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UMW paid $18.75 million for Park & Shop
UMW eventually expects to pay between $60 million and $100 million to redevelop Park & Shop
BY JEFF BRANSCOME
Date published: 12/11/2007
BY JEFF BRANSCOME
The University of Mary Washington's private real estate foundation purchased the Park & Shop shopping center for $18.75 million, or $374,100 more than its assessed value.
The 21-acre property on U.S. 1, across from the Fredericksburg campus and about a third its size, was assessed at almost $18.4 million in July.
UMW announced the purchase Friday.
"It's the end result of an intense negotiation," said Acting President Rick Hurley, who said he was very comfortable with the purchase price. "We take a 100-year view of the acquisition and recognize that our options to expand the footprint of the Fredericksburg campus are limited to one direction, really."
In all, UMW expects the foundation will spend $60 million to $100 million on the project, said Jeff Rountree, vice president for university advancement and director of the nonprofit foundation. None of the money will come from the state or student fees, officials said.
It will take up to 10 years to complete, with the first phase being the construction of apartments for 350 to 400 upperclassmen.
"That's going to require a lot of work with the city in getting the zoning correct," Rountree said of the housing. In two months, he said, the school hopes to release the layout of the apartments.
Then, he said, he'll focus on the "longer-range redevelopment for all the retail."
UMW plans to eventually demolish the strip shopping center and replace it with a mixed-use development in a parklike setting, with condos and high-end retail, such as a bookstore and movie theater.
The deal doesn't include nearby stores, such as the Clean Machine car wash, Twi-Lite Motel and Country Cookin' restaurant. Hurley wouldn't say whether UMW intends to buy that property.
"The university's not going to comment on any other property it's trying to acquire," he said.
Administrators say they're committed to upgrading the center's core shops, including the Giant grocery store, post office and dry cleaner.
Rountree said he plans to meet in January with Giant Food Inc., which recently renewed its lease at Park & Shop for five years.
"What I think would be logical is that we would probably build new space for Giant on a different piece of the property," he said. "Once that was done, they would pick a night to literally move in."
Read more stories about Fredericksburg
Date published: 12/11/2007
Most recent reader comments:
Does any one care?
(posted by
, Dec. 11, 2007 9:57 pm)
About the people who run the other stores besides giant!?!? what about quiznos they arent paying the family who owns quiznos anything for demolishing their store but no one cares about that!!!!! no ones store is getting any money and the owner of the shopping center is a jerk for not thinking about other people only caring about all the money they are recieving from UMW! Quiznos has been surviing UMW students for years and they are just going to leave them like that??????
Step OUT of History!! It does NOT hurt!!
(posted by
River_Rat
, Dec. 11, 2007 7:30 pm)
Mr. Z.. - (Maybe you need to go DT to Peoples Drug or stop by the Safeway, A & P.) Students have been there for years, & the shopping center CAME!! Like students, only drink B & W, & never eat good food? The mayor is there when you need him; Vote next time! Those businesses on US-1 need to improve or go, as most have been there for years. Think about it!! A BLAST FROM THE PAST!!
tasteful scenery
(posted by
arealocal
, Dec. 11, 2007 3:13 pm)
I just hope they hire an architect for this project!! No one wants to look at a strip mall!! What "high-end retail"?please don't forget college students have a LIMITED budget.
Please
(posted by
patrick4hp
, Dec. 11, 2007 12:57 pm)
It's not a rip off for the taxpayers, no state funds are going to be used. Sounds like a great idea to expand the campus, the one UMW has in Fredericksburg is small. I went to JMU and the campus has really expanded too, it happens when you are rated a great institute of learning. And yeah, a bigger Giant would be cool, but not a Super Giant, they are too big!
Moving forward
(posted by
tripodcatmom
, Dec. 11, 2007 12:32 pm)
As a transplanted Stafford native, I have fond memories of the shopping center. However, it seems like the University will make improvements to the area, and while change will come regardless, won't it be nice to have some tasteful updating to a standard?
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