The Biscuit Run story, originally a large tract of land, then a planned huge development, now failed planned development and a planned State Park, gets another chapter.
This chapter begins â€¦ in court. Brendan Fitzgerald at C-Ville reports:
Forest Lodge LLCâ€”a venture that includes developer and Virginia National Bank chairman Hunter Craig and Dave Matthews Band manager Coran Capshawâ€”have filed a civil case in Albemarle County Circuit Court to contest land preservation tax credits received after they sold Biscuit Run to the state.
This part is fascinating:
Forest Lodgeâ€™s Piedmont appraisal â€œestimated Biscuit Run to be sold out in 10 to 11 years…[at an annual rate of] approximately 300 units, 50 of which are affordable units.â€ The Salzman appraisal, in comparison, â€œestimated that it would take 16 years.â€
I’m curious as to how they defined “units” – are they purely residential? Single family? Commercial? Apartments?
For some quick context during the apex and subsequent decline in Charlottesville and Albemarle:
From 1 January 2006 to 1 January 2008 there were 4528 transactions reported in the Charlottesville MLS. 791 were marked as being “new construction”*.
If they’re filing a civil case against the Commonwealth, hopefully all these secretive appraisals will be made public.
(I’ll take this opportunity to thank the C-Ville and The HooK for having the journalists who investigate these stories; without them, the public would likely know much, much less. (most) Bloggers can’t do what they do.)
Update 10 November 2011:
Hawes Spencer at the HooK continues his investigation into Biscuit Run – The flip that flopped: Biscuit Run men want $20 million more from taxpayers and Waldo at cvillenews notes succinctly states:
Iâ€™m something like $100k underwater on my mortgage. Here I was thinking that it was my duty to suck it up and live with, because itâ€™s nobodyâ€™s fault but my own. Maybe that attitude is whatâ€™s keeping me from being a successful businessman.