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Old 03-05-2009, 07:16 PM
 
1,250 posts, read 4,788,912 times
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I thought this would be an interesting thread:

Can anyone think of any failed real estate developments in the Roanoke Area? They can be residential, commercial, industrial....anything really.

I'm mostly referring to developments that were already under construction but didn't meet much success in selling or leasing the properties, not so much planned developments that never really took off from the planning stage (though, if you have a particularly interesting such development, feel free to post that also).

Not sure how popular this topic idea would be, but I'm really into urban and regional planning and real estate development and with success often comes failure so I thought it would be interesting to highlight some of the less successful ventures.

Also, when (or if) you post any examples, try to give your opinion on possible causes of why that property may have failed.

Thanks!


Edit:I know that 'failed' can be relative and subject to interpretation, but post anything that seems like it didn't do as well as it should have. Not just a flat-out failure, but maybe a new development that seems to have a high percentage of vacancies, etc.

Last edited by 540_804; 03-05-2009 at 07:50 PM.. Reason: Some Clarification
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Old 03-05-2009, 07:52 PM
 
1,250 posts, read 4,788,912 times
Reputation: 821
Since this is my thread I will go first:

One development that comes to mind is the Charleston Estates Development on the hill behind the Plantation Road Food Lion in North Roanoke County

According to the estate plat there were supposed to be 26 lots and homes in the "Phase 1" of the development (implying there were plans for additional phases?) I visited the development a few months back (during my winter break from college) and I don't remember there being 26 houses, but more lik 15-20. I could be mistaken tho.
The official Estate Plat: http://root.z57.com/filemanager/uplo...b11ece0cb5.pdf

The homes were supposed to be priced around 299k and up.

Here are some examples of the homes:


http://www.graphicdimensionsinc.com/download/_homes/4886summervillelane/images/C.JPG (broken link)
http://www.graphicdimensionsinc.com/download/_homes/4914summervillelane/images/DSC00734.JPG (broken link)
http://www.graphicdimensionsinc.com/download/_homes/4927beaufortcourt/images/DSC04002.JPG (broken link)


My personal favorite:
http://www.graphicdimensionsinc.com/download/_homes/4911beaufortcourt/images/C.JPG (broken link)

More pictures and info here: Moderator cut: link removed, real estate advertising is not allowed

In my opinion, they are actually some of the nicest new construction homes that I've seen in quite a while, especially for their price.

However, lets look at the numbers:
This is a relatively small development at 26 properties.
However, at least 7 of the properties are unsold (according to local listings). When I visited, I actually only saw signs of occupation at 2 or 3 of the homes, but I'm assuming (maybe erroneously) that if the other homes were unsold, there would be listings for them.

If we assume that all 26 homes were built, and 7 are unsold, then the success rate is a decent 73%.

If we assume that only 20 homes were built (just because I don't remember seeing 26 homes...i know, this may not be info of any value ) and 7 are unsold, then the success rate is 65%.

Oh, and be sure to note that I am no real estate profession and I may post inaccurate information (not intentionally) so feel free to correct me. I haven't been to Roanoke in AGES (well, like 5 weeks ) so maybe things have picked up for the area.

I hope to be back with more accurate findings and hopefully others will join in the discussion.

Last edited by Yac; 03-06-2009 at 02:33 AM..
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Old 03-09-2009, 11:18 AM
 
Location: Roanoke, VA
246 posts, read 782,929 times
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Sure.

Slate Hill:

Still a sore spot - Roanoke.com
Construction resumes at Slate Hill - Roanoke.com

Mason's Crest:

Roanoke County development to go up for auction - Roanoke.com
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Old 03-09-2009, 01:22 PM
 
219 posts, read 878,483 times
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Areas of 460 east of downtown are a bit of a graveyard. I drive by 2 or three empty resturants.

Where the old Kroger is, now lies a CVS and a Subway (I heard the subway is moving to the new Kroger down the road) I'm guessing the CVS will follow suit.

Anyone know of what is to come of the old Kroger area?

They should bulldoze it and put up a nice park.
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Old 03-09-2009, 05:27 PM
 
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Ok, so I went to visit the Charleston Estates today to do some snooping around.

As I suspected there are less completed properties than were planned.
There are only 9 finished houses (of 26 planned). 2 have been occupied and 7 are on the market for a success rate of 22%. There seemed to be a finished foundation for a house that was never completed.

Slate Hill is, of course, a beaming example of a failed development. There seemed to be so many promises of how spectacular it was to be, but as of yet, nothing. I wonder if anything will ever become of the place. As much controversy as this place has surrounding it, I really want to see something nice done with it. Especially after all the work they've done (or all the environment they've destroyed..however you want to look at it I suppose).
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Old 03-11-2009, 08:58 PM
 
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I realized my original post was edited by a mod..
Sorry, didn't mean it as advertisement or anything...just a link for more pics
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Old 04-13-2009, 12:51 PM
 
Location: Central Virginia
125 posts, read 510,304 times
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540_804,

Some encouraging news for Charleston Estates -- the homes on lots 15 & 25 (your personal favorite and house 3 in your pictures) have 'Under Contract' signs on them.

However, the unfinished foundation is still 'in progress'.

I live close by and drove through this afternoon.
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Old 04-14-2009, 09:29 AM
 
Location: Roanoke VA
2,032 posts, read 6,894,066 times
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Default Ivy Market

I would really like to know what are they trying to accomplish at Ivy Market, next to Ukrops? There seems to be this gigantic eye sore of dirt that never seems to mold into anything. Tons of junk, abandoned storefronts that are sure to be fire hazards. It looks like the recycling plant down Franklin Road.
The owners of that property should be held accountable for the mess they have created at that sight. If they don't plan to develop it sell it to someone who can develop it. The Ukrops store needs to stay in Roanoke and this mess is definately not helping business. I am really surprised more folks from South Roanoke haven't raised the ire of city council on this disaster!
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Old 04-14-2009, 02:49 PM
 
Location: Roanoke, VA
246 posts, read 782,929 times
Reputation: 60
Quote:
Originally Posted by roanoker 4 View Post
I am really surprised more folks from South Roanoke haven't raised the ire of city council on this disaster!
Because Franklin Road isn't South Roanoke

And I guess they've dealt with Cycle Systems and the mess around the Carilion site for this long...what's a little more?
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Old 04-15-2009, 07:46 AM
 
Location: Apex, NC
1,341 posts, read 6,193,587 times
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Haha, I was checking the Ivy Market out using MSN's awesome bird's eye feature and you can see how development costs can skyrocket when you have to overcome certain challenges like, say, a creek running under your entire development:

Ivy Market Birds Eye

That's one expensive aquaduct

Sean
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