Montgomery County to sell front parcel of former middle school site for $2.5 million

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MONTGOMERY COUNTY, Va. (WDBJ7) -- Midtown Redevelopment L.L.C., has agreed to purchase the front 5.49 acres of the former Blacksburg Middle School property for $2.5 million. The closing will take place no later than December 7, 2017.

"We are happy that Midtown has decided to move forward with this purchase," said Chair Chris Tuck, Montgomery County Board of Supervisors. "This is a step towards the development of the entire former school site, which will benefit our citizens and generate tax dollars once the project is complete."

In April of 2016, Fiddler's Green L.L.C. entered into a sales agreement with Montgomery County to purchase the rear 14 acres of the former Blacksburg Middle School site for $1.75 million. As part of that sales agreement, they had the option to purchase the front 5.49 acres for $2.5 million within 12 months.

On October 27, 2016, Fiddler's Green assigned their right to the sales agreement with the County to Midtown Redevelopment L.L.C., which is owned by the same entities as Fiddler's Green.

On October 23, 2017, the Board of Supervisors approved an amendment to the sales agreement, allowing Midtown Redevelopment to defer payment of the $2.5 million purchase price of the front parcel for up to one year and pay 3 percent interest to the County.