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

DATE: FRIDAY, March 17, 1995                   TAG: 9503170017
SECTION: BUSINESS                    PAGE: A-9   EDITION: METRO  
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Medium

CITY BUILDING ON AUCTION BLOCK

ROANOKE'S CITY MARKET is thriving and full of activity. Now, one of that area's remaining vacant buildings is scheduled to be sold to the highest bidder later this month.

A partially restored office and retail building on Roanoke's City Market is scheduled for the auction block later this month, apparently the first time a major property in the district has been sold that way.

Quinn Thomas of Woltz & Associates Inc. will conduct the auction of the building on the southwest corner of Campbell Avenue and Williamson Road at noon March 29. Thomas said he thinks it is the first time such a major building will change hands outside a traditional negotiated realty sale. The sale will be at the site.

The three-story building contains 13,500 square feet. It is owned by John S. Voit of Roanoke, Thomas said. Voit painted the exterior and completed basic interior work such as upgrading the electrical system and providing a fire stairwell.

When Voit started the project, he had tentative leases for the property, Thomas said. When the deal fell through, work on the building was halted.

Voit has been trying to lease or sell the property, he said, but has been unable to put enough deals together to justify resumption of interior work.

Voit said in an interview that he wasn't sure what he wanted to do with the building when he purchased it two years ago. He said he thought he would ``fix it up and rent it out,'' but he was never able to find suitable tenants.

He also thought it might house an unidentified business he had, Voit said, but he went out of that business.

The building is assessed for city real estate tax purposes at $162,000, Voit said. The last professional appraisal, made six years ago, valued the property at $190,000.

Thomas said there is a lot of interest in the building. He said he expects several potential occupants to buy the property jointly or for a developer to buy the building and remodel it for several tenants.

He views the upper floors as suitable for offices, while the street level would lend itself to retail use.

Thomas said his research of city records shows that the building was constructed in 1910. Its most recent use was as Grand Exchange, a furniture outlet store owned by Grand Piano and Furniture Co. of Roanoke. Grand since has consolidated the outlet with its downtown store at Campbell Avenue and First Street.

Thomas said he has been told that the building once housed offices of Roanoke Railway Co., which operated the city's trolley car system, and in the 1940s was occupied by Appalachian Power Co. Thomas has asked the Roanoke Historical Society to research the history of the structure.

by CNB