ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Friday, February 2, 1996               TAG: 9602020004
SECTION: EDITORIAL                PAGE: A-6  EDITION: METRO 
SOURCE: ROBERT A. PETELL

EMPTY BUILDING POSES AN OPPORTUNITY

REGARDING numerous articles published since the notice of the closing of the downtown Heironimus store, may I suggest a viable plan that hasn't been addressed?

The Heironimus location presents a four-storied building of 80,000 square feet. What if someone met with the building's trustees to ascertain the merits of either of the following?

Presenting to the Department of Community Affairs a proposal for a feasibility study of using the ground floor and basement for an outlet mall or other commercial income-producing ventures. The three upper floors could be converted to "mini-condominiums," which would be owned by the tenants and thereby produce tax revenues, plus giving tenants a place to call home.

Perhaps the Department of Community Affairs could provide such seed monies to accomplish the conversions, and help establish a consortium of investment entities to provide mortgage funds to underwrite the prospective owners. A modest maintenance fee would cover upkeep. The leasor would be the existing trust.

Interesting investors in funding a feasibility study, and, if the plan is found to have merit, underwriting the conversion of the three upper floors to a ``mini-condominium" configuration of 1,100 to 1,200 square feet per unit, yielding about 35 such units. The investors would realize a return from financing the mortgages; the units and commercial spaces would thereby provide taxes to the taxing authority; and those who occupy the units would have a place to call their very own rather than renting. In addition, occupants would have a strong incentive to maintain their units, since failure to do so would result in a financial loss to them if and when they decided to sell.

I believe the building presents a unique opportunity: commercial ventures producing income and taxes, investment income possibly amortized in 15 years, and housing for people who work in the downtown area and who would be happy to live in the area near to their places of employment and/or shopping.

Robert A. Petell of Roanoke is a retired federal production manager of experimental and prototype Army weapons.

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