Real Estate Weekly | 3.6.2024

Annie Gould Gallery

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BOV updated on efforts to build up to 1,500 affordable units on UVA-affiliated land

By Sean Tubbs

The University of Virginia’s Great and Good strategic plan helped guide the public institution to recently surpass a $5 billion fundraising goal. One item in the plan calls for the creation of a Good Neighbor program.

“Affordable housing is one of the six issues that was identified by the community as being important to work on with UVA, and, as I understand it, affordable housing was the very top critical issue,” says Pace Lochte, assistant vice president for economic development.

UVA has identified three locations where between 1,000 and 1,500 new units would be built on land the school or its foundation owns. The Piedmont Housing Alliance has been selected to partner on developing the Piedmont housing site off Fontaine Avenue, and an out-of-town group called Preservation of Affordable Housing will develop a site at the corner of 10th and Wertland streets.

“It’s a smaller site, about two acres, but a very strategic site,” Lochte says. “It’s on the border of town and gown and across the street from the UVA Medical Center.”

The third site is at the North Fork Discovery Park, recently rezoned by the Albemarle Board of Supervisors for residential use. A partner has not yet been identified. Timelines for each project depend on financing and the time it will take to get building permits.

“Our best guess based on our partners is early 2026 for moving dirt,” Lochte says.

As of March 1, Lochte says negotiations on agreements between UVA and the partners are still underway, and a lot of due diligence and community engagement still needs to occur.

“We’re really trying to identify how we can be complementary to the ongoing

efforts of many in this community who have been doing affordable housing for a long time,” she says.

According to Lochte, financing will likely be dependent on low-income housing tax credits, a mechanism PHA will rely on for other affordable projects on the books, such as 501 Cherry, the Park Street Christian Church Apartments, and redevelopment of the Monticello Area Community Action Agency site on Park Street. Those projects will also be fueled by capital improvement program funds from Charlottesville.

The 10th and Wertland site will be steps away from Westhaven, a Charlottesville Redevelopment and Housing Authority site that City Council has agreed in principle to put $15 million towards.

UVA is not planning to put financial resources into the project.

“The University of Virginia is investing no taxpayer dollars, no tuition dollars, and we are leasing under long-term lease at a very low rate land that we otherwise do not have a use for,” says Jim Murray, a member of the Board of Visitors.

The two sites announced so far will be reserved for households who make less than 80 percent of area median income, which is $123,000 for a family of four. Lochte says that could mean nurses at UVA could be eligible to live in those units.

At the end of the lease, the buildings would revert to the University of Virginia’s ownership, according to Tim Rose, the UVA Foundation’s chief executive officer.

“That would be for a future board many decades from now to figure out whether you want to demolish them, use the land for UVA purposes, or fix them up and rent them for market rate,” Rose says. “There’s a lot of things you could do. Turn them into dormitories.”

But first, they have to be built.

EDGEMONT

Nestled in the foothills of the Blue Ridge Mountains, 15 miles south of Charlottesville, is this rare 572-acre historic estate whose design is reputed to be the only remaining private residence attributed to Thomas Jefferson. MLS#576150 Court Nexsen, 646.660.0700

www.HistoricEdgemont.com

MILL HOUSE

Former house of noted local architect Floyd E. Johnson, on the banks of Totier Creek. Thoughtfully renovated and expanded, 5-BR, 3 full and 2 half BA. Guest house, 2-bay garage, pool, equipment shed plus 130 acres of open & wooded land. MLS#639196 $2,475,000 Court Nexsen, 646.660.0700

WAYSIDE PLACE

Prime location near the University of Virginia Grounds and Barracks Road Shopping Center, steps from the Downtown Mall. Charming 4-bedroom, 3.5-bath residence rich in history, awaits its second owner. MLS#648746 $1,150,000 Mark Mascotte, 434.825.8610

EAST WATER STREET

Rare opportunity for a unique downtown office/retail condo with deeded onsite parking space! Located in the Holsinger Condo on Water Street, one block removed from the Historic Downtown Mall. Easily accessible to UVA and all Charlottesville has to offer. $495,000 Charlotte Dammann, 434.981.1250

HIGHER GROUND

27 acre estate, mountaintop retreat with 11,400 sf., 8-BR, 6.5-BA residence with many outside terraces, decks and unsurpassed panoramic mountain views! 10 miles to famed Omni Homestead Resort, 2 miles to the airport. www.highergroundva.org Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

UNDERCONTRACT

DOWNTOWN PENTHOUSE

This 3 bedroom, 3.5 bath condo features extra high ceilings, a modern and open floor plan with huge windows and doors, and a large rooftop terrace with views of the Downtown Mall all the way around to Monticello. MLS#634149 $1,690,000 Jim Faulconer, 434.981.0076

WEST MAIN STREET CORRIDOR

Investment/Assemblage opportunity between University of Virginia and Charlottesville’s dynamic Downtown Mall. Property is being targeted to be classified to RX-5 in the new city zoning ordinance. MLS#30850340 $875,000 Tim Michel, 434.960.1124

FRAYS GRANT

This 21 acre lot is situated at the end of a culde-sac that provides privacy and a quite setting among towering hardwoods, and is convenient to CHO airport and ample shopping of various kinds. MLS#640231 $269,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

SWANNONOA COUNTRY CLUB

Stunning golf course atop the Blue Ridge Mtns. in Afton, Va. 20 minutes west of Charlottesville, UVA and at the gateway to the Shenandoah Valley via I-64 or Rt 250. Explore the many alternative uses for the 236 acres with sweeping views in all directions. MLS#649416 $3,500,000 Tim Michel, 434.960.1124

TILMAN ROAD

Arguably the best Blue Ridge Mountain views in Ivy. On 6 landscaped acres with a custom 4-bedroom house including 2 master suites, living room, dining room, study, sunroom/eat-in kitchen and large basement with recreation room. Western school district. $1,450,000 Tim Michel, 434.960.1124

FREE UNION PARCEL

42 acre tract on Wesley Chapel Road with the right to be divided into two 21 acre parcels. Big views with clearing towards the Blue Ridge. Stream frontage on Burruss Branch. Old logging road recently cleared for easy access. MLS#647055 $799,000 Tim Michel, 434.960.1124

SIMMONS GAP/ ESTES RIDGE

10 acres of mature woods. Property has long road frontage and consists of two parcels being combined and sold as one. No homeowners association! Design and build your dream residence on this very well-priced parcel. MLS#621178 $189,000 Charlotte Dammann, 434.981.1250

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Chúng tôi châc chan sê tiép tuc làm vièc voi Micheal Marino trong tong lai cho moi giao dich liên quan dén bät döng sän. Chung tôi dánh giá cao và tu hão vi dupc làm viêc chung vói öng ây nhu môt ngudi ban.

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