West 2nd is a planned nine-story mixed-use built that will be built on the Water Street parking lot owned by the City of Charlottesville. Formerly known as Market Plaza, the project is being developed by Gregory Powe and Keith Woodard. 
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The project was one of four proposals submitted to the City of Charlottesville after City Council asked for private solutions for both a permanent home for the City Market and a redevelopment project to add to downtown building stock. Market Plaza will feature 68 residential units, 55,000 square feet of office space and 10,000 square feet of retail space.
The city market will operate in an open-air plaza for as many as two days a week in the south-west quadrant. The plaza will be rented by the city for those days and will be managed by the developer for the rest. The developer can hold its own events in the space, but for no more than half of the year. 
The city of Charlottesville is working with the Plaza developers on a $2 million plus project to remove overhead lines and place them underground. Borings are underway for the Market Plaza project, but the overall utility plan hasn't yet been approved. They're hoping that utility relocation can be completed in order to get the overall construction project underway by April 2016. 
The project had 23 out of 68 units reserved As of October 23, 2016 and need half in order to receive financing according to a statement made by NDS Director Alexander Ikefuna at the October 20, 2016 PACC-Tech meeting.
- Web. Council clears way for Market Plaza development downtown, Sean Tubbs, Charlottesville Tomorrow, December 2, 2014, retrieved December 8, 2014.
- Web. Council agrees to Market Plaza changes; hears first reading on public land sale, Charlottesville Tomorrow, October 6, 2015, retrieved October 12, 2015.