Waters Place (2011)

Culpepper, VA

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

COMMUNITY IMPACT

In 2007, Octagon Partners, a national real estate investment firm, purchased two historic buildings in downtown Culpeper, Virginia and announced plans to revitalize the commercial center in this distressed community of 16,000 by renovating the buildings into Water Place, a mixed-use development with retail and office space, community-oriented commercial space, and affordable rental housing. The two historic warehouses, constructed in 1921 and 1931, were previously occupied by Culpeper’s lumber mill and hardware store, but both structures had been vacant for decades. After the purchase of the buildings, Octagon Partners worked to assemble the $7.5 million needed to renovate the vacant buildings, but faced significant challenges securing convential financing. Hampton Roads Venture, a community development entity based in Norfolk, Virginia, stepped in with $6.7 million in NMTC financing to launch Phase I of the Waters Place redevelopment, which included renovation of the four-story North Building. Phase I, completed in May 2010, includes 11 apartments that are rented below the market rate, and new 6,000 square feet of commercial space that houses anchor tenant Culpeper New Business Incubator, among others. Phase II, expected to be completed by 2013, will consist of 14 workforce housing apartments and 9,000 square feet of commercial space. The anchor tenant for Phase II will be Culpeper Cosmetology Training School. The construction of Phase II will create an estimated 120 construction-related jobs, 10 jobs relating to the residential units, additional jobs at the cosmetology school, an estimated 8 jobs from the below market-rate, nonprofit tenants, and an estimated 25 jobs at the Culpeper New Business Incubator. Waters Place fuses the affordability and charm of small-town living with the ability to commute to Washington, DC in less than an hour. The Culpeper Amtrak Station, located just steps from Waters Place, has daily commuter trains to and from DC. Culpeper is also a short drive to the Blue Ridge Mountains, lakes, and rivers, making it convenient to outdoor recreation.

Congressional District

Project Map

Other Virginia Projects

The CARITAS Center

The CARITAS Center
Project City:
Richmond,
Project Year:
(2019)
NTCIC is pleased to announce the successful financial closing for the rehabilitation of the vacant Philip Morris Blended Leaf Complex in downtown Richmond, Virginia into a new headquarters for Congregations ...
Read More

Phoenix Packaging

Phoenix Packaging
Project City:
Dublin,
Project Year:
(2018)

Sessions Hotel

Sessions Hotel
Project City:
Bristol,
Project Year:
(2018)
Adaptive reuse of local landmark as a boutique hotel and centerpiece of downtown revitalization efforts. “We’re excited about it,” said Kimberly Christner, president and CEO of Cornerstone and a partner ...
Read More

Church Hill North Retail Center

Church Hill North Retail Center
Project City:
Richmond,
Project Year:
(2018)
Construction loan for mixed-use development with grocery store, pharmacy, credit union, community space. The Church Hill North area is designated as a food desert. Affordable, healthy, nutritional food choices are ...
Read More

Martinsville Clean Energy Plant

Martinsville Clean Energy Plant
Project City:
Martinsville,
Project Year:
(2017)
The Martinsville Clean Energy project successfully combined Investment Tax Credits and New Markets Tax Credits for the design, construction and installation of state-of-the-art clean energy generation technology into an anaerobic ...
Read More

Commonwealth Crossing Business Centre

Commonwealth Crossing Business Centre
Project City:
Ridgeway,
Project Year:
(2017)
Commonwealth Crossing Business Centre (CCBC) is a modern business and technology park designed to attract major manufacturers with the potential to add value to the local economy and create thousands ...
Read More

River District Tower

River District Tower
Project City:
DANVILLE,
Project Year:
(2016)
The City of Danville, Virginia was founded in 1793 and chartered in 1830. Like so many other manufacturing areas that have lost their traditional industries, the area has its challenges ...
Read More

Monogram Food Solutions

Monogram Food Solutions
Project City:
Martinsville,
Project Year:
(2015)
NMTCs enabled Monogram Snacks to expand their facility in Martinsville, VA by 56,000 sq. ft. and renovate space in the original production plant. This facility serves as a distribution center ...
Read More

Altria Theater

Altria Theater
Project City:
Richmond,
Project Year:
(2013)
The Carpenter Theatre first opened its doors in 1928 as a Loew's Theater for moving pictures. It was shuttered in 1979 due to competition from suburban mul-tiplexes and changing demographics, ...
Read More

Petersburg Library

Petersburg Library
Project City:
Petersburg,
Project Year:
(2013)
Petersburg Library Foundation (PLF), was formed as a nonprofit in 2002 to fundraise capital for a new 42,160 sq. ft. library in Petersburg, VA. PLF raised $10 million in cash ...
Read More

Tiger Fibers

Tiger Fibers
Project City:
Lawrenceville,
Project Year:
(2012)
Bio-fuels producer from post recycled municipal solid waste: MRC provided equity like loans to Fiberight for the acquisition and installation of equipment at its facility in rural Lawrenceville, Virginia, a ...
Read More

Roanoke City Market Building

Roanoke City Market Building
Project City:
Roanoke,
Project Year:
(2011)
In July 2011, Hampton Roads Ventures invested $9,730,000 in the Roanoke City Market Building, a Certified Historic Structure and former center of commerce and social interaction for downtown Roanoke.Built in ...
Read More

Blue Ridge Medical Center

Blue Ridge Medical Center
Project City:
Arrington,
Project Year:
(2011)
In 2011, the use of NMTCs combined with a Health Resources and Services Administration (HRSA) grant enabled the construction of a $7.2 million medical center and dental clinic which provide ...
Read More

Waters Place

Waters Place
Project City:
Culpepper,
Project Year:
(2011)
In 2007, Octagon Partners, a national real estate investment firm, purchased two historic buildings in downtown Culpeper, Virginia and announced plans to revitalize the commercial center in this distressed community ...
Read More

Habitat for Humanity, Buena Vista City

Habitat for Humanity, Buena Vista City
Project City:
Buena Vista City,
Project Year:
(2010)
Construction of affordable, for sale housing ...
Read More