PROJECT WILL TRANSFORM HISTORIC SCHOOL INTO 17 NEW APARTMENTS, WHILE PRESERVING HISTORIC FEATURES
Chase City – The Chase City community gathered today to celebrate the groundbreaking of the Chase City Lofts project. Chase City is partnering with historic property developer Edwin Gaskin of Echelon Resources and the Tobacco Region Revitalization Commission (TRRC) to transform a vacant school into a 17-unit apartment complex. The nearly $4 million revitalization project will prevent the building from falling into further decay, help to continue the revitalization of Chase City’s downtown, and provide dedicated workforce housing for the community. The project is being made possible in large part through a low-interest loan from the TRRC in partnership with the Virginia Small Business Financing Authority (VSBFA).
“Seeing this school, which means so much to so many in our community, brought back to life is certainly something to celebrate,” said Chase City Mayor Alden Fahringer. “These new apartments will provide much-needed housing options for our residents, create additional revenue for the Town, bring new customers for local businesses, and help us build on the momentum we have created over the last several years. Thank you to everyone involved in helping us make this project a reality.”
“It’s a great day to be in Chase City! This project will bring new life and purpose to a town landmark,” said Chase City Town Manager Dusty Forbes.
Delegate Tommy Wright stated, “This is a great moment for Chase City and for all of Mecklenburg County. Taking a building that holds so much history and turning it into something that serves today’s needs is exactly how our communities move forward. Projects like this don’t just preserve the past but they create real opportunity, support working families, and bring new energy into our downtowns. I’m encouraged by the partnership behind this effort and optimistic about what it means for the future of Chase City and the surrounding region.”
“I am thrilled that the Tobacco Commission continues to find innovative ways to help our communities,” said Tobacco Commission Member Wayne Carter. “This is a perfect example of the positive outcomes we can create when the public sector and private sector work together on a project that will provide lasting benefits for our region. I’d like to thank our leaders here in Chase City and our partners at the Virginia Small Business Financing Authority for their commitment to doing the hard work behind the scenes to get us to today, and the developer, Edwin Gaskin, for his willingness to take on a unique project. This model, which we hope to expand to other communities, will help bring new life to our downtowns and main streets, address our workforce housing shortage, and allow the Commission to continue being a key partner for growth for many years to come.”
“Converting historic buildings like this one into residences, while carefully preserving the aspects that make them unique, allows the community to continue to enjoy them for generations to come,” said Owner of Echelon Resources Edwin Gaskin. “I am proud to have successfully developed several similar projects, and I am excited to have the opportunity to work with Chase City, the Tobacco Commission, VSBFA, and our other partners on this one. As a developer, I understand the positive impact introducing quality new housing options can have on a community and a downtown. I am looking forward to getting started and I am honored to play small part in the success of Chase City moving forward.”
The Commission has long focused on downtown revitalization as a catalyst for community growth. This project represents an evolution of that focus and presents a new model for success that can be replicated across the Commission’s Southern and Southwest Virginia footprint.
By offering loans at below-market interest rates, the Commission can preserve its capital and the ability to continue funding projects for years to come, while still offering strong incentives to move projects forward. The Chase City Lofts project likely would not have proceeded without this unique loan from the Commission, in combination with a forward-looking community and a developer with the experience and capacity to deliver a project while utilizing unique financing arrangements. TRRC intends to replicate this model in other communities.
Project Benefits
This project aligns with Commission goals in multiple areas:
Downtown revitalization – An area of focus for the Commission, this project will add 17 units to Chase City’s downtown area. In addition to additional tax revenue for the locality, local businesses will also benefit from increased traffic.
Addressing the workforce housing shortage – The Commission knows that a lack of workforce housing is a critical issue for many of our communities. In addition to adding 17 new units, 25% of the apartments will be reserved for households earning between 80% and 150% of the Area Median Income (AMI).
Historic preservation – While this is not an explicit area of focus, the Commission understands well that preserving the unique history and character of our communities is critical to their success. This project will stabilize and preserve a school that has a deep connection to the community and its past.
Fiscal benefit – This project transforms a vacant building, the ongoing maintenance and depreciation costs of which were a drag to the community, into a vibrant and attractive new development that will grow the town’s population, as well as its tax base.
