The zoning for Water Street allows for tall buildings and many developers have taken advantage of this.
550 East Water Street
An extension of approximately a third of a mile opened in early 2016.  The road was paid for by a partnership that developed the City Walk apartment complex. The City of Charlottesville contributed $365,000 to pay for street trees, bike lanes, and sidewalks. 
In the spring of 2011, the street received shared lane markings, or "sharrows" indicating bicycles are are using a shared lane with motor vehicles. The marking is being done in lieu of adding bike lanes, which would require on-street parking to be removed on at least one side of the street. 
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- Web. Study of Traffic Brings Long List of Suggestions, Staff Reports, Daily Progress Digitized Microfilm, Lindsay family, March 2, 1948, retrieved December 10, 2016 from University of Virginia Library. Print. March 2, 1948 page 1.
- Web. One-Way Traffic on Market, Water Streets is Proposed, Staff Reports, Daily Progress Digitized Microfilm, Lindsay family, March 8, 1948, retrieved December 11, 2016 from University of Virginia Library. Print. March 8, 1948 page 8.
- Web. City Council Reacts Favorably to Traffic Survey Proposals, Staff Reports, Daily Progress Digitized Microfilm, Lindsay family, April 9, 1948, retrieved January 8, 2017 from University of Virginia Library. Print. April 9, 1948 page 6.
- Web. http://www.cvilletomorrow.org/news/article/23271-550-east-water/, Sean Tubbs, News Article, Charlottesville Tomorrow, March 16, 2016, retrieved December 31, 2016.
- Web. Water Street Extended to open by year’s end, Sean Tubbs, Charlottesville Tomorrow, September 28, 2014, retrieved September 29, 2014.
- Web. Charlottesville Plans to Install Sharrows This Spring, NBC 29 News, March 23, 2011, retrieved March 28, 2011.