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Op-ed by Richard Trembley of the city of Fredericksburg about economic development in the city and the future of commerce. For Viewpoints Date published: 4/18/2010
FREDERICKSBURG is at The recession has been stressful for the area's business community and local government, but this year the trends are positive and business sentiment is on the upswing. Many projects are moving forward. The city is fortunate to be home to Mary Washington Hospital and the University of Mary Washington, two strong and expanding institutions, and its proximity to Washington and several military installations has helped buffer the area during the recession. Fredericksburg's retail and office vacancy rates peaked a year ago at 8.5 percent and 9 percent, respectively; those rates are now 7 percent and 8 percent, respectively. The vacancy rate for industrial space, however, is up from a pre-recession rate of 7 percent to 33 percent due largely to the 143,000-square-foot Insteel plant closing in the industrial park. Downtown continues to be Fredericksburg's crown jewel. Healthy and vibrant, it features new restaurants, shops, and galleries. The vacancy rate on Caroline Street is less than 5 percent. The Bavarian Chef Fredericksburg restaurant is the latest downtown addition, opening soon in the train station. The Marriott Courtyard Hotel is exceeding its projections, and the Fredericksburg Museum and Cultural Center has compelling new exhibits and programs to complement its new building. On Sophia Street, the new riverfront park will welcome crowds at this summer's Heritage Festival, America's Music Festival, and the 30th anniversary celebrations of Fredericksburg's Sister City Association with Frejus, France. The Eagle Village project across U.S. Route 1 from UMW is taking shape; new apartments will welcome returning students in August. Five to seven new restaurants are coming, and tenants are signing up for the office space.
Date published: 4/18/2010
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