701 East Market Street

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701 East Market Street is a parcel co-owned by Charlottesville and Albemarle County presently used as a parking lot. It is located on Market Street between 7th & 8th St E. Pursuant to the 2018 city-county agreement to avert courts relocation, Albemarle agreed to sell its 50% share in the parcel to the City at the appraised value for construction of a parking structure. Ninety spaces in the structure, at ground level or as close as available, will be leased to Albemarle for $1 per year plus pro rata operating expenses at a 15 percent discount, for exclusive use of the county during court hours. The proposed structure would span 701 E. Market and an adjoining city-owned lot, presently home to Guadalajara and Lucky 7.

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