ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Saturday, March 08, 1997 TAG: 9703100101
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
SOURCE: MAG POFF THE ROANOKE TIMES
Powers has no definite plans for the building, aside from extensive renovations.
The former Heironimus building in downtown Roanoke was sold Friday to Calvin Powers, a local developer, for $412,500.
Read Lunsford of Hall Associates Inc., who represented Powers in the transaction, said the buyer has "no concrete, firm or fixed plans" for a new use for the structure.
But he said Powers has some "strong concepts" for renovation of the building that he expects to announce in about 90 days.
The building best lends itself to a mixed use of retail, residential and office purposes, Lunsford said, but it will require extensive renovations.
He expects Powers to work closely with Downtown Roanoke Inc. and the Roanoke Regional Economic Development Partnership in planning for the property.
Powers took title to the property in the name of one of his entities, Blue Eagle Partnership. That is the same company that owns the Civic Mall on Williamson Road, the Sears warehouse on Plantation Road and the former Stone Printing Co. plant near Hotel Roanoke that will be used for the office of the Social Security Administration.
Lunsford said the title could be transferred to another of Powers' companies later.
The deal was first signed in January, a year after Heironimus vacated the building at the end of its lease. The department store chain cited declining sales downtown as the reason for the closing.
The former owner was the Edgar Thurman Foundation, which makes contributions to charitable agencies that work on behalf of children. The foundation, which is administered by Crestar Bank, was represented by Waldvogel, Poe & Cronk Real Estate Group Inc.
The original asking price was $858,500.
The property actually consists of two separate buildings with a combined total of 102,000 square feet.
One, at the corner of Church Avenue and South Jefferson Street, consists of four stories and a basement. It was built in 1905 for Thurman & Boone Furniture Co., of which Edgar Thurman was the principal.
The second, a one-story building located to the south on Jefferson Street, was built in the 1930s for Woolworth. It was used by Heironimus for its men's department.
Heironimus purchased the buildings in the 1950s and combined them.
In a separate matter involving downtown properties, Lunsford said the proposed sale of the American Chemical Co. building on Elm Avenue had fallen through prior to closing.
The "For Sale" signs will be erected on the orange-colored building today, Lunsford said. The asking price is $495,000.
The property had been sold to a partnership that planned a restaurant and sports bar, but Lunsford said the group had not been able to arrange financing.
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