ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, October 19, 1996 TAG: 9610210041
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
MEMO: NOTE: (Square footage is 34,686 - Mag Poff)
The State and City Building, one of the most historic structures in downtown Roanoke, has been purchased and is expected to be extensively remodeled, probably for condominiums.
The buyer is State & City Investments LLC, headed by Will Trinkle, a commercial real estate broker with C.W. Francis in Roanoke. The investors paid $125,000 for the structure at Campbell Avenue and First Street.
Edwin C. Hall of Hall Associates Inc., who handled the transaction, said the seller was F&B Developers. He said the eight-story building contains 20,231 square feet.
The building's only tenant is Frank L. Moose Jewelers, which occupies the entire ground floor. All upper-floor tenants were moved out three or four years ago because of deterioration of the building's interior.
The building, Trinkle said, "is in pretty bad shape upstairs."
Although the initial investment is not high, Trinkle said, he must make a significant investment in its renovation. He had no estimates, saying the cost will be determined by pending architectural and engineering studies. "I'm afraid to even guess," he said.
His first action will be to improve the heating and air conditioning for the jewelry store, which will remain as a tenant. Trinkle said he also plans to install a new roof.
The preliminary plan calls for conversion of the upper floors into condominium apartments that will be sold. Trinkle said he does not plan rental apartments.
Pending further studies, he said, some office space might be included.
Hall said he has seen drawings that show the building was originally three stories. He did not know when the five upper levels were added.
In his book, "A History of the City of Roanoke," Raymond Barnes said the structure was known as the Ferguson Building in 1919, when it was purchased by American National Bank for $150,000.
Barnes said the State and City Bank was organized in 1930. The bank, which gave its name to the building, spent $400,000 for the structure along with its acquisition of the mortgage department of Roanoke Securities Corp.
LENGTH: Short : 46 linesby CNB