Development Opportunities in Downtown

Downtown Roanoke is a dynamic urban center in the midst of a significant renaissance.  Search for investment opportunities by contacting one of our local commercial real estate partners or get involved in one of the signature opportunities below:

Development Sites

197 Bullitt

 .331 acre site, zoned D-Downtown District.   Owned by the Redevelopment & Housing Authority of the City of Roanoke.  Click here for more information. 

502 Williamson

 .583 acre site, zoned D-Downtown District.  Owned by the Redevelopment & Housing Authority of the City of Roanoke.  Click here for more information. 

Fifth Avenue at Luck Avenue

 1.322 acre site, zoned D-Downtown District.  Owned by the City of Roanoke, price negotiable. Click here for more information. 

Williamson Road at Franklin Road

 .775 acre site, zoned D-Downtown District.  Owned by the City of Roanoke, price negotiable.  Click here for more information.
 

Redevelopment Opportunities 

Boxley Building

39,641 S. F. building, zoned D-Downtown District.  Potential residential or mixed-use redevelopment, contact broker for price.  Click here for more information.

Heironimus Building

90,000 S.F. building, zoned D-Downtown District. Conceptual plans for office/retail redevelompent including 141 space parking structure, $5.5 million.  Click here for more information.  

Krasnow Building

9,942 S.F. building, zoned D-Downtown District.  Potential residential conversion or office update, $679,000.  Click here for more information. 

Investment Properties for Sale

Warehouse Row Corporate Office Building

19,957 S. F. building, zoned D-Downtown District.  Newly renovated with high tech connectivity/CAT 6 cabling/VOiP capability, $2,450,000.  Click here for more information. 

Region’s Prime Commercial and Financial Center Poised for Hotel Development

Overview:

Downtown Roanoke, Virginia is the commercial center of the Roanoke Metropolitan Statistical Area (population: approximately 300,000) and of a larger region consisting of much of southwestern and central Virginia. Given the tremendous success of the Hotel Roanoke, Downtown Roanoke represents a tremendous opportunity for a new lodging establishment. 

  • Downtown Roanoke remains the employment and commercial center for the region with over 14,000 employees working in the city center.
  • Home to the region’s largest employers, conference center, two performance halls, and exhibit hall.
  • Available sites are visible from Interstate 581, which accommodates more than 79,000 vehicles daily.
  • The Roanoke Civic Center, the region’s premier sports and entertainment venue with seating for over 10,000, is located within walking distance of downtown.
  • Downtown tourist attractions include the Taubman Museum of Art, Virginia Museum of Transportation, Science Museum of Western Virginia, O. Winston Link Museum, and shopping and dining opportunities.

Room Occupancy:

Room occupancy rates among the five largest business class hotels in Roanoke are up 8.9 percent from last year at 60 percent for 2010, according to Smith Travel Research. The average revenue per available room (RevPAR) among these five hotels is $63.30 per day in 2010, which is higher than national and state averages and most metropolitan markets in Virginia including Richmond and Norfolk-Virginia Beach.    

For more information on the opportunity for hotel development in Downtown Roanoke, including available development assistance and traffic counts, please click here.

For additional information, please contact:
Mr. Sean Luther, President & CEO
213 Market Street
Roanoke, VA 24011
Phone: 540-342-2028
Email: seanl@downtownroanoke.org