Liberty Place developer seeks tax breaks from City

(RECAP: The City Council will hold a public hearing April 12 on a local developer’s request for incentives so he can start a mixed-use project in downtown Fredericksburg. Tom Wack, president of Wack General Contractor, questioned City for a 45 percent reduction of Liberty Place’s real estate tax bill for the next 10 years. Plans for the project, designed to look like repurposed brick warehouses, include 44 residential condominiums, office space, restaurant space, retail space and a three-level parking garage. Liberty Place was originally a $36 million project. Since then, another floor of office space has been added and costs for the parking garage have increased, driving the total cost to $46.3 million. No tenants have been publicly announced, but many deals are close, Wack said, and the incentives will help finance and close lease agreements. He hopes to have Liberty Place go-in ready by October 2017.)

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