Here is the story in today’s newspaper with some additional details about Valley Bank’s plans for Ivy Market:
Two buildings north of the Ivy Market development in Roanoke are scheduled for demolition and another already has been torn down as the property’s owner, Valley Bank, prepares the land for a potential developer.
While no deal has been struck, the bank is in talks with several developers, one of which would bring an unnamed tenant to the former Ukrop’s supermarket building, Valley Bank President and CEO Ellis Gutshall said.
“If this one comes, it will be huge,” he said.
Ivy Market was meant to be built in two phases, but the recession, the 2009 closure of Ukrop’s and the foreclosure of the property stalled the project.
The first phase included the Ukrop’s building on Franklin Road and the Walgreens at the corner of Wonju Street. The second phase was to be built on about 4 acres north of the development, where the buildings are being demolished.
Valley Bank bought Ivy Market and the adjoining 4 acres after the development went into foreclosure. Last month, the bank purchased an additional acre for $400,000 where Wine Gourmet was located before it moved to southwest Roanoke County.
The former wine shop and the old Safehouse Signs building are slated to be torn down. A third building, closer to the Pure gas station, already has been demolished and sits in a heap of tangled steel, roofing and wires.
Gutshall said the bank would like to sell the properties to a developer that would fill the vacant Ukrop’s building and finish the project’s second phase.
“The Ukrop’s building is the kingpin,” he said. “No one would want to buy the pad sites from us without having something in that building.”
The bank is in talks with one developer, whom Gutshall would not name. That developer has a specific tenant it would bring to the Ukrop’s building, he said.
It could be early May before the bank knows whether the developer will buy the property.