CBM Mortgage purchases site in Royal Phoenix
FRONT ROYAL – Front Royal-based mortgage firm CBM Mortgage has purchased a 3-acre plot of land within the Royal Phoenix Redevelopment for $201,000 for a new office building.
On Friday, the Front Royal-Warren County Economic Development Authority meeting passed a resolution announcing CBM’s purchase, following a closed session that lasted close to an hour in length.
EDA Executive Director Jennifer McDonald said, “This is one of those projects … that the EDA is happy to work with a local entrepreneur that has the ability to expand his business within the community.”
McDonaldsaid CBM’s expansion to the Royal Phoenix Redevelopment could result in more jobs.
“If they have additional office space, they can hire more people,” McDonald said. “They are currently down here on 6th Street, and they’ve run out of space at their current facility.”
McDonald said, “I’m not sure if they’re going to keep that location. I’m not sure of those plans, but I believe they’re moving their offices from that building to this (new) location.”
CBM’s plan calls for a two-story, 22,000-square-foot building with extra space for additional offices that would be available for lease.
“It’s one building, but we’re not sure of all of the other businesses that are going to be in there,” McDonald said.
A deal for CBM to purchase property at the site has been in the works for about three months, McDonald said. Including Friday’s meeting, the EDA met in closed session three times to discuss the deal.
“We’re still working with them on the design of their plans, and the location of their building,” McDonald said, adding that the EDA has made a few changes to CBM’s previously submitted plans.
McDonald did not specifically cite what the changes are, but noted that they pertain to the aesthetics of the site.
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