The UMW Foundation is one of the largest owner/operators of commercial retail properties in the Fredericksburg region. The Foundation’s flagship retail development is called Eagle Village, which is conveniently located within the city along US Route 1. The Foundation also owns the Pizza Hut property on the opposite side of Route 1. Together, these two complexes provide 170,000 sf of retail space for the surrounding community and the University.
Eagle Village - In 2007, the UMW Foundation purchased a failing 1960’s-era strip mall called Park-N-Shop. In 2009 and 2010 the Foundation purchased two adjacent parcels, the Twi-Lite Motel and the Rodger Dodger Shopping Center respectively. Today, the three parcels are known as Eagle Village, which is a 23-acre mixed-use development of commercial retail and office space, apartment housing, and a Hyatt Place hotel. The complex features over 40 stores and restaurants within 160,000 sf of both newly developed and rehabilitated retail space.
Pizza Hut Center - In 2010, the UMW Foundation purchased the Pizza Hut
complex located across Route 1 from Eagle Village and adjacent to the
UMW campus. The restaurant underwent a complete re-build in 2015-16
and is operated by a franchisee in Kansas City, Missouri. The Foundation
leases most of the property to the University, which utilizes it for
faculty/student surface parking.
The UMW Foundation owns two office buildings adjacent to the UMW campus. They include a small 5,000 sf office building on William Street, which the Foundation purchased in 2008, and the Executive Offices at Eagle Village, a class-A office building that the Foundation designed, built, and opened to tenants in 2010. The Executive Offices building offers over 32,000 sf of leased space for both local corporations and businesses as well as university-related offices.
At any given time, the UMW Foundation normally owns a small portfolio of single family homes both inside and outside of Fredericksburg, with some of the properties located out-of-state. Properties near any of UMW’s three campuses are often purchased for future land needs or for temporary office or faculty/staff housing. Properties held by the Foundation outside of the region are often gifted properties that are to be sold with the proceeds designated by the donor for a special project or purpose.
Parking Portfolio-Garage and Surface
The UMW Foundation owns over 1,400 parking spaces, which are used by commercial retail and office customers and employees. Included in the portfolio are the first two floors of a 192,000 sf, 540-space, five-story parking deck in Eagle Village. The garage, which the Foundation co-owns with UMW, provides approximately 400 secured spaces to residents of Eagle Landing and the balance to tenants of the Executive Offices at Eagle Village.
Land Bank Portfolio-Farms, Waterfront & Woodlands
In addition to all of its real estate holdings within the City of Fredericksburg, the UMW Foundation also owns nearly 600 acres of undeveloped land in nearby Stafford County, Virginia. These parcels include a waterfront farm along the Rappahannock River, a bird sanctuary, and approximately 500 acres of land strategically located adjacent to UMW’s Stafford Campus along the fast-growing US Route 17 corridor. The Foundation conducts farming and timber operations on these properties, which are all open to UMW students and faculty for recreation and academic study.
Development Portfolio-Construction Projects
When requested by the University, The UMW Foundation will occasionally serve as the project manager and financier for special construction projects. One of these projects was the 110,000 sf University Center on the UMW campus. This $58 million project was completed on time and was opened to students in the fall of 2015.
Sales and Acquisitions Portfolio
The UMW Foundation is the depository and steward for gifts of real estate that are donated to the University. Typically, it is more advantageous for a donor to deed gifts of real property to the UMW Foundation and rely upon the Foundation to market the property and finalize the sale. The Foundation then ensures that the proceeds from the sale are utilized for the donor’s designated purpose, such as a scholarship endowment, special campus project, etc. The Foundation engages qualified real estate brokers and professionals to care for the property while the parcel is marketed for sale.
The UMW Foundation owns several academic facilities used by the University. They include the 9,000 sf Writing and Debate Center located at 1201 William Street and the 35-acre Eagle Lake Outpost in Stafford County. The Eagle Lake Outpost includes a small lake with a dock for fishing and boating, and also boasts four dry cabins for academic use and overnight accommodations. This property is part of the larger 215-acre Stafford West tract, which is attractive for camping, hiking and various academic pursuits.