Two transactions in Charlottesville this fall illustrate how student housing is a lucrative global business with healthy cash flow fueled by households that can afford to pay premium prices for places to live. In the past dozen years, three student-housing buildings—all valuable commodities for investors—have been constructed on West Main Street. Madison Loft LLC sold […]
Two transactions in Charlottesville this fall illustrate how student housing is a lucrative global business with healthy cash flow fueled by households that can afford to pay premium prices for places to live. In the past dozen years, three student-housing buildings—all valuable commodities for investors—have been constructed on West Main Street. Madison Loft LLC sold […]
Building new transportation projects can take many years as ideas make their way through competitive processes to decide what gets funded. One concept in Albemarle County is to create a shared-use pathway to follow along Three Notch’d Road, a route to the west first carved out of the landscape in the 18th century during the […]
For months, the Public Housing Association of Residents has been asking Charlottesville City Council to step in to halt two proposed student housing buildings, on West Main Street and in Fifeville. LV Collective has filed plans for an 11-story building at 843 W. Main St., while Landmark Properties is seeking staff approval for a seven-story […]
Albemarle County has one of the highest median incomes in Virginia, with $125,800 for a family of four, which is an important statistic that makes the provision of affordable housing much more difficult. In July 2021, the Board of Supervisors passed a new housing policy intended to encourage more units, but a program to help […]
Virginia law requires localities to hold a public hearing in certain instances, and City Council’s consideration of spending $6.2 million for a 3.8-acres site at 2000 Holiday Dr. met that threshold after an October 20 meeting. Council authorized City Manager Sam Sanders to proceed with the purchase on October 6, the third area site associated […]
The world’s largest operation of student housing complexes now operates two of three such buildings on West Main Street. On October 9, a business trust connected to the Inland Real Estate Group of Companies of Oak Brook, Illinois, purchased the Flats at West Village for $107 million. Three days prior, the company announced via press […]
The Albemarle Board of Supervisors is scheduled to adopt a new Comprehensive Plan on October 15 after a public hearing, but at least one county advisory board has urged revisions to be made first. On October 8, the Crozet Community Advisory Committee adopted a resolution critical of language in the AC44 document that points the […]
Riverbend Development intends to use Charlottesville’s new development code to bring as many as 239 apartments to an area of the city that street signs refer to as Downtown Belmont. In late September, the company filed plans with Neighborhood Development Services to demolish a former church at 914 Monticello Rd. and replace it with a […]
After nearly four years of review, the Albemarle County Board of Supervisors is expected to adopt a new Comprehensive Plan on October 15. Such documents contain directions for staff to work on new policies and retain old ones. Until mid-September, the proposed Albemarle County Comprehensive Plan included language that would have set up future study […]
For decades, Albemarle County’s Comprehensive Plan has placed a portion of land near the intersection of U.S. 29 and Interstate 64 in the growth area. Riverbend Development filed for a rezoning for the property in early 2022, and the Planning Commission held a public hearing on September 9. “We do think that there are lots […]