West 2nd is a planned nine-story mixed-use built that will be constructed on the Water Street parking lot currently owned by the City of Charlottesville. Formerly known as Market Plaza, the project is being developed by Keith Woodard.  
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The project was one of four proposals submitted to the City of Charlottesville after City Council asked for private solutions for both a permanent home for the City Market and a redevelopment project to add to downtown building stock. The original proposal for what was then known as Market Plaza was to have featured 68 residential units, 55,000 square feet of office space and 10,000 square feet of retail space. The original design was created by the firm of architect Gregory Powe.
The city market was to have operated in an open-air plaza for as many as two days a week in the south-west quadrant. The plaza was also to have been rented by the city for those days and will be managed by the developer for the rest. The developer can hold its own events in the space, but for no more than half of the year. 
The project had 23 out of 68 units reserved As of October 23, 2016 and need half in order to receive financing according to a statement made by NDS Director Alexander Ikefuna at the October 20, 2016 PACC-Tech meeting.
The city of Charlottesville worked with the developers on a $2 million plus project to remove overhead lines and place them underground.
The project required extensive review with the city. By January 2017 the project had gone through five site plan reviews. 
In 2017, Woodard cited increased construction costs as a reason to amend the special use permit. He sought to increase the number of residential units to at least 97 units. The firm R2L:Architects was hired to replace Powe. 
- Web. Council clears way for Market Plaza development downtown, Sean Tubbs, Charlottesville Tomorrow, December 2, 2014, retrieved December 8, 2014.
- Web. Proposed Water Street building gets new name, Sean Tubbs, News Article, Charlottesville Tomorrow, September 8, 2016, retrieved January 11, 2017.
- Web. Council agrees to Market Plaza changes; hears first reading on public land sale, Charlottesville Tomorrow, October 6, 2015, retrieved October 12, 2015.
- Web. Street trees, accessory structures and synagogue terrace all reviewed, Sean Tubbs, News Article, Charlottesville Tomorrow, January 18, 2017, retrieved December 25, 2017.
- Web. Charlottesville commission recommends higher density at Water Street site, Sean Tubbs, News Article, Charlottesville Tomorrow, December 12, 2017, retrieved December 25, 2017.