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UMW Foundation applies for rezoning at Eagle Village
Date published: 12/16/2011
A public hearing on the matter before the Fredericksburg Planning Commission is expected Jan. 11. The 2.16-acre parcel where the hotel is planned is zoned Commercial Shopping Center, and the UMW Foundation is asking for a change to Planned Development Mixed-Use.
The foundation obtained a similar rezoning in 2009 to build the first phase of Eagle Village, which includes student housing, office and retail space, and a parking deck. Attorney Gary Nuckols with the Hirschler Fleischer law firm has been hired to handle the rezoning.
The rezoning application does not include the brand of the hotel, as the UMW Foundation is still negotiating its franchise agreement. The foundation says it will submit artist renderings to the city once that is finalized. The hotel is reportedly going to be a Hyatt Place, but UMW Foundation officials have not confirmed that.
The 25,000 square feet of vacant retail space between (but not including) the Giant grocery store and the road cutting through Eagle Village from College Avenue will be demolished for the hotel, which will be financed by Cardinal Bank.
Here are some details on the hotel from the rezoning application:
The five-story structure will be 66,500 square feet, with meeting space and 93 hotel rooms. There will also be about 1,600 square feet of retail space. The building's average height will be 54 feet.
The foundation will try to lease the retail space for about $24 per square foot per year. Hotel rooms will be priced at about $110 a night.
The Giant grocery store has indicated that it plans to renovate the design and layout of its Eagle Village store to match the development's overall feel. The hotel will have a Jeffersonian-style architecture to match the rest of Eagle Village.
The hotel property will be assessed at about $13 million once complete, about seven times the assessed value of the space being demolished. It's expected to generate real estate taxes for the city of about $93,600 annually, and another $157,000 in lodging and meals taxes.
Construction is expected to start in April, and the foundation is targeting fall of 2013 for its completion.
Bill Freehling: 540/374-5405