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

The Texas Central rail connection from Dallas to Houston will feature a bullet train similar to this one. (Courtesy Texas Central Partners/Community Impact Newspaper)
Texas Supreme Court declines to review high-speed rail case, freeing company up to use eminent domain

Texas Central, the company looking to build a 236-mile high-speed rail line connecting Houston and Dallas, has been given a big win in an ongoing legal battle over whether the company is legally recognized as a "railroad company" under state law.

Plates of eggs, potatoes, and crepes
Mango's Breakfast Brunch now cooking in Keller

The restaurant is open for breakfast, lunch and brunch.

Bojangles recently announced it signed a franchise agreement to open a new location in Richardson. (Courtesy Bojangles)
Bojangles fried chicken coming to Richardson; bar and grill opens at Grapevine golf course and more DFW-area news

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

Northwest ISD Stadium
Northwest ISD on track for smaller deficit, eyes balanced budget for 2021-22 school year

The district is in the final stages of planning for the 2021-22 budget.

Mattie Parker was sworn in as the new mayor of Fort Worth at the Fort Worth Convention Center June 15. (Steven Ryzewski/Community Impact Newspaper)
Fort Worth swears in new mayor Mattie Parker, council newcomers

Leonard Firestone was sworn in as councilmember for District 7, which includes parts of Northeast Fort Worth.

Mesero has six locations across the metroplex, with a seventh on the way in Southlake. (Courtesy Mesero)
Tex-Mex restaurant may come to Southlake; African fusion eatery opens in Frisco and more DFW-area news

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

Based on changing population, the city of Roanoke may need to adjust its ward boundaries. (Courtesy city of Roanoke)
City of Roanoke to review charter, ward boundaries

Every six years, the city of Roanoke is required to review its home rule charter. A commission is being put together to begin the process.

Keller Town Hall
Keller raises homestead exemption to state maximum

Keller City Manager Mark Hafner said that this move will provide relief to residents as home values increase.

Keller Town Hall and the Town Hall Lake
Keller reports $1.2M-$1.4M summer sales tax spike, continuing revenue growth trend

Online sales, home improvement and increased restaurant activity have driven the growth, according to the city.