The University may feel like a small, quaint place, but it's not so small in its property holdings. The University of Virginia Foundation - the independent company set up to aid in the University's mission - owns almost 10,000 acres of land in the Charlottesville area. Less than 1 percent of the land actually is considered on Grounds.
Some of these lands and buildings, including the Cavalier Inn and the Italian Villa, could be developed into the opening pathway of the University, expanding the Grounds along Emmet Street and connecting Central Grounds to University Hall and the new basketball arena.
Most foundation property is Albemarle County farmland, but other large holdings include the Birdwood golf course and the two large research parks at Fontaine and North Fork.
Some of the land will be sold to fund projects, and other parcels will become part of the University's master plan, a guide for future expansion.
Buying Emmet Street
Part of the plan includes developing Emmet Street into another section of Grounds.
For the past several years, the University has been buying property on Emmet Street between Ivy Road and Massie Road through the Foundation.
Eventually the University hopes to demolish or develop these properties and expand what is considered Central Grounds along Emmet Street, University landscape architect Mary Hughes said.
The U.Va. Foundation owns most of the land on Emmet Street that is important to the University's expansion, but one problem remains. Neither the University nor the U.Va. Foundation owns the Chevron station at the corner of University Avenue and Emmet Street. They also don't own the Budget Inn near the railroad bridge on Emmet Street.
"The University has been trying [to acquire the land] but the property owners have not been eager to sell," Hughes said.
UVA FOUNDATION PROPERTIES |
) |
[ CLICK FOR FULL SIZE ] |
Tim Rose, the cheif executive officer of the U.V. Foundation, said he couldn't comment on whether the Foundation was attempting to purchase the property.
The owners of the Chevron station and the Budget Inn could not be reached for comment.
The master plan calls for dormitories and other office buildings to be built along Emmet Street near the Lambeth Field Apartments.
The University also would like to open up Meadow Creek, which runs through underground piping next to Emmet Street to make the area more picturesque, and build a footbridge crossing Emmet Street to give Central Grounds better access to North Grounds, and a gateway to let motorists know they're entering the Grounds.
"We feel the University would be improved by connecting North Grounds to Central Grounds," Hughes said.
She said the goal is to make Emmet street more lively less intimidating at night.
The U.Va. Foundation
Most of these property acquisitions are made by the U.Va. Foundation rather than the University. The foundation is a non-profit company that is not a part of the University. Its purpose is to benefit and cooperate with the University, making properties owned by the foundation essentially controlled by the University.
The profits of the U.Va. Foundation go into the University's endowment or for a specific project on Grounds.
Rose said it is similar to the Alumni Association in the sense that is not a part of the University, but works toward similar goals.
The foundation was created over a decade ago in response to concerns that the University was draining money from the city by buying up so much land. Because the University is a state agency, it does not have to pay property taxes. The foundation was set up so the city still would profit from University land holdings. This appeased the city interests, but also helped out the University.
The U.Va. Foundation can purchase properties much faster than the University can. If the University wanted to purchase property, it would have to go through time consuming regulatory processes set up by the state that could take months. Rose said in many cases, speed is key to obtaining the land University officials want.
Rose said the U.Va. Foundation obtains money to buy property from bank loans and the University's endowment. If a profitable business is purchased such as the Cavalier Inn, the foundation usually just borrows money to avoid tying up endowment funds. Non-commercial properties are paid for with money from the endowment.
The foundation also makes it easier for donors to give gifts to the University. Again, state processes tend to slow down private interests, but the foundation can receive tax-deductible donations much more quickly.
Rose said many people do not have the money to donate large sums to the University but do have a piece of property that they don't use, so they just give that instead. He said the U.Va. Foundation even owns a piece of jungle land in St. Croix.
Unfortunately, there won't be a free resort for students or faculty anytime soon. Like many donated properties, the land was earmarked to sell, and the proceeds will support the arts at the University.
The U.Va. Foundation also benefits the Charlottesville community because it must follow all zoning laws when building. The University would not have to follow these local laws because it is owned by the state. Rose said that if the University owned all the property that the foundation owns the city would suffer because it would not recieve property taxes from the University, yet have to provide the property with services like fire protection.
In many ways, the University must act like an investment firm, buying and selling land when the time is right. To complete their ambitious master plan, the University and the Foundation will have to wait until the owners of the Chevron Station and the Budget Inn are ready to sell. Until then, the community may still enjoy the late night pancakes at the Italian Villa and the free parking at the Cavalier Inn.
Read More
Honor Committee, Class Councils offer resources for students during exam season
By Lidia Zur Muhlen and Brandon Kile | 2 days agoEvery semester, the Honor Committee utilizes a portion of its roughly $5 million endowment to fund its finals season initiatives.
University sees increase in fraudulent emails and phishing attempts
By Bertie Azqueta | 4 days agoSome of these phishing attempts come from @virginia.edu email addresses, making it more challenging for University Outlook users to differentiate fraudulent emails.
Faculty Senate discusses proposal to separate faculty position renewal from promotion
By Lexie Stadler | 5 days agoAGF are non-tenure-track professors who hold roles primarily focused on teaching, research, academic librarianship and clinical service.
