BRISTOL, Va. — The former Virginia Intermont College campus on Moore Street is for sale, along with its smaller associated properties.
The 20-acre complex is listed at $15 million, said Mary Johnson, founder of Land Partners, a Bristol-based commercial real estate company. There are also several perimeter buildings and lots that could be sold off separately for less, she added.
Art Reprovick, interim president of the college, said selling the property is necessary to help the school pay off some of its debts. The 130-year-old liberal arts college ceased operations in May after years of financial and accreditation struggles.
Reprovick said the long-term plan has been to try to bring another educational institution onto the property.
“We’ve had a number of people through who fit the profile we’re looking for,” he said.
Johnson said her company wants to be careful to make sure the property stays an asset for the city. There are about 15 buildings on the land, she said.
“We are working with a variety of interested partners to try to find the right match” for the land, she said. “We’ve had a lot of good solid interest from a variety of sources.”
Some of the potential uses, aside from educational, could include restoring the historic buildings as multi-family housing units, or using some of the space for senior living quarters, Johnson said.
“We are considering everything,” she said. “Most of the hits we’re getting are on the possible restoration of the historic buildings. Four are on the National Historic Register.”
Bristol Virginia Mayor Catherine Brillhart said Tuesday that the city will help VI officials any way possible.
“We certainly want something that will complement our downtown and the entire city,” she said. “Whether we keep it as an educational building or put it on the tax roll, we want something that will help the city.”
Reprovick said it could take about two years to sell off the property.
“And for the college’s position, we hope there might be some property left when the sale is over that makes sense to put to some educational use,” he said.
VI has sold off a few pieces of furniture and other items, but Reprovick said taking care of those assets will likely come after the sale of the property.
The next step for school officials — a handful of people are working with Reprovick to tie up loose ends — is to complete the year-end audit for the Department of Education. He said that should be finished in early January, and he praised the efforts of those who stayed to work.