Today I’ve been reporting on residential condominiums in downtown Roanoke, and that’s why I'm writing such a late blog post.
But I've been learning some interesting news about downtown's evolving retail and office condo market.
A Roanoke lawyer, Neil Horn, has a contract to purchase office space on the street level of the Campbell Garage Lofts on Campbell Avenue in downtown, according to the building’s owner, George Stanley.
Horn may take the spot beside a condo office for Kennard Creative, a graphic design and advertising business that moved into the 700-square foot location in May. Local owners, Jeff and Hilary Kennard, paid about $95,000 for the space, pictured to the left.
Not too far away, a business has a contract to buy a commercial space on the first level of the Fulton Motor Lofts, a condo project on Salem Avenue. That still leaves a second condo spot up for grabs in the building, said owner Bill Chapman.
Condo office and retail spaces are not entirely new to downtown Roanoke. But mostly they have required businesses to buy an entire building or floor. Lately, however, smaller condo locations have been popping up for sale in downtown.
Businesses purchasing their own space is a signal of the long-term viability of downtown Roanoke, developers have said. But the commercial condo market is more widespread in larger U.S. cities, such as New York, Chicago and Boston. In these cities, everywhere you look there are mixed-use buildings with retail locations on the bottom level and offices or living units in the upper floors.
The downside to businesses owning their own space is there is less flexibility to make a move. The upside, however, is that the owner can build equity and receive a significant return if they end up selling out.
Photo by Roanoke Times photographer Eric Brady.
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