Biscuit Run—1,200 acres located in Albemarle County just south of Charlottesville’s city limits—was slated to become the largest planned residential development in the county’s history with 3,100 new homes. The state scooped up the idyllic swath of forested land—with the Biscuit Run stream as its centerpiece—for the bargain price of $9.8 million from developer Forest Lodge LLC, who purchased the property for $46.2 million just five years ago. The rough economy stalled home building at Biscuit Run and ultimately influenced the fire sale. The developer, though, will be able to recoup additional losses on the investment property from Virginia Land Preservation Tax Credits that reward owners who permanently protect land.
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