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CIT Acquisition Partners

CIT Acquisition Partners Presents Our Bid to Buy the Center for Innovative Technology Building and Associated Land

 

 

The first 5G based community
in the Smart Region Program

 

 

The purchase of a Virginia asset by a Virginia company, to foster the development of a new, more diverse, generation of software engineers in Virginia.

Team

 

The objective of CIT Acquisition Partners (CAP) is to create a cutting edge smart city based on 5G technology, and to serve as a place where the most talented software engineers will be trained, work, and live.

CAP will retain the existing iconic CIT structure and convert it to a facility for the training of software engineers, based on Apple’s Challenge Based Learning Methodology. In accordance with the goals of the Opportunity Zone, there will be a special emphasis on providing training to underserved communities, and coding classes will be offered in Spanish as well as English.

The ground floor of the CIT building will be converted to a Torpedo Factory style art place for the making and sale of art. Retail will be focused on using pop ups and other experimental space to develop new ideas for restaurants and retail space. For more on the development plan, click here.

The developer, John F. Groom, already owns the contiguous property. Groom is the managing member of Rock Hill Development LLC, which has owned 10 acres directly across from the CIT property since 2008. Additionally, Groom has other property either under contract or pending contracts, as identified on this map.

CIT Acquisition Partners (CAP) is the only bidder which has already done extensive engineering to determine actual construction feasibility. The most important constraint in this area is floodplain, and the publicly available floodplain information is not correct. Dewberry has performed a floodplain study showing the true extent of floodplain, and actual developable areas. We have also performed extensive land planning in this area to determine what can actually be built in an economically feasible way.

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