Sale of Baldwin Building finalized

The New College Foundation (NCF) and the New College Institute (NCI) announced the finalization of the sale of the Baldwin Building to the Commonwealth of Virginia.    

“I am pleased to have this process behind us,” said Karen Jackson, NCI Interim Executive Director. “Now NCI and NCF can chart a very bright future together for the educational and economic betterment of the citizens of Martinsville, Henry County, Southern Virginia, and the Commonwealth.”   

The building, home to the New College Institute, Martinsville-Henry County Economic Development Corp. and Visitors Center will continue to serve the area as a premier training location for cutting edge industries including cloud computing, wind and renewable energy, as well as advanced educational opportunities through partnerships with higher-ed institutions including Bluefield College, James Madison University, Longwood University, Radford University, Raymond A. Mason School of Business at William & Mary, Sweet Briar College, the University of Virginia School of Continuing Education, and Virginia Tech. Additionally, the Baldwin Building will continue its legacy of being a welcoming, state-of-the-art facility for conferences and community events. 

“Since becoming Chairman of NCI nearly four years ago, when some in our community had given up on the future of the Institute, our Board of Directors dedicated itself, as an essential part of the school’s long-range plan, to bring ownership of its building back into the hands of our Virginia citizens,” said State Sen. Bill Stanley, R-Moneta and chairman of the board of directors for NCI. “That goal has now been realized. Today, as NCI finally obtains ownership of the building on the historic Baldwin Block, this milestone stands as a testament to the permanent and everlasting commitment by the Commonwealth of Virginia to the economic revitalization of Southside Virginia.”

The sale of the 54,000sqare-foot Baldwin facility generated $7.5 million in proceeds to NCF. The net earnings from these and other NCF investments will go towards “continuing to provide financial and other support to the New College Institute (NCI) for the dissemination of education,” said NCF Chair Simone Redd.

Kevin DeKoninck, Executive Director of NCF, said, “With the sale now behind us, I will be focusing all my energy in helping NCI to more fully live into its vision. I’m absolutely thrilled about the opportunities I see before us, I’m all in.”   

“DGS real estate professionals leveraged their knowledge of the real estate market to determine a purchase price fair to all parties,” said Joe Damico, Director of the Department of General Services. “In addition, their skill and ability to negotiate and process an intricate real estate transaction successfully will enable NCI to continue to operate from its prominent educational facility in the heart of its southern Virginia community.”       

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The sale of the New College Institute’s 54,000sqare-foot Baldwin Building to Virginia was finalized on Wednesday. The deal generated 7.5 million in proceeds to the New College Foundation (NCF). The net earning, combined with other NCF investments will be used to continue to provide financial and other support to the New College Institute (NCI), officials said in a release.

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