521 Colony Rd Madison Heights, VA 24572
- Warehouses
- 386.00 lot acres
Current Use by Public Records
- Elisa G. Burton, RPh / Pharmacy
- Slater Kenneth C MD / Doctor
- Sherwood Susan D / Doctor
- Sonya Wodicka / Pharmacy
Property Details for 521 Colony Rd
- Year built
- 1912
- Lot size
- 386.00 lot acres
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional 386-acre redevelopment opportunity in Amherst County, Virginia, presents a unique blend of history and potential. Located at 521 Colony Rd, Madison Heights, VA 24572, this former Central Virginia Training Center campus boasts over 3,800 feet of James River waterfront with stunning views of downtown Lynchburg. The property includes approximately 90 structures, totaling over 900,000 square feet, built between 1912 and 1989. These structures offer a diverse range of adaptive reuse possibilities, with some potentially qualifying for historic tax credits. Others may require demolition to facilitate new construction. The site benefits from readily available on-site utilities, including electricity, water, sewer, and natural gas. Designated as an Opportunity Zone, this property offers significant tax advantages. The Amherst County Comprehensive Plan supports a mixed-use development, envisioning over 1,400 residential units and 380,000 square feet of commercial space. The Virginia General Assembly has approved a Certificate of Public Need for a 90-bed nursing home facility, should it be included in future development plans. This prime location, coupled with strong local government support and a comprehensive development plan, makes this a truly exceptional investment opportunity. The seller is actively seeking proposals for master development of this unique and expansive property.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Madison Heights
- County
- Amherst
- State
- Virginia
- Longitude
- -79.12
- Latitude
- 37.4137
