Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, November 15, 1995 TAG: 9511150043
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
The South Roanoke landmark would be converted to condominiums if that sale goes through.
Carilion senior vice president Curtis E. Mills Jr. said the company has agreed to offers for 14 properties.
In late September Carilion offered 26 properties for sale, most of them occupied residential units on Hamilton Terrace, Belleview Avenue and South Jefferson Street. The company said then that it hoped to gain $4.5 million to $5 million from the sales.
Mills declined to identify the proposed buyers in the pending sales before the deals are final.
Mills said closing the Cherry Hill sale depends on several contingencies.
Carilion has used much of the rental residential property to house medical students and residents in training at its Roanoke Memorial Hospital and Community Hospital of Roanoke Valley.
Cherry Hill was the centerpiece of the offering. The stately hilltop house was used as the Roanoke Fine Arts Center - now the Art Museum of Western Virginia - before construction of Center in the Square. After Carilion announced it would sell the property, it was proposed as the site of a private dining and sports club. The idea of a club was abandoned when a membership drive fell short of its goal to make the plan financially feasible.
Mills said Carilion received no offers for the Wellington Apartments nor for a storefront opposite the College of Health Sciences, both on South Jefferson Street.
Mills said Carilion will study whether it should seek new offers on the eight unsold properties or hire a real estate firm to market them.
The company has said it is selling its properties in order to concentrate on its core business of operating health care facilities.
by CNB