I know, as CVillians, we are concerned about the loss of WillowTree, Inc. to Albemarle County and the disturbing demise of Keith O. Woodard‘s West2nd project, a $50-million mixed used development and the proposed future home of The Charlottesville City Market on Water Street.
However, this is why I’M STILL BULLISH on Charlotesville, Virginia. This is why I am still going to invest more of my money into Charlottesville from a real estate, job creation and entrepreneurial standpoint:
(1). The unemployment rate dropped to 2.7% in July, 2018 across Central Virginia. One year ago, in July, 2017, the unemployment rate was 3.6% in Central Virginia.
(2). Housing supply is at a low, but demand to purchase homes in Central Virginia is still red hot, especially on the Southside of CVille. It’s a seller’s market.
(3). Coran Capshaw continues to CRUSH IT with real estate development. Along with his 5th Street Station development, home to Wegmans, Timberwood Tap House, Alamo Drafthouse Charlottesville, Chimm – Thai & SouthEast Asian Street Food, Extreme Pizza – Charlottesville, Fuzzy’s Taco Shop and much more, Coran is developing an apartment complex in Belmont, a posh $1 million – $1.4 million row house development down Water Street near Beer Run, and a corner commercial development across from high-trafficked Barracks Road Shopping Center. Of course, there are more developments in the mix, including his development across from The Shops at Stonefield. Coran is a pace-setter in CVille. In a lot of ways, Coran Capshaw is the CVille market.
(4). Jaffray Woodriff is developing a world-class technology incubator on The Charlottesville Downtown Mall, a 6-story tech hub called, “Charlottesville Technology Center.” CTC will house Woodriff’s angel stage and Series A investments, including many at the CVille level.
(5). The Eleven:30 Condominiums at East High Street, a mixed use commercial and residential development by Roger L Voisinet’s team, is doing well. This team has sold every unit they have built, an excellent indicator of a prosperous economy.
(6). Vacancy rates along The Downtown Mall and The UVa Corner are basically 0.0% When leases become available, they are scooped-up quickly.
If you liked this article, you might also enjoy Keith O. Woodard Of Woodard Properties Has Canceled His West2nd Water Street Development and WillowTree Is Leaving City Of Charlottesville For Woolen Mills Factory In Albemarle County
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Jerry Miller, CEO & Publisher
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