Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, March 4, 1993 TAG: 9303040141
SECTION: VIRGINIA PAGE: A-1 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
DOWNTOWN HUMMING OVER JOBS
Roanoke merchants saw increased sales in Wednesday's news that First Union Corp. will add about 300 jobs to its downtown operations.Franklin Kimbrough, executive director of Downtown Roanoke Inc., and central business district merchants expressed pleasure about the 200 jobs added by First Union Mortgage Corp. plus another 100 people transferred from the bank's operations at Valley Court.
Brenda McDaniel, spokeswoman for First Union's Dominion Bank unit, said no decision has been made on whether the mortgage processing jobs will be in Dominion Tower, the Dominion Bank Building or both.
Dominion Bank has long-term leases on space in both buildings.
Wherever the jobs go, the new people will work on Jefferson Street in Roanoke's downtown business district and only a block from the City Market.
"That's nothing but good news," Kimbrough said.
It means that First Union will keep a lot of square footage that it might otherwise have put up for sublease at a discounted price, he said.
And it means more people will be eating meals and spending money with downtown merchants, Kimbrough added.
The extra patronage, he said, will spell survival for some existing businesses that are not as well capitalized as others.
"Wonderful," said Jane Bonomo, owner of Bonomo's apparel shop. She also owns the building on Church Avenue where her women's boutique is located.
When the merger of Dominion with First Union was announced in the fall, Bonomo said, "our business downtown went almost zip."
Except for a spurt at Christmas, she said, business has remained weak.
The owner of another women's store, this one on the City Market, had the same assessment.
Bonnie Jackson of Patina said sales at her downtown shop also turned down after the bank merger was announced.
Of Tuesday's news, she said "It's wonderful. We really need that down here. I'm excited about it."
Larry Davidson, owner of Davidson's men's clothing store, said business has been soft for several years, largely because Dominion employees were apprehensive for that long about the company's future.
His business improved when the merger announcement was made, Davidson said, because the situation was clarified for Dominion workers.
Even though some Dominion jobs downtown will be lost, Davidson said, "we're delighted" at news of 300 new positions.
"Love it," said Gary Crowder at Wertz Country store. "We need all we can get."
Crowder hadn't noticed any recent downturn in business though. He said the closing of Hotel Roanoke several years ago had the greatest impact on his store, which drew many hotel guests.
Marc Fink of Fink's jewelers noted that some jobs will be lost, partially offsetting the gain.
But, Fink said, "I'm excited. It's nice to hear some positive news."
When the merger was announced, Fink said, he felt optimistic about First Union intending to keep its Virginia headquarters in Roanoke and expand the business.
"It happened about the best way it could happen," Fink said. "We need to keep people working, and it's good for the economy."
Joseph B. Wright, president of Downtown Roanoke Inc., called the move "very positive."
The new jobs, he said, signal a positive trend that began with the successful fund drive for renovation of the Hotel Roanoke.