Albemarle County approves deal for Albemarle Business Campus
The Albemarle County Board of Supervisors has authorized the execution of a development agreement to form a public-private partnership with 5th Street Forest for the Albemarle Business Campus, a mixed-use proposal at the corner of 5th St. Extended and Old Lynchburg Road.
Per the agreement, the developer agrees to obtain approval for a building that reserves 25,000 SF of Class A office space for primary business and the following features:
- Bus stop and bike rack at the corner of Old Lynchburg Road and 5th Street Extended
- Enhanced connectivity, including a raised pedestrian walkway across the main road
- Space reserved in the development for primary businesses
- Designated spot for dynamic transportation
- Dog park
“This project provides desirable, Class A office space in an accessible location in the development area. Such office space supports the growth of local businesses offering competitive wages – providing quality jobs that diversify our tax base,” said Board of Supervisors Vice-Chair Donna Price.
“The Old Lynchburg Road corridor will benefit from the amenities that this project brings to the area – a covered transit shelter, bike racks, hailed transport stop, and a dog park,” said Board of Supervisors member Liz Palmer.
The county will support this project with synthetic tax increment financing (TIF) rebates of 100% of real estate tax, until $100,000 is paid back to the developer.
“Our vision for Albemarle Business Campus, together with our partnership with Economic Development, is to create a unique space for business, residence and commercial activity in a designated Opportunity Zone. Our agreement with Albemarle County enables us to design and build uniquely attractive amenities, such as ample greenways, a dog park, pedestrian and bike-friendly travel ways, and an attractive shovel-ready office building. Together these features will be jointly marketed to future businesses and attract desirable tenants to the space,” said Kyle Redinger of 5th Street Forest.
“Albemarle County’s Economic Development Strategic Plan, Project ENABLE, contains goals to support existing businesses and to seek private investment to further the public good. This public-private partnership helps achieve both these goals by creating attractive Class A Office Space for these businesses in an Opportunity Zone,” said Roger Johnson, Economic Development Director.