LYNCHBURG — The birthplace of the Progressive Automotive X Prize-winning car will be hitting the auction block soon.
The renovated warehouse on Kemper Street in Lynchburg is one of about 10 properties that real estate developer Oliver Kuttner hopes to sell in an auction next month. The Charlottesville-area resident wants to focus more attention on his Edison2 company and its innovative car, said Ed Koepenick, president of the real estate firm NAI Liberty Commercial, which is organizing the sale.
Signs advertising the auction appeared outside several of Kuttner’s apartment buildings, commercial properties and homes on Wednesday. Of his 39 properties in the city, 10 or 11 will be auctioned June 23 at the Craddock-Terry Hotel and Event Center, said Koepenick.
After playing a major role in the development of downtown Charlottesville, Kuttner started buying Lynchburg properties about seven years ago. He revitalized several sites on Fifth Street and Kemper Street before devoting much of his time to leading Edison2 in the chase for the X Prize.
His company’s Very Light Car won the $5 million prize for its ability to drive more than 100 miles on one gallon of gasoline. Now, the team is working to perfect the car’s design and get it ready for commercial production.
“With the success of the car ... he wants to focus on that and not have to deal with the inventory of properties that he’s dealt with in the past,” Koepenick said.
Most of the buildings up for sale in the June auction are redeveloped and have tenants, Koepenick said.
Kuttner is not seeking to clear out his inventory of properties in Charlottesville, Koepenick said.
Gentry reports for The News & Advance in Lynchburg.
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