WINCHESTER — Less than two months after putting it on the market, the city’s Economic Development Authority (EDA) has sold the Winchester Public Schools administration building for $1.85 million to a company with plans of converting it to a residential property.
“With the coverage in the paper, there was a lot of buzz about the property,” EDA Chairman Jeff Buettner said on Tuesday. “We had multiple parties walk through it and we received several offers for negotiation. We felt this was the best offer.”
The asking price for the 11,340-square-foot administration building and the one-third of an acre of land it stands on at 12 N. Washington St. was not disclosed, but the city of Winchester’s assessed value of the property is $1,667,700.
When asked if he was surprised by how quickly the EDA sold the property, Buettner replied, “In this real estate market? Not really.”
The EDA voted 5-0-1 Tuesday morning to finalize the sale. Member Cary Craig abstained from the vote due to a potential conflict of interest.
The buyer is Mayakoba Global Properties LLC of Frederick County, which Buettner said plans to convert the property into a residential building after the school system vacates it by the end of the year.
“Their lease is through Dec. 31st,” Buettner said. “Our conversations with the School Board have indicated they will be able to meet that date.”
Winchester Public Schools will open new administrative offices in the former Douglas School at 598 N. Kent St. once an extensive renovation and restoration of the historic property is completed later this year. Douglas School, which has been vacant for several years, was built in 1927 to educate Black students from Winchester and Frederick and Shenandoah counties. It later evolved into the Douglas Community Learning Center and is on the Virginia Landmarks Register and the National Register of Historic Places.
As a limited liability company, Mayakoba Global is not required to publicly disclose the names of its principals and little information about it is available. According to the Virginia State Corporation Commission, it was incorporated in 2016 and its registered agent is Legalinc Corporate Services Inc. of Norfolk. Frederick County tax records state that Mayakoba also owns the Winchester Mitsubishi vehicle dealership and the 2 acres of land it stands on at 3880 Valley Pike, as well as 4.36 acres of vacant property at 102 Derrynan Lane.
The Winchester Public School administration building, seen here on Tuesday morning as roadwork is performed in front of the facility, has been sold for $1.85 million to Mayakoba Global Properties LLC of Frederick Country, Which plan to convert it into a residential property.
In August 2020, City Council and the Winchester School Board entered into a memorandum of agreement that stated the EDA, on behalf of the school system, would sell the current school administration offices on Washington Street so school officials could move into the renovated Douglas School.
The agreement stated the city would give Winchester Public Schools a minimum of $1.5 million in sale proceeds to replenish the system’s capital improvements fund, even if the property sold for less than that amount. While it was initially suggested the city would keep the additional proceeds if the site sold for more than $1.5 million, Deputy City Manager and interim EDA Director Mary Blowe said on Tuesday the entire $1.85 million will go to the school system.
“When the sale goes through, the money will come to the city and the city will transfer it to the Winchester Public Schools,” Blowe said.
In other business on Tuesday, EDA members held their annual election of officers. Buettner will remain chairman and Lauri Bridgeforth will continue to serve as vice chairwoman. Craig, who had been the authority’s secretary, was named treasurer, and the secretary position was filled by James Imoh.
Attending Tuesday’s EDA meeting in Rouss City Hall were Jeff Buettner, Lauri Bridgeforth, Cary Craig, James Imoh, Tim Painter and Sandra Bloom. Member Addie Lingle participated remotely.
