Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, August 3, 1994 TAG: 9408030076
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Budd, Ammen & Co. has purchased the 8,000-square-foot building at 505 S. Jefferson St. The building was occupied for many years by the John Norman Inc. clothing chain and later by a series of restaurants, most recently Galeria Internacional and Los Amigos.
J. Patrick Budd, a partner, said it also has a contract to buy the adjacent parking lot. He expects that deal to close about November.
The firm will spend about $500,000 in purchasing and remodeling costs. Work should begin in the next several weeks and be completed by the end of the year.
Budd said he expects the project to spur redevelopment in offices of the now-empty retail block along Jefferson, between Franklin Road and Luck Avenue.
Budd, Ammen will occupy the ground floor and part of the upper level of the building that formerly housed the Mexican restaurant. The balance of the second floor will be leased to Roanoke law firm Gentry, Locke, Rakes & Moore, which will be expanding from its offices at Crestar Plaza across Jefferson Street.
Budd said his firm is seeking pictures of the building in its original state so that the historical features can be considered in the remodeling.
The accounting firm has occupied space at the Crestar Bank Building on Church Avenue and First Street. The firm was founded in 1987.
Budd said the firm has outgrown its space. It has a staff of four certified public accountants and three paraprofessionals but increases to about nine people during tax season.
The firm also runs other accounting firms operating under other names in Southwest Virginia, North Carolina, Kentucky and Tennessee.
Because he has worked his professional life in downtown Roanoke, Budd said the firm focused downtown as it sought room to expand. It did consider space along Virginia 419 as well.
Many of the firm's clients are banks, lawyers and others who are downtown, Budd said, but at the same time it needed parking spaces for other clients. Parking can be a problem around the City Market and on other blocks downtown, he said.
That block of Jefferson looks inviting, Budd said, because Crestar Plaza and Trigon, across the street, both are set back from the street in a parklike atmosphere.
"Visually, it gives you a feeling of openness," he said.
He said the firm also believes the property is attractive as an investment.
Budd said Central Fidelity Bank was aggressive in arranging his financing and seemed committed to redevelopment of other former retail blocks into offices.
Craig Balzer of Balzer & Associations in Salem is the architect in charge of the renovation. Thor Inc., a local construction company with experience in renovation of older structures, has been retained to perform the work. Lakewood Interiors will design the offices.
The property was purchased from the Johnson McReynolds Estate. The adjacent parking lot will be purchased from Grand Piano and Furniture Co.
by CNB