Elson Strahan, president and CEO of the Trust, said the Hiddens have agreed to sell the Academy for $10.6 million, more than $2 million less than its current listing price. He said the family has extended their offer to the nonprofit for one year because of their belief that the Trust provides the best hope for preservation and restoration of the historic property.
“We initiated some discussions with them (the Hiddens) about the possibility of the Trust making the acquisition and they were very excited because not only would the property transition to an organization that they support, but they know given our mission that the building will be preserved,” said Strahan.
While $10.6 million will enable the Trust to purchase the Academy building and property, Strahan said the remaining funds (approximately $5.4 million) raised would be dedicated to associated site review, professional capacity and building restoration.
“We’re setting a very aggressive campaign timeframe,” he said. “We’re targeting to start and complete this campaign in a year. The renovation and updating of the building – that will take place after the acquisition and it will take several years to complete.”
In addition to enhancing the nonprofit’s portfolio of historic properties, Strahan said the Academy provides the Trust with an opportunity to develop other revenue sources that can support both the Academy site and Fort Vancouver. Strahan used Merchant’s Square, a historically inspired retail center at Virginia’s Colonial Williamsburg, as an example.
“Colonial Williamsburg owns Merchant’s Square and they’ve developed it so that it’s complimentary and compatible with their historic site while financially helping to support it,” he explained. “With seven acres of bare land [on the Academy property], we would not only want to maintain the Academy as the iconic building that it is, but also to be able to master plan the site so that future development that takes place achieves the same goal.”
Ed Lynch, Fort Vancouver National Trust co-chair, echoed Strahan’s belief that development on the Academy property would come with great economic potential.
“We hope that we’ll have a restaurant or two in the redeveloped Academy area that might supplement what we have in the historic area,” said Lynch. “So if a family is spending the day at the historic area they might break off at noon and go eat at what is now the Hidden property.”
Commercial development aside, Lynch said that bringing the historic Academy building into the Trust has been a dream of his for the past 20 years.
“We always assumed it (a purchase agreement) was 15 years out there some place, but suddenly the opportunity came and I don’t know anyone else who is in shape to step in and take care of the Academy the way it ought to be taken care of,” he said. “It’s a win-win for everybody in sight.”
For more details on the Trust’s campaign to purchase the historic Academy building, catch the Friday, May 4 edition of the Vancouver Business Journal.
