The Commonwealth of Virginia bought the 1,200-acre parcel known as Biscuit Run for $9.8 million, as of yesterday. The property will be used as parkland. Charlottesville Tomorrow reports on the details of the December 30 transaction.
Hunter Craig and other developers bought the land for a reported $46.5 million in 2005 from the Breeden family.
In a news release, Governor Tim Kaine said, “"When developed as a state park, this extraordinary piece of land will benefit the citizens of Albemarle, Charlottesville and the Commonwealth for recreation, natural resource protection and the preservation of open space in a fast growing area," he said.
"This property is a real jewel and I am very pleased to add it to the long list of properties preserved during my Administration."
The sale, Charlottesville Tomorrow reports, is a “bargain sale,” meaning the developer can apply for tax credits that amount to about 40 percent of the appraised value of the land. At present, Biscuit Run is assessed at close to $44 million, making the tax credits worth as much as $17 million or so.
Biscuit Run, which went through the rezoning approval process in 2007, would have been the largest residential development in county history with 3,100 residential units planned and 150,000 square feet of commercial space.