Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, December 23, 1994 TAG: 9412230143
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Richard Kurshan, an owner of property at 10 Church Ave. S.E., said remodeling is in progress for office space that he will use for his own business. He said no apartments are planned at the site, which is across Church Avenue from the city's main fire station.
In 1991, Kurshan and John Fulton, then a co-owner, proposed developing luxury apartments to sell. A year later, their proposal was changed to rental apartments, but nothing ever came of the plan.
Fulton, who said he recently "retired" from being an owner of the property, said the first two floors are being remodeled for a software publishing business that Kurshan recently purchased.
Fulton said it was impossible to obtain financing for the apartment proposals. "It's worse now than then," he said of the financing prospects in an improved economic climate.
The owners, Fulton said, "took a bath" buying and holding the property.
The original apartment proposal included a request to the city for a strip of the adjacent Century Park. The land was needed for access to the upper levels of the building, the developers said. The matter was discussed by City Council, which delayed action until the apartment development was firm.
Fulton said the easement on the park property is not necessary for use of the building for offices because the entrance will be on Church Avenue.
William Clark, the city's public works director, confirmed that City Council never took action on the request for a strip of the park as an easement for access to the property.
Clark said Kurshan told him that apartments may be developed later on the upper floors. If that happens, Clark said, City Council would have to consider granting access through the park.
The current project, he said, is not encroaching on city property.
by CNB