Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, February 13, 1994 TAG: 9402110099
SECTION: BUSINESS PAGE: F-1 EDITION: METRO
SOURCE: Sandra Brown Kelly
DATELINE: LENGTH: Long
It didn't find investors. So the city paid James Trinkle, president of C.W. Francis & Son, a realty firm, $400,000 for the buildings. Trinkle, in turn, paid the city $236,000 for a Kirk Avenue building it owned. That brought the city's investment in the transaction to $164,000, and the Virginia Division of Historic Landmarks chipped in $100,000 of that.
The purchase came after a long and loud effort by preservationists and about as much comment from residents who didn't think it was a wise buy, especially since the buildings were valued for tax purposes at only $220,000.
In the spring of 1989, six months after it bought the buildings, the city said it might use them for offices. Council set aside $400,000 for the first stage of what was expected to be an $800,000 renovation.
Last year, when time came to start the project, the cost had risen to $1.2 million, and the city decided not to proceed. Instead, office space was found in the nearby Jefferson High School building that's also being remodeled.
Given the city's decision and the knowledge that a number of private groups also have looked at the structures and decided against remodeling them, a question could be raised about their future.
The buildings are worthy of historic designation; a potential purchaser described one as "beautiful" inside. The structures at 118, 120 and 122 Campbell have some of the best period metal ceilings in the state, say architects.
They are in a section of downtown which studies have identified as ideal for housing, and there is special money available for renovation of such properties.
So why are these four buildings still orphans?
Five years isn't long for a commercial building to stand empty, especially in a downtown district, but these four pose special challenges.
The city said the main barrier to finding investors in 1988 was Trinkle's price of $400,000. The price is more palatable now.
In July 1992, the city agreed to sell all four buildings for $120,000 to two potential investors who never followed through. Later, they were offered for $100,000.
Lawyer Eric Spencer, who already has offices on Campbell Avenue, last spring considered buying 118 and 120 Campbell.
Spencer wanted 118 Campbell "because it is the prettiest building," and 120 Campbell because it has an elevator, which could be serve both buildings once they were tied together. Spencer even hired contractor Ren Heard to evaluate them for renovation.
Suggested renovation costs were $200,000 per building.
Spencer said the cost didn't scare him off. Neither did the strings attached to the $100,000 the state gave the city for purchase; the facades must be kept historically intact, or the money must be repaid.
"I wasn't dissuaded by historical requirements," Spencer said. "I liked the idea of a historical building."
What bothered Spencer was that the properties have no rear access. They are shoved up against a parking lot that is owned by Trinkle; 124 Campbell is five feet over the line and whoever buys it will have to tear down the intruding portion.
While Trinkle will allow people to cross his property to get to the buildings, he won't give a deeded easement.
"In essence, you couldn't utilize the back of the buildings," said Spencer.
After consulting with the fire marshal about what would have to be done in the buildings to offset the lack of a rear egress, Spencer decided the project was cost prohibitive and too complicated.
"Those buildings are a real challenge," said Mike Waldvogel, owner of a commercial property company and active in promoting downtown renovation. His company currently is marketing two apartments that have been created on the upper floors of a building on West Church Avenue in downtown.
The lack of rear exit space is a big problem, Waldvogel said.
Buildings used for residences on upper levels must have sprinkler systems, multiple exits or have bedrooms with windows. Ideally, though, the windowed areas could be used as living rooms, making the living quarters more attractive to potential renters or buyers, he said.
Waldvogel said the Campbell Avenue buildings are among the most appealing properties in the area because of their age, but that also makes renovation of them costlier.
The city had figured it would cost about $40 a square foot to redo them into office space.
The buildings contain asbestos; costs have ranged from $20,000 to $55,000 for removal of asbestos in all four.
There also is no free parking space available for users of the buildings, although parking garages are nearby.
"It's a tough balance to create, trying to mix what the public sees as modern conveniences in developing downtown properties. It presents a unique set of challenges. Most buildings are side by side so you lose window space, you lose natural light . . . but you have to combine issues of aesthetics and issues of safety," Waldvogel said.
"Rehabbing is not the most cost efficient means of developing property," he said. "People who do downtown buildings have considerations beyond money."
If that's you, Phil Sparks, the city's acting chief of community planning, would like to hear from you. Call 981-2715.
by CNB