The Roanoke Times - which might be for sale if you'd like to buy it - published a short "Whatever Happened To ..." piece this morning on The Colosseum, a six-story $60 million, 172-unit sports condominium hotel project scheduled for Blacksburg.
Well, they're back ... managed by Salamander Hospitality, the project has been expanded to 241 suites in TWO six-story towers, and is reported to now cost $80 million at full build-out. One of the developers, Daryl Andrews, says they've had 20 people place reservations, on units ranging between $170000-800000. The smallest floor plan is 312 square foot space, with a deck that's a whopping 8 square feet. Yes, eight.
I think we've saturated the market with condos for a while, and it started with Cascades and Cascade Pointe (among others). They've finally got a good REALTOR working on that project and I expect he'll get them going again, but he's still at the mercy of the market, which is going to need to see the rental market grow in size a bit more before it starts to make sense for investors.
Now, we've got this project, and the Holiday Inn is in the process of being converted as well. Kent Square has condos for sale, as does Clay Court. I know the alumni market continues to be strong, but this seems a bit aggressive to me. Anyone out there have thoughts on this?
These agents owe me for the free advertising, by the way.