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State Considers Moving NCI if Foundation Won’t Sell

The old saying “actions speak louder than words” might apply in the latest chapter of the continuing saga of New College Institute in Martinsville.

A new building was built on the Baldwin Block Uptown for nearly $19 million dollars and is home to the school and other entities. It is privately owned by a group called the “New College Foundation.” The Foundation leases the building to the state for almost $400,000 a year. That lease runs out in 3 years. The state has offered to buy the building for nearly $8 million and the Foundation has turned it down.

So, the state is considering either building another building or leasing space from someone else. Both the State and the Foundation think it’s unlikely the school will move out of the building built specifically for it, but the actions of the State and the Foundation would indicate otherwise.

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