Fredericksburg’s first mixed use project opened Phase I in August, 2010 with a total of 487,000 square feet of residential, retail, office and structured parking in the U. S. Route 1 corridor. Eagle Village, a project of the University of Mary Washington Foundation, includes premium residences for 624 students, a secured parking deck with 560 spaces, a covered pedestrian bridge spanning U. S. Route 1 to the UMW campus, 30,000 square feet of ground-floor retail space and 36,000 square feet of “Class A” office space on three floors. The retail space will include a variety of restaurants and services for the community and students. For more info you can visit www.EagleVillage.com.
Phase I represents a $115 million capital investment by the UMW Foundation on seven acres of the 22.5-acre development site, formerly a 1950’s era shopping center with high vacancy rates. Master planning for the development of Phase II is nearing completion and will include a 66,500 square feet, 93-room Hyatt Place, upgrades to existing core retail spaces and new mixed use development and green space . Eagle Village Drive, a road connection to the adjoining Mary Washington Hospital campus is now open, Completion of the renewal of the center into a pedestrian-friendly, vibrant mix of live, work and leisure activities is expected to take place over the next 5 years and is transforming this segment of U. S. Route 1 in the city.
The Foundation started construction of the five-story, 93-room Hyatt Place-Fredericksburg in September, 2012. This is the first Hyatt Place in the Fredericksburg region and represents a $15 million investment by the Foundation. Interstate Hotels & Resorts has been chosen to operate the hotel.
The Hyatt Place-Fredericksburg has the distinction of being the first project in the state approved for the Virginia Tourism Development Financing Program, created in 2011 by the Virginia General Assembly at the initiative of Governor McDonnell. Fredericksburg’s City Council approved a $310,000 Tourism Zone performance grant for the hotel project in 2011. The city and Foundation worked with the Virginia Tourism Corporation to secure a $310,000 state matching grant for the hotel’s financing, with the state’s approval given in June, 2012. The city and state grants towards the hotel’s financing are funded by local and state sales tax revenues generated by the hotel once in operation. The Virginia Economic Developers Association, at its March 29, 2013 Spring Conference in Charlottesville, presented the City of Fredericksburg and the UMW Foundation with a 2013 Community Economic Development Award. The award recognized the creative financing for the hotel enabled by the city’s Tourism Zone program, the new Virginia Tourism Development Financing Program and the entrepreneurial efforts of its developer, the UMW Foundation.
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