Third building planned on former FLS property
Fredericksburg City Council on Tuesday night approved an agreement that will lead to the third and final building getting constructed on the former Free Lance-Star property in downtown Fredericksburg.
The Vakos Companies, which is developing the William Square project on the former FLS property, plans to build a 36,000-square-foot, three-level building on the site at the corner of William and Douglas streets. Plans call for retail, restaurant and a financial institution on the ground level; offices on the second floor; and an event space on the third floor. There will also be a rooftop venue that extends the event space.
The event venue will complement the new hotel that is being built at the intersection of Washington Avenue and William Street and that is slated to open sometime late next year. It is expected to help drive groups, meetings, conventions and more to the hotel.
The agreement will allow the developer to receive 42 percent of the tax revenue from the building, which is being called William House, for 10 years (with a cap of $3 million). In addition to the new tax revenue produced at William House, the City will get tourism display space, the right to book events and hotel rooms, and the re-opening of the Barton Street surface lot for paid public parking for five years once the building has been completed. Click here for more details on the agreement.
We can’t wait to see this project come to fruition!