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The University of Mary Washington Foundation approved the purchase of the Pizza Hut and nearby buildings. |
The University of Mary Washington's nonprofit foundation has purchased a Pizza Hut across from the Fredericksburg campus and two houses nearby.
UMW doesn't plan to close the Pizza Hut at 1224 Powhatan St., said Executive Vice President Rick Hurley, who is the foundation's treasurer.
The houses--at 1214 Powhatan St., which is next to Pizza Hut, and 1217 Thornton St.--will be used for faculty lodging.
The Pizza Hut's assessed value is $1,081,400, according to Virginia Mass Appraisal Network. UMW's purchase includes The Beehive, which is connected to Pizza Hut and has a party room and offices.
The home on Powhatan Street is worth $240,300 and the residence on Thornton Street was last appraised at $256,400.
The executive committee of UMW's board of visitors approved the purchases after meeting in closed session yesterday. Hurley wouldn't say how much UMW's foundation paid for the property, but he said the amount was "slightly higher" than their assessed value.
The foundation raises money for various purposes. It has acquired numerous properties and develops them for use by the university.
Hurley said UMW hasn't yet established long-term plans for the latest properties. He noted that consultants are drafting proposals for UMW's master plan to include the locations of future facilities.
The board of visitors is scheduled to approve the university's master plan in April.
"We have to look way out into the future and think about the possibilities that owning this land can bring to us," Hurley said yesterday.
UMW President Judy Hample said in a statement that "they are the only properties immediately adjacent to the university that we believe we can acquire without disrupting the residential neighborhood of College Heights."
The house on Thornton Street was sold by the family of the late Anne Hamer, who taught music at Mary Washington for 40 years. Developer and former Spotsylvania County Supervisor Hugh Cosner sold the Pizza Hut and the home next to it.
Cosner will continue to operate the restaurant through a lease with UMW's foundation.
The sellers approached UMW about buying the property, Hurley said. "We get a lot of calls from property owners in the College Heights area and along College Avenue," he said. "For the most part, we say we're not interested."
However, officials found its recent purchases appealing because they're on the same block as UMW's heating plant.
UMW expects to use the houses for faculty rentals by the fall of next year. Hurley said he envisions two- or three-year leases for new hires at rates slightly below market value.
"It might close a deal with us negotiating with a certain faculty member," Hurley said.
He said he expects the university to complete routine maintenance on the houses, such as painting and roof repairs.
In recent years, other significant foundation purchases have included the Twi-Lite Motel and the former Park & Shop retail center--now Eagle Village.
Jeff Branscome: 540/374-5402
Email: jbranscome@freelancestar.com
