A few weeks ago, I attended the groundbreaking ceremony for the new Colosseum project in Blacksburg. The event featured speakers, all kinds of food and drinks, Roman gladiators (I mean, honestly - can you name something "The Colosseum" without gladiators?) and golden shovels. I took video to show you, in fact.
Stupid video - somehow, everything was corrupted and I lost it all.
So I'll recap the project here, as best I can. Sorry about that, but I DO have answers to some of the common questions people have been asking about the project. From the project's marketing department:
What exactly is a condominium hotel - Condominium hotels operate as a hotel but also add the legal and financial structure of a condominium. Buyers receive a deed for a real property interest that they can in turn sell whenever they choose.
How is this different from buying a regular condominium - In addition to the investment value of a condominium, buyers can take advantage of the benefits of a luxury hotel. When the condominium unit owners stay at the hotel, they have access to all of the hotel's amenities, including its restaurant, bar, pool, fitness and spa facilities.
What happens when I'm not using my condominium - When the owners are not using their suites, they can be made available to rent through the hotel's voluntary rental program. The Colosseum is managed by Salamander Hospitality, an award-winning manager of exclusive hotels and resorts, so buyers don't have to worry about maintaining a property away from home.
What makes The Colosseum a luxury sports condominium hotel - Conveniently located near the heart of Blacksburg's business and shopping district and two miles from Lane Stadium and Cassell Coliseum, The Colosseum is perfectly designed for Virginia Tech alumni and fans who want to support Virginia Tech athletics. Game day enthusiasts can also take advantage of extras such as child care, game shuttles and underground parking.
How many units are there - The two tower, six story, 241 unit condominium hotel offers luxury fully furnished studio suites, or a one or two-bedroom suites.
How does The Colosseum support the local community - The Colosseum has pledged to donate a portion of the sale of each unit, up to $500000, to the construction of the new basketball facility. The donation will be made in the name of the purchaser, who will also receive Hokie Points toward preferred seating and parking for their contribution. Likewise, The Colosseum has committed to endow a permanent $100000 scholarship for a student athlete pursuing a degree in property management or hospitatlity and tourism management, and offer internships to building and construction students during the construction phase.
Pictured above, left to right:
Steve Semones, Balzer & Associates
Daryl Andrews, The Colosseum
Mayor Ron Rordam, Town of Blacksburg
Mark Kinzer, Unlimited Construction
Mike Burnop, ISP Network Analyst and Virginia Tech Hall of Famer
Todd Meckley, Entasis Design PLLC