Bank looking for YMCA buyer
Published 1:04 pm Thursday, May 4, 2017
Bank officials say the former YMCA property is gathering some interest, aside from the Clark County Health Department.
Winchester Federal Bank President and Chief Executive Officer Kari Gough said two other individuals have inquired about the property on Westmeade Drive. All three are conducting their own investigations and research, she said.
“All three have different visions for the property,” she said. “We’re open (to possibilities). It may require thinking outside what it once was.”
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The former YMCA site was sold at auction in February, two months after Y officials announced it was closing. Gough said the bank bought the facility for $410,000 to protect its own investment. At the time of the auction, YMCA board president Brian Thomas estimated the Y owed about $440,000 on its mortgage. Gough would not say how much the organization owed. An appraisal of the property valued it at $875,000.
Gough said the bank would not have bid at all if the bids had gone higher.
“The investment the bank had in the property was higher than it sold for,” she said. “We were there to protect the interest of the bank.”
Nevertheless, Gough said the bank wants to sell the property. Though there has been interest, no contracts have been signed at this point.
“I think it’s in the best interest to put some life back in that building,” she said. “I hate to see it sitting empty.”
Earlier this year, the Clark County Health Department expressed interest in acquiring the property for new office and meeting space, while retaining the gym and tennis courts. The pool would be filled and closed. Last week, CCHD Director Scott Lockard said the department was still conducting its investigation into purchasing the property.