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City Council Approves New Downtown Development, Rosetta Stone Building Purchase

Excerpt from DNR Article
Panel To Look At Taxi Contract
Council Endorses Plan For New Apartments

Posted 2009-01-28 By Jeff Mellott

In other business, the council approved a resolution endorsing a Charlottesville development company’s plan for a 110,000-square-foot apartment building that includes 22,000 square feet of commercial space.

The council’s endorsement was needed to allow the Virginia Housing Development Authority to participate in funding a project that is not exclusively for housing.

The developer plans to build the four-story structure for subsidized housing on North Mason Street, bounded in part by Gay and Rock streets.

And the council gave final approval for Rosetta Stone’s purchase of the former city police building on Liberty Street. The council sold three parcels totaling 52,313 square feet to Rosetta Stone for $300,000.

In exchange, Rosetta Stone expects to create 100 new jobs paying $50,000 each, and invest at least $500,000 in the property.

The land includes the former police department building at 179 S. Liberty St., with 14,400 square feet of floor space and another 8,500 square feet of paved surface.

The total of $800,000 from the sale and additional promised investment is for a property that is valued at more than $1 million, according to the city real estate office.

The assessed value of the property was $845,200 when the negotiations with Rosetta Stone started last year.

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One thought on “City Council Approves New Downtown Development, Rosetta Stone Building Purchase

  1. FYI, the mixed-use project will be built on most of the block where The Burger House and Planters Bank businesses operated.

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