used a variety of funding sources to redevelop this site including Federal and Virginia historic tax credits, a HUD 108 loan and conventional debt. These funding sources were pieced together to make the project financially viable.
The front portion of the building was completed in December 2013 and is now fully occupied as apartments and a large restaurant. The middle portion that once housed the theatre has been transformed into an outdoor pavilion and farmers market that hosts events including concerts, weddings and outdoor movies. The rear flytower has been converted into a mixed-use building. After many years of waiting, the people of Winchester are now able to enjoy this once vibrant and significant piece of Winchester history.
BW&A served as co-developer, managing all aspects of development including but not limited to overseeing design and construction, putting together the financing and performing initial lease-up of the space on behalf of the project.
Development project
Footer Dye Works
(Cumberland, MD)
The Footer Building represents an important piece of Western Maryland industrial history in that it is the last remaining structure on the site of the former Footer Dye Works Company, once a major employer for the region. Work at Footer included textile cleaning and dyeing, and even cleaning the lace curtains of the White House.
The Footer Dye Works Company eventually became insolvent, and the complex fell into disrepair and much was torn down, including the one-story sawtooth section originally connected to the existing structure. As a part of the redevelopment plans, a new sawtooth was added and now serves as a living reminder to the building’s past as a manufacturing center. The building was listed on the National Register of Historic Places in 2013.
BW&A served as co-developer of this 45,000 sq.ft. project, and contributed to all aspects of development including, but not limited to, assembling financing, overseeing design and construction, and performing initial lease-up of the space.