Thanks to a recent donation, the University of Virginia Foundation can add the former headquarters of a local energy company to its growing list of local real estate. The building, donated by Amvest Corporation, sits near the Boar's Head Inn, another Foundation property, and is valued at over $5 million.
The Foundation owns and operates a number of real estate holdings for the University, including the Birdwood Golf Course and the Cavalier Inn.
Amvest Corporation, which was sold recently for around $575 million, was founded and owned by the late Carl W. Smith, a University alumnus and former member of the Board of Visitors.
The headquarters was excluded from the sale and instead donated to the University in what is the latest in a series of contributions made by the Smith family.
According to Randy Huffman, chief financial officer of Amvest Corporation, the buyers had no need for the headquarters.
"What it came down to was where [the Smith family] would like it to go," Huffman said. "They could have kept it for investment or donated it. That [donating] is what they decided to do because the U.Va. Foundation, and U.Va. in general, will treat it as well as Amvest did."
University spokesperson Carol Wood echoed Huffman's sentiment, adding that "this building is the core of their business ... [Mrs. Smith] thought it would be a good fit with the University."
This addition serves as a reminder of Carl Smith and the generosity of the Smith family, according to Tim Rose, chief executive officer of the Foundation.
Officials at the Foundation are currently "trying to get their arms around the property and see how the building breathes and works," Rose said. As of now there are no long-term changes or plans for the building, though the Foundation is excited to have received it, he added.
"It's what I call a signature headquarters building," said Rose. "It is absolutely beautiful. Carl Smith clearly had an eye for elegance and good taste."
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