Hyatt Place at Eagle Village Project Awarded

The City of Fredericksburg and the University of Mary Washington Foundation received a Community Economic Development Award from the Virginia Economic Development Association for the Hyatt Place-Fredericksburg Hotel at Eagle Village creative financing partnership.

Fredericksburg’s City Council approved a $310,000 Tourism Zone performance grant for the hotel in 2011, UMW said in a press release. The city and the UMW Foundation worked with the Virginia Tourism Corporation (VTC) to secure a $310,000 state matching grant through the Virginia Tourism Development Financing Program.

"The city and state grants, funded by sales tax revenues generated by the hotel, allowed the foundation to close the final gap in financing the $15 million project," the press release said.

“We are pleased that the UMW Foundation and the city were able to use city and state programs to make this valuable project possible,” said Karen Hedelt, director of Economic Development and Tourism. “VEDA’s recognition of the efforts is very much appreciated.”

The hotel is the second phase of Eagle Village, the city’s first mixed-use development adjacent to UMW’s Fredericksburg campus. The five-story, 93-room hotel currently under construction is scheduled to open later this year.

It adjoins the first phase of the Eagle Village project, completed by the UMW Foundation in 2010, which houses premium student apartments, prime retail and office space and a secured parking deck.

Currently the hotel generates 100 construction jobs. When open, it will support 55 new jobs.   Hotel guests will have a short walk across the U.S. 1 pedestrian bridge to the campus and the newly-opened 52,000-square-foot Anderson Center, which hosts athletic events, concerts, commencement ceremonies, convocations and year-round special events.

Related Stories: 

Viewfinder: UMW Sports Move into Anderson Center (Sept. 8, 2011)

Viewfinder: Anderson Center Walkthrough (Sept. 1, 2011)