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Have You Heard?
Greetings!
The Grapevine has learned that the Apple Market at the corner of Franklin Road and U.S. 220 will be razed to make room for the newest office and store of Drs. Newman, Blackstock and Associates, optometrists.
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Virtual Tour:
Smith Mountain Lake Storefront
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FOR LEASE - Exceptional upscale retail and office space currently available for lease in the highly desirable Westlake area, approximately 3.5 miles south of Hales Ford bridge in Franklin County. Located directly across from Westlake Town Center, the Westlake professional suites offer an incredible opportunity to locate your business in one of the most enterprising and lively addresses at Smith Mountain Lake. With various floor plans available, these suites range from 600-3000 square feet, and offer some of the finest appointments around. Current tenants include Black Horse Manor Antiques, Ameriprise Financial, Long & Foster, and the U.S. Post office.
Call Bryan or Richard for more information.
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Retail Redevelopment!
Retail Expert Discusses the Latest Trend.
Many of the geographic characteristics that define Roanoke, like mountains, rivers and railroads, make new commercial development very difficult. As a result, retailers are considering redevelopment of existing commercial areas of the county and city.
Prominent examples of retail redevelopment include the tear-down of the existing Apple Market on Franklin Rd., in order to make way for an optician's office, and the razing of the former Wine Gourmet and two adjacent obsolete buildings in order to create more attractive retail sites. There are also two hotel sites currently being considered in the Valley View area which will require the demolition of existing buildings.
Keep an eye on the former Food Lion location on Franklin Rd. The model for grocery stores has continued to evolve and the structure may be considered obsolete by some grocers. These kinds of market realities may render the land more valuable without the building. Savvy retailers will see an excellent opportunity to re-purpose this property.
I am fielding more inquires about redevelopment as retailers search for sites within the Roanoke market. Often, these properties come with several additional costs including dealing with existing tenants and demolition. I see it as a sign of the strength of our market when retailers, business owners and developers are considering redevelopment opportunities in spite of these additional costs.
Contact Barry Ward
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What did it sell for?
2219 Franklin Road
Roanoke, VA
In February, the building most recently occupied by the Wine Gourmet was sold. It was purchased by Ivy View LLC, which plans to redevelop the dirt (see Barry Ward's article below). The sales price translates to $19.19/square foot of land and $2,051 per foot of frontage.
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