Newstream Capital

MIXED-USE DEVELOPMENT WITH HOTEL TO BEGIN CONSTRUCTION THIS FALL IN ROANOKE

A new mixed-use development is expected to begin construction in Roanoke this fall.

Roanoke Village will span five buildings and be constructed on 6.25 acres at the southeast corner of Parish Lane and US 377. Roanoke City Council approved final plans for the project at its July 9 meeting.

Developer Newstream Commercial Development began foundational work on the property in April. That work will pave the way for Roanoke Village’s first building, a 128-room SpringHill Suites hotel, to begin construction in October or November. The hotel is expected to be completed in January 2021, Newstream Commercial Development CEO Tim Nystrom said.

“With a hotel on that property, corporate and leisure travelers have an option of choosing a hotel attached to a city center,” he added.

The SpringHill Suites will be located close to The Peabody Roanoke, a luxury hotel expected to open by April 1, 2022. However, Newstream does not see The Peabody as a competitor, Nystrom said. Instead, he sees the opportunity for cross-promotion between the hotels. The SpringHill Suites could also accommodate guests who are using The Peabody’s event space but are unable to find a room at the hotel, he added.

In addition to the hotel, Roanoke Village will have a medical building, an office building, and two buildings with retail and restaurant space. According to plans submitted to the city of Roanoke, the project will include 28,470 square feet of retail space, 11,273 square feet of restaurant space and 14,500 square feet of office space.

Newstream is still looking to attract tenants to fill those buildings, such as fresh restaurants and service-related businesses needed to serve the area’s growing residential population, Nystrom said.

The retail buildings are expected to open by next fall. Nystrom said there is not completion date yet for the additional buildings.

While Roanoke Village does not have room for expansion, Newstream would consider other development opportunities in Roanoke.

“We are definitely bullish on Roanoke and that corridor,” Nystrom said. “If there are other opportunities, we will look at other good opportunities.”

Article written by Korri Kazar

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