July 16, 2014
With a bid of $13.8 million, Charlottesville businessman Mark Brown will soon add the Charlottesville Parking Center, Inc to his growing list of companies.
Brown, who also owns Main Street Arena and Yellow Cab Charlottesville, declined to comment on the pending transaction Wednesday, but CPC President Jim Berry says he is "delighted for shareholders", calling it a good offer.
Once the sale is finalized, Brown will take control of prime real estate in downtown Charlottesville, including the land under the Water Street Parking Garage and the paved lot on Water and Second Streets. Brown has not shared his plans for future development, put the paved lot sitting adjacent to the City Market is of particular interest to city leaders.
"It opens up other possibilities," said City Councilor Bob Fenwick. Councilors recently selected a redevelopment plan for the City Market, with developer Keith Woodard spearheading the project. Fenwick says he hopes to collaborate with Brown on expanding design plans for the market.
"We can develop both lots and instead of having two entirely different developments we can mesh them, so it's an exciting prospect."
The greatest concern for local business owners is what impact the sale of CPC could have on parking near the Downtown Mall. The City owns about seventy percent of the 1,000 parking spaces in the Water Street Garage. Chris Engel, the director of economic development for the City, says he does not anticipate the sale of CPC to change the parking situation.
A shareholders vote scheduled for Wednesday has been postponed until August 4.
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