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University of Mary Washington Foundation
Fact Sheet on Eagle Village Phase I

 

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
  • Connect 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 will be the inspiration for all new construction.
  • The redevelopment will be completed in phases over the next 3 to 10 years.
  • No student or University (State) funds are being 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 will encompass approximately seven acres of redevelopment at the northern end of the existing center where the Rose’s Department Store formerly stood.. Phase I will include five major elements:

  • A. - Pedestrian Bridge over U.S. 1 connecting UMW to Eagle Village
  • B. - Premium Student Residences to include 624 beds
  • C. - Secured Transportation Center 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.
  • Target date for completion is summer of 2010
  • A very aggressive timeline with alternative scenarios built into the process
  • Planning for Phase II will begin in the near future, but construction would be several years off.

Cost

  • The UMW Foundation expects to spend approximately $115 million on construction costs and land acquisition to develop the first seven acres of Eagle Village (Phase I) alone. 

Benefits to the City of Fredericksburg

  • Although a tax-exempt organization, the UMW Foundation will pay real estate taxes to the City on most of the redevelopment improvements.
  • An older shopping center, with a high vacancy rate, will be transformed into a vibrant new community-centered village with expanded retail and cultural offerings, as well as upgraded storefronts and walkways, and more green space.
  • Will provide additional sales tax revenue for the City from increased retail outlets and sales.
  • New student housing will reduce 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 could play 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 will preserve the open feel and beauty of the Fredericksburg campus.
  • The additional residence halls will eliminate 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 will elevate and enhance their experience at the University.
  • Upper-class students will have the option to live in premium student housing, and the additional housing will allow 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 501c3 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.