Colonial Williamsburg Advances $330 Million Bond Plan via City's EDA
Planning Commission set to review plans for CW Arrival Center, traffic study
Williamsburg’s Economic Development Authority (EDA) plans to issue $330 million in revenue bonds to support major capital improvements for the Colonial Williamsburg Foundation, according to recent reporting. Beyond the information released by several financial rating agencies earlier this month, the Williamsburg Independent could not locate any additional information issued by either the EDA or the Foundation regarding the borrowing plan.
Several ratings agencies, including S&P Global and Morningstar report that the Foundation plans to use the proceeds to finance the construction of a new arrivals center, expand visitor parking, restore historic structures and gardens, refinance existing debt, and cover issuance costs.
According to a report by S&P Global on October 2, the revenue bonds are expected to be priced on October 21 and close on November 4. Subsequent reporting by Morningstar, another financial ratings agency, indicates that the debt will be a limited obligation of the EDA, backed solely by payments from the Colonial Williamsburg Foundation under a loan agreement and not by City funds. The City’s obligations regarding the debt should the Foundation be unable to meet obligations are unclear based on available public information.
S&P states that S&P Global Ratings assigned an A+ rating with a stable outlook to the 2025 bonds earlier this month. The agency also reaffirmed its A+ issuer credit rating for the Foundation, citing steady attendance, fundraising progress, and preparations for its 2026 centennial celebration as well as no expectation of major new borrowing in the near term. The agency did identify several risks that could affect the Colonial Williamsburg Foundation’s financial outlook and credit rating. The agency stated that the outlook could turn negative if attendance or hospitality revenue drops significantly, if the Foundation runs ongoing operating deficits that reduce its reserves, or if it takes on substantial new debt without a corresponding increase in available resources.
The Colonial Williamsburg Foundation, a nonprofit 501(c)(3) organization, manages what it calls the largest U.S. history museum, covering 301 acres with 89 original 18th-century buildings, more than 500 reconstructed structures, and two art museums.
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CW arrival center plan moving forward
The Colonial Williamsburg Foundation (CWF) is advancing its plans for a new visitor arrival center and parking facility at 427 Franklin Street, with staff recommending approval of the necessary special use permits. The proposal is part of the broader process that is expected to culminate in final approval by the City Council later this year.
The project would replace existing Colonial Williamsburg support facilities on the site with a 3,428-square-foot arrival center and 443 parking spaces, designed to streamline visitor access to the historic downtown area, including Duke of Gloucester Street and Merchant’s Square. The existing Visitor’s Center near the Woodlands Hotel is expected to remain open as well.
A recent staff report concluded the project meets all six criteria required for special use permits under the City’s zoning ordinance. They found the development compatible with the Comprehensive Plan and the Museum Support (MS) zoning district, aligns with the character of surrounding properties, and preserves historic and ecological features, including the adjacent Mt. Ararat Baptist Church and mature trees along Lafayette Street.
Earlier this year, the City’s Architectural Review Board approved the demolition of existing structures and the new arrival center’s final design. The layout includes semicircular drop-off access, pedestrian pathways, and landscaping designed to integrate with the surrounding streetscape.
Traffic Study
The Traffic Impact Analysis (TIA) for the proposed Colonial Williamsburg Foundation (CWF) Arrival Center, prepared by the Timmons Group, evaluates the potential effects of the development on Williamsburg’s road network. The arrival center will have primary access from Lafayette Street, N Botetourt Street, and Franklin Street, along with a bus loop on N Botetourt Street.
The study focused on five nearby intersections and analyzed traffic under three scenarios: 2025 Existing Conditions, 2028 Background Conditions (without the Arrival Center), and 2028 Future Conditions (with the Arrival Center).
According to Timmons Group, traffic data were collected on weekdays during the summer, including vehicle, pedestrian, and heavy vehicle movements. A 1% annual traffic growth rate was applied to account for general development, and traffic from the approved Williamsburg Sports and Event Center was incorporated into the 2028 scenarios. The traffic study states that the proposed arrival center is expected to generate 872 daily trips, including 109 during the AM peak and 56 during the PM peak, plus approximately 140 daily bus trips.
Level of Service (LOS) analyses indicated that all intersections currently conform to acceptable standards. No physical improvements are recommended due to constraints such as mature trees, pedestrian crossings, and the Colonial Parkway bridge, as well as the goal of maintaining a compact, low-speed travel environment.
A five-year crash analysis documented 57 crashes, primarily property damage, with no pedestrian or bicyclist incidents. For pedestrians, recommended improvements include a short sidewalk section and high-visibility crosswalks with warning signs at N England Street and Waller Street/Capitol Landing Road. Bicycle safety enhancements along Lafayette Street are also suggested, including helmeted bike symbols and bike lane signs, although widening the existing lane gap between N England Street and N Botetourt Street is not feasible due to bridge constraints.
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