Real Estate Weekly | 10.16.2024

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Annie Gould Gallery

Trigger averse

Five-unit Venable apartment building to be replaced with nine-dwelling structure

The future of land use in Charlottesville will be determined parcel by parcel as property owners make decisions about whether they will build units that are required to be sold or rented at levels below the market value.

The relatively new owners of 1609 Gordon Ave., an LLC who bought the property in December 2021 for $600,000, have decided not to pursue affordability when replacing a two-story 1963 apartment building with a three-story structure with nine units.

That is one unit less than would trigger the city’s mandate that 10 percent of units in non-residential neighborhoods comply with affordability requirements. This is known as inclusionary zoning.

“Rents for affordable homes are set relative to the Area Median Income (AMI), the household income for the median household in a region,” reads a portion of the Affordable Housing Plan adopted by Charlottesville City Council in March 2021.

The maximum monthly rents are established in the city’s affordable dwelling unit manual and must be reserved for households with incomes below 60 percent of AMI. At that level, the current monthly caps are $1,416 for a two-bedroom, $1,582 for a three-bedroom, and $1,732 for a fourbedroom. Developers must submit a form showing how they will comply with the rules, but the Gordon Avenue project is exempt and does not have to provide any information about projected rents.

Located in the Venable neighborhood, 1609 Gordon Ave. has the RX-5 designation

that allows for as much density as can fit within a seven-story structure, as long as 10 percent of units are affordable or the developer contributes to a city fund. The new rules increased these amounts substantially to $368,303 for a two-bedroom unit and $547,339 for a three-bedroom unit.

The new zoning eliminates the role City Council plays in such developments, but the Board of Architectural Review still has to sign off on the design. It had an initial review on Tuesday, October 15, a discussion that had nothing to do with affordability but everything to do with how the new structure will fit in with the surrounding architectural design control district.

That district has been changing with certificates of appropriateness, having recently been approved for a new four-story apartment building at 1532 Virginia Ave., a three-story sorority house at 503 Rugby Rd., and a three-story apartment building at 605 Preston Ave.

But one remaining question is whether anyone will take advantage of the higher densities allowed and submit to the inclusionary zoning. Charlottesville’s Housing Advisory Committee will discuss potential proposals on Wednesday, October 16. These include measures to provide tax rebates to subsidize the cost to the developer.

Meanwhile, the Charlottesville Redevelopment and Housing Authority continues to proceed with a plan to purchase more units across the city and use federal housing vouchers to subsidize their cost. In September, the CRHA Board agreed to spend $2.8 million to purchase three more properties, comprising more than a dozen units, around the city.

The proposed apartment building at 1609 Gordon Ave. will include nine units.

E HIGH STREET

Charming Boutique Building in coveted downtown location. Unique, light-filled condo located just one block off Court Square. Opportunity to have an office and/or residence in this immaculate property. Bright, large rooms with a tremendous amount of flexibility of how to use the space. Front and rear entrances with cute deck in the back. $615,000

LOCUST AVENUE

Charming 1929, classic brick home located in north downtown. Tastefully renovated and updated without losing the original character. 9’ ceilings, built-in bookcases, beautiful woodwork, trim and crown Professionally landscaped yard with mature plantings offers room for relaxation, play, and entertaining. Private, off-street parking. Walkable community with wide streets and sidewalks. Quick access to major roadways, UVa and Downtown. Recent upgrades include: new roof 2022, replacement windows, renovated bathrooms, exterior painted 2022, and new Plantation shutters $900,000

STONEY CREEK DRIVE

Fabulous home in Mill Creek South. Set on an elevated lot with fenced backyard and a side deck that overlooks the woods. Unique floor plan includes a first floor primary suite with a walk-in closet; a half bath and a full laundry room. The living room features a masonry gas fireplace. The bright kitchen opens to both the living room and dining room. 3 nice sized bedrooms on the second floor and another full bath. Property includes a large storage shed and a semi-circle driveway. $519,900

EDGEMONT

Nestled in the foothills of the Blue Ridge Mountains, 15 miles south of Charlottesville, is this rare 572-acre historic estate whose design is reputed to be the only remaining private residence attributed to Thomas Jefferson. $15,000,000 Court Nexsen, 646.660.0700 www.HistoricEdgemont.com

MEADOW FARM

436+ acre parcel of land in Southern Albemarle! 4 division rights; complete privacy; lush, gently rolling terrain; long road frontage; stream; 3-acre lake; 125-135 acres of open land; mature hardwood forests. Under conservation easement. MLS#651411

$2,985,000 Charlotte Dammann, 434.981.1250

THE HOLSINGER

Exceptional 2-bedroom, 2.5-bath condo, located just steps from the historic Downtown Mall. Luxurious living spaces, spacious floor plan, fully loaded kitchen, hardwood floors, a private balcony, and secure parking. Enjoy vibrant downtown living! MLS#656160 $1,200,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

NEWLISTING

UNIVERSITY NEIGHBORHOOD

Cabell Ave was solidly constructed in 1956 as an over/under duplex. The 5-BR home (3 up, 2 down) is leased until June for $4,390 a month to UVA students. There is a closeable stairway between the units offering max flexibility as a sing le family residence, a house with lower apartment or a duplex. MLS#657404 $840,000 Tim Michel, 434.960.1124

BENTIVAR MANOR

Exquisite brick home on 88 acres less than 5 miles from city limits. Residence is in excellent condition, 7-BR & 11,000+ sf. Property is a mix of pastures & woods with long frontage on the Rivanna River, & miles of trails. MLS#652353 $4,875,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

HIGH FIELDS

Scenic 42-acre farm 10 miles from Charlottesville. Features pastures, woodlands, serene creek, antique farmhouse, updated kitchen, 3-BA, 4-BR, and panoramic Blue Ridge Mountain vistas, and substantial barn. MLS#651245 $1,695,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

FRAYS MILL

Wooded 81.395-acre preservation tract near Frays Mill Subdivision in Albemarle Co., 6 mi from Charlottesville Airport, shops, restaurants. Ideal for recreation, agriculture, and private home with mountain views. MLS#651664 $995,000 Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

KESWICK ESTATE

Nestled near Keswick Hall lies Keswick Estate, a gated community offering a 2.10± acre building site blending country life with resort living in Virginia’s Blue Ridge Mountains. Build your dream home minutes from amenities like golf, dining, tennis, and more. MLS#650785 $470,000 Court Nexsen, 646.660.0700

FIELDS OF BOAZ

A country French estate on 24 acres 6 miles from the University of Virginia. Timeless charm and modern luxury with soaring ceilings, spacious primary suite, home office, wine cellar, guest quarters, and private pond. MLS#652608 $3,995,000 Court Nexsen, 646.660.0700

HISTORIC STAUNTON

Meticulously renovated National Historic Register home, blending modern amenities with remarkable charm. 5-bedrooms with hardwood floors, stained glass windows, and trim. Quartz kitchen, magnificent primary suite, terrace apartment. MLS#653080 $1,295,000 Court Nexsen, 646.660.0700

NEWLISTING

EAST HIGH STREET

A highly visible location on a main City Entrance Corridor combined with the new Charlottesville Zoning Ordinance make 1114 East High Street an interesting property and future opportunity. The site property includes a parking lot with 12 spaces. MLS#657521 $950,000 Tim Michel, 434.960.1124 or Charlotte Dammann, 434.981.1250

UNDERCONTRACT

SCARBOROUGH PLACE

Private, end unit townhome with easy access to the University of Virginia and Interstate 64. HOA covers: exterior paint, roof, grass cutting and trash. Neighborhood playground and basketball court. Includes 2 parking spaces. Previously used as a rental. MLS#657430 $325,000 Jeremy Fields, 434.270.1220

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