More revenue for the City is great, but at what cost?
West Main’s evolution, change, growth continues … Charlottesville Tomorrow reports:
Towering mixed-use buildings promise pumped-up tax revenues, jobs and walkability, at the cost, opponents say, of Charlottesville’s small-town historic charm. But tax revenue estimates and assessed property values show that the structures are helping to fill city coffers.
A report compiled by Councilor Kathy Galvin, using estimates from the city’s Office of Economic Development, shows seven parcels on West Main generated about $380,000 annually in real estate tax revenues before redevelopment. Once all the properties are finished, they should together generate about $3.3 million a year in tax revenue, according to the report.
But, so as to bury the lede …
Quirk Hotel is eyeing Charlottesville for its second location – and potentially the first of more to come, said Bank Street Advisors broker Christian Kiniry, who in 2015 developed the 74-room hotel and gallery at 201 W. Broad St. with owners Ted and Katie Ukrop.
Conceptual plans for a similar-size hotel and gallery at 425, 501 and 503 W. Main St. in Charlottesville have been submitted to the city’s architectural review board, which went over the plans at a meeting in late August. The plans were first reported by Charlottesville Tomorrow.
There is so much going on in Charlottesville and Albemarle, and Charlottesville Tomorrow reports so darn much, I missed this somehow. I’d heard about a(nother) hotel coming to West Main, but I’d not put it together.
I’m awfully curious … what plans are being made to accommodate this new traffic – both vehicular, pedestrian, bicycle?