Thursday, May 3, 2012

Developers Following the Demand in Downtown Roanoke

Shenandoah Building
A colleague asked me a little while ago if I thought developers were expanding living spaces in downtown Roanoke at too rapid a pace in light of the plans to turn the old Shenandoah Building in the center of Roanoke into apartments, ranging up to two bedrooms.

This is a plan from Bill Chapman, who has spent $11 million on two projects in depressed areas downtown and seen both sell out quickly. The Shenandoah Building is in a much better area and is, frankly, a much prettier building than either Chapman has renovated. He is a guy with a track record of success both here and in Richmond, where he lives.

Fact is that all of the apartments that have come up for rent in the past two or three years in downtown Roanoke are gone and building more is a natural response of the market. The developers are not building because they're awash in extra money. They see a distinct demand--a heavy one--and they're also seeing other businesses expand to accommodate the new residents. It's a good trend and it's developing--so to speak--properly.


1 comment:

  1. I'm curious about where the demand is coming from and why now as opposed to years in the past. I'm aware of the national trend which is partly due to gas costs. Regardless, I think it is a win win for Roanoke.