March 2022 property transactions in Charlottesville: Hot market for parcels designated as "Middle Intensity" in Future Land Use Plan
The 15th anecdotal look at the Charlottesville Property Market by a longtime land use reporter
To begin, the answer to the question in the last line of this installment is Medium Intensity Residential.
Nearly five months have passed since the Charlottesville City Council adopted a new Future Land Use Map that grants additional residential density for every single lot in Charlottesville. The table has been set for a more dense Charlottesville, and the property market appear to reflects enthusiastic support of changes that for land designated Middle Intensity Residential.
In this 15th installment of my parcel by parcel review of property transactions in Charlottesville, note that properties with the Medium Intensity Residential designation are selling well over the 2022 assessment. That land use category is intended to “increase opportunities for housing development, including affordable housing, along neighborhood corridors, near community amenities, employment centers, and in neighborhoods that are traditionally less affordable.”
Still, it remains unknown how this land use designation will translate into more units as the Cville Plans Together initiative is only two thirds complete after adoption of an Affordable Housing Plan on March 1, 2021 and the Comprehensive Plan on November 15, 2021. Next up, the zoning rewrite.
Sometime this month, the city’s Neighborhood Development Services Department and Rhodeside & Harwell are expected to produce a “diagnostic report” to determine what zoning changes are needed to bring about the additional density.as well as an “approach report” that will lay out what those changes will be.
While that organizational work proceeds, actual reality continues to happen, transaction by transaction. In addition to many that continue to be well over assessment, Council continues to support additional residential density above the limits of the new Comprehensive Plan.
On April 4 they voted 4-1 to approve a rezoning and special use permit for 28 units on 0.62 acres at the end of Valley Road Extended. By right, the developer could have had between six and units.
The Comprehensive Plan designation? General Residential which simply states “allow for additional housing choice within existing residential neighborhoods throughout the city.” Eight of these units will be held below-market for a period of ten years, far short of the 20 recommended by the consultant HR&A.
Does that one transaction portend the future? I don’t know. I just know I make my living paying attention to this. Every month, this is a premium for paid Substack subscribers who get a first look before it’s posted to Information Charlottesville along with the other 14 installments. Go read those!
I intend no analysis, but produce this work to generate questions to guide my work.
Just the facts, fellow person. Please ask questions in the comments or drop me a line.