Roanoke development creates office, medical options in downtown area

The downtown landscape continues to change for Roanoke residents. With restaurant and retail options aplenty on Oak Street, developer Newstream Commercial aims to bring a different type of development to the downtown area.

Known as Roanoke Village, the 6.25-acre site will be anchored by a 76,000-square-foot hotel and could include more than 145,000 square feet of medical or office space. Site plans for the proposed project indicate an additional 46,573 square feet more are designated as restaurant and retail space.

“We’re selling the downtown nostalgia,” said broker Derek Anthony, whose real estate company, Woodmont, is in charge of leasing available space at Roanoke Village. “It’s the most amount of continuous land for sale on the downtown strip, and that’s an added value," he said.

Located at the southeast corner of U.S. 377 and Parish Lane, Roanoke Village will be home to the second hotel in the downtown area.

The Peabody Hotel and Conference Center received approval last year. Roanoke Village will feature a 4-story, 128-room Springhill Suites by Marriott located adjacent to the Watermark apartments.


“We’re developing that land to put up the Springhill Suites,” Newstream Commercial CEO Tim Nystrom said. “Some complementary use for that development is office and medical.”

Site plans indicate an additional four lots on the development at a minimum of 28,000 square feet each.

“We have two concepts,” Anthony said, noting that the site could eventually feature medical or office uses as well as restaurant and retail space on lots facing U.S. 377.

Roanoke Village is also build-to-suit, Anthony said, which means entrepreneurs will have the option of constructing their own building without buying land and then negotiating a lease.

“It’s market-driven,” Roanoke City Manager Scott Campbell said. “They’re building pads and getting the site ready because they’re that confident that things will come here and that they’ll get signatures on the lease. Some developers are more comfortable with that than others.”

With hopes of targeting high-profile retail, medical, office and restaurant clients, Newstream has poured money into a number of entitlements to make Roanoke Village as build-ready as possible, Anthony said.

“In the real estate world, that means it’s shovel-ready,” Anthony said. “All you have to do is submit your plan to the city, and you’re ready to go.”

According to Anthony, the total cost of Newstream’s initial expenses on entitlements—such as access roads to U.S. 377 and Parish, curbs, landscaping, sewage and utilities—totals $11 per square foot. That comes to nearly $3 million for the more than 268,000-square-foot development.

“It speaks to their confidence that they could do that,” Campbell said. “That’s happening more and more over the years, where people are building buildings without knowing who the end users are going to be because they feel so confident they will get them [leased].”

The demand is coming to Roanoke, Nystrom said, and many entrepreneurs do not have the funds or experience to navigate the entitlement process with local municipalities.

“They want to buy a pad that’s ready to go, and we need to be able to put in all the infrastructure,” Nystrom said. “We believe in Roanoke. There is a lot of growth occurring on the residential and business side.”
By Ian Pribanic
Ian Pribanic covers city government, transportation, business and education news for Community Impact Newspaper in the Keller-Roanoke-Northeast Fort Worth areas. A Washington D.C. native and University of North Texas graduate, Ian was previously an editor for papers in Oklahoma, West Texas and for Community Impact in New Braunfels.


MOST RECENT

McKinney Mayor George Fuller has been re-elected for another term. (William C. Wadsack/Community Impact Newspaper)
Local election results, a trash pickup rate increase in McKinney and more top news from the Dallas-Forth Worth area

Read the most popular business and community news from the past week from the Dallas-Fort Worth area.

Walk-On's is opening in McKinney in 2022. (Courtesy Walk-Ons Sports Bistreaux & Bar)
Co-owner Dak Prescott to launch eatery in McKinney; Goody Goody Liquor coming to Keller and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.

Inside play areas at Cheeky Monkeys
Kids' play space Cheeky Monkeys now open in Fort Worth

The indoor playground also serves as a party venue.

The Metroport Chamber of Commerce lobby allows members to post their business cards on the wall to share. (Sandra Sadek/Community Impact Newspaper)
Metroport Chamber of Commerce unveils new office space in Roanoke

The Metroport Chamber of Commerce has relocated to 381 W. Byron Nelson Blvd., Roanoke, with an 8,000-square-foot office space.

A person picking up a slice of pizza
Alex's Pizza and Pasta now open in Fort Worth

The restaurant serves a variety of pizzas, entrees, desserts and more.

Elevations showing the front of the proposed Goody Goody store
Goody Goody Liquor will soon be Keller's second liquor store

City Council approved a specific use permit for the business May 4.

Crumbl Cookies offers over 120 rotating cookie flavors. (Courtesy Crumbl Cookies)
Crumbl Cookies to open in Plano; McKinney trash pickup rates to rise and more DFW-area news

Read the latest business and community news form the Dallas-Fort Worth area.

Keller Town Hall
Keller City Council approves Matrix Consulting Group for fire department merger study

The feasibility study is part of a 16-month trial period for Keller and Westlake.

A report looks at the economic impact of voter access in Texas. (Courtesy Adobe Stock)
Proposed Texas election laws could hurt Tarrant County

The report by Ray Perryman's firm said that highly educated and highly skilled workers typically don’t choose to live in areas where voter access is limited.

A sauna filled with red light
Infrared Mind and Body now open in Fort Worth

The spa combines infrared technology with traditional sauna treatments.

asphalt work on road
Committee to start ranking proposed transportation projects in Tarrant County

Tarrant County commissioners approved a contract to hire a consultant to help prioritize transportation projects.