Business View City & Municipal | August 2022

97 CIVIL AND MUNICIPAL VOLUME 3, ISSUE 7 return on investment is not going to be a 12 to 15 percent return. But we did not want a failing mall,” Pettitt says. “It was a little bit self-serving for Liberty. As students and families come into town, we wanted something to be proud of both for the city and for the students who are here. So, we’re working at it. The job’s not done, but we’ve got some exciting things happening.” With all the changes happening in Lynchburg, the city is anticipating growth. However, like most cities in the nation, housing, unfortunately, is not keeping up with demand. “I’ll say, just downtown, we can’t keep up with the demand for lofts or apartments between retirees and the dual-income-no-kids sector, as well as being able to have a remote workforce, and the cost of living and the amenities that are here,” Benda shares. “Many people are deciding that they want to live here in downtown and remote work to DC or surrounding cities.” While the city is largely built-out, developers are starting to get creative to help generate some new housing opportunities. “Because rising tides raise all ships, there are areas that have been underdeveloped, under invested in, that are now starting to see development,” Benda says. “I’m eager for some of the areas that haven’t necessarily seen the development in the past, LYNCHBURG, V I RGINI A