From Vakos Properties and Liberty Place Partners
Principals of the Vakos Companies and Liberty Place Partners LLC have reached a tentative agreement that is expected to accelerate progress on two important economic development projects in downtown Fredericksburg.
William Square L.L.C., a Vakos Companies affiliate, is under contingent contract to purchase approximately an acre of land from Liberty Place Partners LLC. The land is part of the Liberty Place development in the block bordered by Douglas, Winchester, Amelia and William streets.
Liberty Place Partners will retain approximately 0.42 acres on the William Street side of the property. There, it plans to build an approximately 43,000-square-foot, three-story commercial building with restaurants on the lower level and office tenants on the upper two levels.
Liberty Place Partners has already announced six tenants – Burger Bach, Mellow Mushroom, Union Bank & Trust, Cary Street Partners, Pasta Fresca and Blue Cow Ice Cream – and more are in the works. The new building will be about half the size of the previously proposed one, which will allow Liberty Place Partners to achieve financing and break ground in a few months.
William Square LLC will develop a parking garage on part of the land it is buying from Liberty Place Partners. Liberty Place, under a parking agreement with William Square, will have access to 124 spaces in the garage and has been in discussions with the City of Fredericksburg regarding public use of those spaces. Details of a proposed Letter of Intent between the City and Liberty Place Partners LLC went on Fredericksburgva.gov Thursday afternoon, and Council will consider the LOI at its March 12 meeting.
William Square also owns the adjacent former Free Lance-Star headquarters property as well as the parking lot across William Street. William Square has not yet detailed its plans for the development but will be doing that in the coming months.
“We have long had visionary plans for Liberty Place, and this approach allows us to live much of it,” said Cathy Wack, a member of Liberty Place Partners LLC. “We are pleased with this outcome and delighted to be working with a fellow local business owner.”
“We are happy to be doing business with Tom and Cathy Wack, who are both pillars of our community,” said Vakos Companies CEO Bill Vakos. “We look forward to bringing two complementary developments to the City of Fredericksburg.”
“We see both these projects as dynamic additions to an already exciting and thriving downtown,” said Fredericksburg City Manager Tim Baroody. “We have long urged collaboration in these complementary projects and will achieve just that if this deal comes together. Project synergy, major investment, new jobs, parking and more great food and office space will be excellent additions to our beautiful, historic downtown. We couldn’t be more pleased with this agreement between two first-class local developers.”
