Eagle Village Mixed Use Development & Eagle Hotel

Eagle Village

Eagle Village is a pedestrian-friendly residential and retail mixed-use village for city residents, students and faculty to shop, live and work, all within a sustainable “green” urban setting. Eagle Village is located on U.S. Route 1 - one of Fredericksburg’s gateways and adjacent to the traditional UMW campus. It is owned and managed by the University of Mary Washington Foundation, a private 501c3 organization.

The foundation has completed Phase 1 construction of apartment-style student residences, a mixed-use building, a pedestrian bridge spanning U.S. Route 1 and new retail, restaurant and Class “A” office space. The redevelopment will also include a hotel, a new road linking Eagle Village to the Mary Washington Hospital Campus and enhanced retail and office uses.

Eagle Village Hotel

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.

Funding

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.

Awards

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.