The University of Mary Washington Foundation announced today that it has purchased the Twi-Lite Motel, located in the former Park & Shop center, as part of the institution’s Eagle Village development project.
“As we move forward with the transformation of the Park & Shop retail center to the new Eagle Village, the UMW Foundation is pleased to announce this latest acquisition. Purchasing the Twi-Lite Motel will assist in our efforts to revitalize the Route 1 corridor and provide an exciting setting for our students and members of the Fredericksburg community to shop, work and live,” said Jeff Rountree, CEO of the UMW Foundation.
The property located at 1209 Snowden Street was purchased for an undisclosed figure from owners Jyotibhai M. Patel and Prafulla Balvant Patel. Because it was purchased by the private UMW Foundation, no state funds were used in the acquisition.
According to Rountree, the Foundation currently is weighing its immediate options for what to do with the old building, which eventually will be torn down. Currently, there are no occupants in the motel. The UMW Foundation worked with the Patel family and another facility in the city to successfully relocate the handful of individuals who were residing in the motel.
Last October, the UMW Foundation announced its plans for phase one of the development project, which includes apartment-style student residences, a secured transportation center, a pedestrian bridge spanning U.S. 1, and new retail, restaurant and “Class-A” office space on seven acres at the northern end of the shopping center. At a cost exceeding $100 million, phase one is expected to begin in March 2009 with an estimated completion date of summer 2010.
Eagle Village is owned and managed by the University of Mary Washington Foundation, a private 501c3 organization with a mission to accept, manage and administer assets for the benefit of the University of Mary Washington. As such, no student fees or state funds are being used in the purchase or development of the property. Learn more about the project at www.umw.edu/foundation/eaglevillage.
The UMW Foundation has a $45 million-plus portfolio of real estate holdings. Assets include the UMW Apartments on William Street, residential housing, office space and hundreds of acres of undeveloped land in the region. The Foundation’s endowment also supports the university by funding scholarships, professorships, student programming, academic programming and other special projects.