The Campagna Center announced Saturday that it will cancel the sale of its building. The building in Old Town Alexandria, which dates to the 1800s, was to be converted into new condos.
The organization, which serves more than 2,000 Alexandria children and families, is located at 418 S. Washington St. and is 17,000 square feet. The Center's board of directors made its announcement in this letter, signed by CEO and President Tammy Mann and Laura Lawler, Board Chair:
"In August 2016, The Campagna Center’s (TCC) Board of Directors unanimously agreed to begin the process of relocating its headquarters in an effort to better align physical capacity with mission needs. From the start, the Board has been resolute in its commitment to ensure that as we advance relocation efforts, we remain vigilant to first, “do no harm.” As a part of the Board’s due diligence process, several financial models were considered to provide a basis for protecting the organization against an unsustainable debt burden following a successful capital campaign. These models included assumptions related to building sale prices and offer prices associated with acquiring a new headquarters. After nearly two years of work to align two complex real estate transactions that were financially feasible for TCC, recent developments have created financial risks the organization could not assume. The term adjustments required by the potential buyer are not in our best interest, and as a consequence, the transactions were terminated this month. As part of our relocation strategy, TCC’s plans included incorporating space to address early childhood program needs as well as adult education and workforce development. TCC remains committed to these prioritiesand will focus on renovating its current headquarters to incorporate adult education/workforce development opportunities, and focus on a partnership to secure early childhood classrooms located in the West End, where those needs are greatest. While these changes require a shift in approach, our vision to align capacity with mission to serve more families across the city remains the same. David, we are excited about the opportunity to move toward this vision and look forward to engaging and keeping you informed."
