Phase One Overview

 

Overall Vision for the Property

  • A pedestrian-friendly residential and retail mixed-use village for townspeople, students and faculty to shop, live, work and enjoy entertaining facilities…all within a sustainable “green” urban setting
  • Upgraded core retail services (grocery store, dry cleaners, post office, etc.), with tenants enjoying upgraded facilities and increased patronage within an urban setting
  • Park & Shop was renamed Eagle Village in October 2008
  • Connects the UMW campus and the MediCorp campus and explore mutual synergies between the two institutions

Background Information on the Property

  • The UMW Foundation, a private 501c3 organization, owns and operates the 21-acre Eagle Village retail center (formerly Park & Shop).
  • The Foundation purchased the center, built in 1963 by the JBG Rosenfeld Company, for $18.75 million on December 7, 2007.
  • UMW’s Jeffersonian brick and column architecture were the inspiration for the new construction project.
  • Overall redevelopment will be completed in phases over the next 3 to 10 years.
  • No student or University (State) funds were used for the acquisition or development of Eagle Village.  This is a privately-financed project of the UMW Foundation.

Overview of Phase I

Phase I encompasses approximately seven acres of redevelopment at the northern end of the existing center where the Rose’s Department Store formerly stood.. Phase I includes five major elements:

  • A. – Pedestrian Bridge over U.S. 1 connecting UMW to Eagle Village
  • B. – Premium Student Residences for 624 beds
  • C. – Secured Parking Garage for cars and bicycles
  • D. – New Retail and Restaurant Spaces (30,000 sq. ft.)
  • E. – New “Class-A” Office Space (36,000 sq. ft.)

Timeline

  • The Foundation began construction of Phase I in March 2009.
  • The dedication and ribbon-cutting ceremony was held July 16, 2010.
  • Students began moving in August 2010.
  • Planning for Phase II will begin in the near future, but construction may be several years off.

Benefits to the City of Fredericksburg

  • Although a tax-exempt organization, the UMW Foundation pays real estate taxes to the City on most of the redevelopment improvements.
  • An older shopping center, with a high vacancy rate, Eagle Village is transforming the area into a vibrant new community-centered village with expanded retail and cultural offerings, as well as upgraded storefronts and walkways, and more green space.
  • The redevelopment provides additional sales tax revenue for the City from increased retail outlets and sales.
  • New student housing reduces the need for many of the student rental houses in the City, as well as the parking issues that often accompany those units.
  • The renewal of this area is an important part in the City’s Comprehensive Plan and in the JumpStart Plan.

Benefits to the University

  • The ability to expand without encroaching on the University’s remaining green space helps preserve the open feel and beauty of the Fredericksburg campus.
  • The additional residence hall in Eagle Village eliminates the need for the two residence halls planned for construction on the Fredericksburg campus, thereby preserving these construction sites for future University buildings.
  • The ability to attract both local and national merchants that appeal to students and employees elevates and enhances their experience at the University.
  • Upper-class students have the option to live in premium student housing, and the additional housing allows certain existing residence halls to be renovated with minimal disruption to students who choose to live on campus.

About the UMW Foundation

  • The UMW Foundation is a private 501(c)(3) organization with a mission to accept, manage and administer assets for the benefit of the University of Mary Washington.
  • One of the UMW Foundation’s primary roles is to acquire and develop real estate for the University.
  • The UMW Foundation has a large portfolio of holdings.  Its current $50 million in real estate assets includes Eagle Village, the UMW Apartments on William Street, residential housing, office space, and hundreds of acres of undeveloped land in the region.
  • The UMW Foundation does not use student fees or state funds for the acquisition or development of the property.