EXECUTIVE SUMMARY

Riverfront Commons is a hypothetical, far-reaching, ambitious, long-term revitalization project for downtown Waynesboro with several important goals:

• Check the economic viability of such an undertaking
• address flood mitigation issues;
• increase/enhance the downtown business district; and,
• support the City Council vision of downtown as a vibrant civic, commercial and residential community.

The Riverfront Commons redevelopment report, sponsored by Waynesboro Downtown Development, Inc. and the Waynesboro Office of Economic Development, lays out in clear, concise language the steps that needed for such a project. Site development should involve the participation of the City of Waynesboro, the Redevelopment and Housing Authority, Waynesboro Downtown Development Inc, current property owners, and private investors. 

The Riverfront Commons Project looks at redeveloping a 30-acre area parcel within downtown Waynesboro into a residential/commercial district using design elements that allow flexibility; provide safe well lit open space and easy pedestrian flow. The entrance to this district would serve as an enhanced gateway to the City. The district would be developed on land raised above the FEMA designated 100-year flood elevation. The redevelopment district located adjacent to South River allows access to this area and provides additional common space for festivals and events occurring near the River.  A large green horse-shoe shaped area, about 8 feet below grade, will be designed to serve as a pleasant open green space and, when necessary, a temporary retention area.

Buildings within this district would be designed to be easily adaptable to the real estate market. For example, development of 4-story buildings with flexible floor plans allowing residential space on the upper floors and office/retail space on the lower floors, with underground parking to serve both residential/business tenants. Flexible design, with features such as a central atrium, would serve smaller businesses while providing for the combination of units to form larger units as needed. Open loft-style units are proposed in the project design, enabling tenants to custom-design interiors to specific needs.

The financial analysis, prepared for either sale or lease activity during project development, indicates that either approach will produce a reasonable rate of return to private investors.  This analysis addresses pre-tax results; the availability of New Markets Tax Credits in the downtown area will change these rates of returns. Yearly rental rates for both residential and business units compare favorably with those charged in Charlottesville and surrounding, competitive markets.

The development of a district of this scale is a complex and extensive effort. Much of the site development, especially utilities and roadwork, would need to be completed at the beginning of the project. Buildings, supporting systems, and parking could be developed in phases. A project of this scope requires a high level of cooperation and coordination among property owners, the City, and the development team. 

The comprehensive report lays out the goals, opportunities, design plan, market analysis, development process (including phases and costs), and potential risks for the creation of a redevelopment district in Downtown Waynesboro tentatively named Riverfront Commons.

Rev. January, 2005