Roanoke, Virginia – The city of Roanoke has decided to sell a central downtown parcel to the developers of a prospective apartment complex aimed at accommodating those with limited financial means.
To facilitate this endeavor, the developers are now in the process of procuring the necessary tax credits. Chris Vail, a representative of the development team, indicated that should everything progress without hitches, potential residents might receive their apartment keys by the latter half of 2025.
This particular site, located at 339 Salem Ave. SW, was previously occupied by the city’s homeless services office. Chris Vail and his associate, Brent Cochran, have envisioned this space to consist of 80 one and two-bedroom apartments. According to Vail, prospective rents are anticipated to fall between $389 to $904 for one-bedroom apartments, and $467 to $1084 for two-bedroom ones. For the benefit of residents, the bus station is conveniently situated adjacent to this location.
In a recent session on Monday, the City Council gave the nod for the city manager to initiate the land sale to the initiative termed as the Vail-Cochran project, operating under the name 339 Salem Partners. The agreement stipulates that the partners will acquire the property, currently valued at $384,500, for a nominal fee of $10. However, they are obligated to invest a minimum of $8 million into the construction of the building.
Prior to the vote, advocates highlighted the city’s significant shortfall in affordable housing— a gap that measures in the thousands. This deficit compels many to allocate a disproportionate amount of their income towards housing, often at the expense of essential needs like food and medication. There are individuals who possess government housing vouchers but struggle to find available units within their budget. Additionally, some residents ready to transition out of nursing homes find themselves without suitable housing alternatives.
Vail added a stipulation regarding the progression of this project. The partnership will wait until June to determine if they qualify for the vital low-income housing tax credits. Should they not secure these credits, the land purchase will be retracted.
