The University has bought a good chunk of Emmett Street over the past few years, by way of the The University of Virginia Foundation, a company set up to purchase property for UVa. (Set up because, if UVa buys land from the City, they don’t have to pay property taxes, which the City hates. So this organization does pay taxes, so the City’s tax base isn’t eroded by UVa’s expansions.) The plan is to turn the street into an entrance way for the University, starting with Scott Stadium and new basketball arena. They’ll also demolish some of the properties between Ivy Road and Massie Road so that they can expand Central Grounds. Their current problem is that they don’t own the Chevron or the Budget Inn, and they’re not sure that they can do anything until the owners of those properties sell. Sarah Marchetti has an extensive story over at The Cav. Daily’s most excellent site.