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 aging room is being prepared for business at the new downtown butcher shop. (Courtesy Bar-Ranch Steak Co.)
Bar-Ranch Steak Co. preps for downtown Plano opening and more DFW-area news

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

NISD voters in November will decide on multiple board positions, a voter-approved change to the district tax rate and four district bond referendums totaling $986.6 million. (Jack Flagler/Community Impact Newspaper)
Northwest ISD approves November elections for 2020 bond, board of trustees, tax rate

NISD voters in November will decide on multiple board positions, a voter-approved change to the district tax rate and four district bond referendums totaling $986.6 million.

Complete Streets are areas with transportation infrastructure and public access ways that are designed to enable safe, accessible, comfortable and convenient access for all people and travel modes. (Ian Pribanic/Community Impact Newspaper)
City of Fort Worth Complete Streets policy aims to prevent pedestrian deaths

The city of Fort Worth has committed to a number of Complete Streets projects throughout the city in order to create a more comfortable pedestrian environment.

(Courtesy AMC Theatres)
AMC Theatres to reopen Aug. 20 with 15-cent tickets

AMC Theatres—which has multiple locations in the Austin, Dallas-Fort Worth and Houston areas—will begin reopening its movie screens Aug. 20.

Signs in the window of the Stein Mart store in Frisco state it will be among the locations closing as part of the company's liquidation process. (Valerie Wigglesworth/Community Impact Newspaper)
Stein Mart Inc. files for bankruptcy, launches store closing process

Stein Mart Inc. has 281 stores in 30 states with locations in Frisco, Plano, McKinney, Keller, Fort Worth and Flower Mound.

According to the report, 380,174 total COVID-19 cases have been reported in children nationwide as of Aug. 6, which accounts for approximately 9.1% of all confirmed COVID-19 cases in the U.S. (Courtesy Adobe Stock)
REPORT: COVID-19 cases in children increase by 90% nationwide in 1 month

As school district officials across the U.S. prepare for the start of the 2020-21 school year, 179,990 new COVID-19 cases were reported in children nationwide between July 9 and Aug. 6—an increase of 90%, according to a report compiled by The American Academy of Pediatrics and the Children's Hospital Association.

According to TxDOT officials, one-way traffic patterns began Aug. 10 on a number of side streets in the downtown Roanoke area. (Ian Pribanic/Community Impact Newspaper)
Hwy. 377 construction continues near downtown Roanoke

TxDOT officials announced in August that one-way traffic patterns would begin Aug. 10 on a number of city side streets.

The University of Texas will host football games at Darrell K. Royal Veterans Memorial Stadium this fall after an announcement from the Big 12 Conference on Aug. 12 that the fall sports season will continue. (Jack Flagler/Community Impact Newspaper)
After Big Ten and PAC-12 cancel, Big 12 announces fall sports season will roll on

The conference football season will begin Sept. 26, and fan capacity in stadiums will be up to each of the 10 member universities, according to the Big 12.

54th Street Grill opened in McKinney in August. (Courtesy 54th Street Grill)
54th Street Grill opens in McKinney and more DFW-area news

Read the latest community and business news from the DFW area.

MadiJaks is now open in Roanoke. (Ian Pribanic/Community Impact Newspaper)
Women's boutique MadiJaks now open in Roanoke

Women's boutique MadiJaks opened Aug. 1 in downtown Roanoke.

Tarrant County Public Health has confirmed 305 new cases of novel coronavirus in the county in the past 24 hours. (Community Impact staff)
Tracking COVID-19: Keller-Roanoke-Northeast Fort Worth ZIP codes averaging 8 new cases per day

As of Aug. 10, the level of community spread of COVID-19 remains "substantial" in Tarrant County, according to public health officials.

Richardson Bike Mart has about 11,000 bicycles on back order. (File photo/Community Impact Newspaper)
Richardson shop has 11,000 bicycles on back order and more DFW news

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