INCENTIVES CREATE 3 NEW APARTMENTS

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, February 18, 1992                   TAG: 9202180073
SECTION: BUSINESS                    PAGE: A-5   EDITION: METRO 
SOURCE: MAG POFF BUSINESS WRITER
DATELINE:                                 LENGTH: Medium
INCENTIVES CREATE 3 NEW APARTMENTS
The push to revive housing in downtown Roanoke so far has produced just three apartments, but officials say financial incentives to prod development should pay off by the end of this year.
Frank Kimbrough, executive director of Downtown Roanoke Inc., said the three new rental units are to be finished in April. They are under construction on the upper floors of what's to become the Howard's Soup Kitchen restaurant at 24 Church Ave. S.W.
Kimbrough said people are conservative about taking risks in the current economy, but he expects to see housing in place or under construction by the time the incentive program expires in November.
The initial units will be occupied as soon as they're ready. Downtown Roanoke Inc. maintains a list of people interested in renting downtown.
Meanwhile, another project, the proposed CityCenter Homes at Century Park on Church Avenue Southeast, is still in limbo.
John Fulton, one of the partners in the proposed rehabilitation project, said eight potential buyers have committed to condominium apartments. At least 10 of the 15 units must be sold before the project can be financed, however.
The $2 million project would carve condos, selling for about $150,000 each, from a vacant building at 10 E. Church Ave.
The city also hopes to find a developer to build housing on the upper levels of the new parking garage on Church Avenue Southeast, but it attracted only one bidder.
That bidder, McCormack Baron, has yet to make a specific proposal for the garage apartments, Kimbrough said. The concept, he said, is "moving slowly but still progressing."
The package of incentives developed by Downtown Roanoke Inc. and local banks would provide funds for rehabilitation of low- and moderate-income rental houses, for renovation of upper-story space downtown as housing, and for equity investment.
Because of the incentives, Kimbrough said, people are aware of the housing potential downtown and are taking a look at the space.

by Bhavesh Jinadra by CNB