Today’s news really shouldn’t come as a surprise to anyone paying attention to the Charlottesville-Albemarle real estate market. The news affects everyone in this area – politicians counting on that revenue, homeowners in nearby Mill Creek, Lake Reynovia, Foxcroft, Redfields, Mosby Mountain, Sherwood Manor and other developments as well as any property owner who lived in or visited that part of Charlottesville, transportation plans,
One question – how will the Fifth Street/Avon Street development be impacted?
The stories today will certainly be augmented by the HooK and C-Ville in the coming days:
Biscuit Run – an expensive state park – Charlottesville Tomorrow
Biscuit Run, the largest development ever approved in Albemarle County, may instead become a state park. Forest Lodge LLC, fronted by local developer, builder and banker Hunter E. Craig, is in discussions with the state to donate the 1,200 acres it owns between Route 20 and Old Lynchburg Road. …
â€œThe business climate is such that it’s not in the investors’ best interest to proceed with development at this stage,â€ attorney Steve Blaine said at the time.
The Breeden Family made $46.2 Million selling the parcel in 2005 to Hunter Craig. This was at the peak of the bubble–the smartest real estate transaction ever completed in this area, and one which allowed other land and home sellers to maintain champagne dreams for years.
Also at risk for never being completed, however, is the Southwood Development, 350 homesites for Habitat for Humanity, which relied upon Biscuit Run’s infrastructure improvements and funding.
The good news:
This news removes uncertainty from the Charlottesville-Albemarle real estate market. With the Biscuit Run development included, Charlottesville-Albemarle had about fifteen to sixteen thousand residential units approved for development. Having a few thousand less is a good thing.
Update 10 December 2009:
Update 11 December 2009:
A brief Biscuit Run history:
6,000 More homes? March 2006
Biscuit Run Price Tag: $222 Million – cvillenews – March 2007
Hollymead, Biscuit Run Approved – cvillenews- September 2007
Biscuit Run is on hold – January 2009
One of my favorite posts – Struggles with Growth in Charlottesville/Albemarle and Beyond – April 2007
If you really want to educate yourself about Biscuit Run, spend a few hours (or days) in Charlottesville Tomorrow’s archives – podcasts and stories.