Palmetto State Enterprises hopes to build a $30 million condominium complex by fall 2008, right behind Lane Stadium, dubbed The Legends of Blacksburg. The Collegiate Inn is spending $3.5 million on renovations to become Blacksburg’s first hotel-condo by fall 2007. What’s more, Colosseum, a six-floor, $60 million sports luxury condominium hotel is planned to be built on South Main Street by 2009.
Be it hotels, condos or hotel-condos, massive sports luxury facilities catered toward returning Virginia Tech alumni certainly seem to be “on the rise.”
According to a recent article in The Roanoke Times, many college towns that are relatively small like Blacksburg have seen condominium projects pop up within the last couple of years. Also like Blacksburg, most of the town’s schools have large athletic programs with a strong fan base.
Larry Hincker, university relations, said he thinks it is positive that there is so much interest in the Blacksburg community.
“Many of these condo projects will add some density,” Hincker said. “If we have people living in this area it will be a draw for restaurants and other types of businesses.”
Most of the condo projects are focused on alumni returning for sporting events that would rather stay the night than have to face a long drive home after the game.
Margaret Galecki, general manager for The Legends of Blacksburg, said that while the prospective condominium complex will be suited for any Virginia Tech fan, football seems to have a more active fan base.
“We are hoping to attract Hokie fans of all type,” Galecki said.
The Legends of Blacksburg, around a $30 million condominium project, is still waiting to be approved by the Blacksburg Town Council. On May 1, the town council and the Blacksburg Planning Commission will review the rezoning request and will decide whether Legends can start their construction.
Galecki said that the prospective condominium complex has already gone before the planning commission twice and has made adjustments such as adding additions and property, as well as adding a lighted walking space to Lane Stadium.
“This started back in November and we have made and continue to make adjustments of the plan,” Galecki said, speaking on the project. “We are trying to work with the town as well as possible to satisfy all their needs.”
As soon as it is approved, Galecki said that the building process should take 14 months, making it ready for the 2008 football season. When it is finished, there will be 80 units that range from $350,000 to above $700,000. According to the Legends of Blacksburg website, 18 condos have already been reserved through pre-leases.
“(Pre-leasing) is required by lenders in order to get financing,” Galecki said. “In order to get financing, it all depends on pre-sales.”
Although the town council and the Blacksburg Planning Commission have not approved the condominium complex, Galecki said that they have to go about it as if it is approved to get pre-sales. She said that if it doesn’t get approved at the meeting coming up, they would just make the changes the town asks for until it does get approval.
Galecki said that once built, Legends will differ from other hotel and condominium projects also trying to take flight in Blacksburg because there is no rental situation: It is a condominium complex in which each owner owns their own unit.
As for other differences, Galecki said she feels that proximity to Lane Stadium sets them apart from the others. If approved, The Legends of Blacksburg will be located right behind the stadium and will feature a lighted path to it by way of the Cranwell Trail.
“We are offering something different than some of the other communities are offering,” Galecki said, “We are offering the opportunity to live near Lane Stadium.”
The Collegiate Inn, which is located on the corner of Prices Fork Road and University City Boulevard, is not as near to Lane Stadium but does have hotel service for individual condominiums. The Inn hrefers to this as “luxury living on demand.”
The hotel rooms that are available right now at Collegiate Inn are being renovated and will serve as condominiums with individual owners by next football season. The owners will be able to enjoy the opportunity to join a rental program in which the rooms will be rented out by the hotel when not used by the owner. So far, 46 of the 48 rooms have already been reserved.
“To a (renter), they wouldn’t know that anything has even changed except the rooms will be a lot nicer,” said Shivon Dosky, managing partner for Collegiate Inn.
However, the owners of the condos will definitely notice a change. According to Dosky, there will be owner exclusive amenities available, such as pre- and post-game parties, babysitting services, and rides to and from the games.
Dosky said that the new-and-improved Collegiate Inn would be an affordable luxury hotel; something he feels will differentiate it from other establishments.
“It has been here for years, and is a successful hotel which is a key component of having a successful condo-hotel,” Dosky said.
Daryl Andrews, the managing partner and principle of A and M Ventures, disagrees. He said that one of the advantages of the Colosseum is that it is not a converted hotel room with “a coat of paint and new furniture.” Andrews said that it will be built specifically to be used as a sports luxury hotel condominium.
A and M Ventures and Unlimited Constructions plan for construction for their development, the Colosseum, to begin construction fall 2007 and take 18 months to finish. Andrews said that the town council has approved the commercial zoning, but they still have to get approval for the final sight plan.
The 172-unit sports luxury hotel condominium will be built using all renewable resources including steel-reinforced insulated concrete to create an energy-efficient, environmentally-friendly building. The luxury suites range from $170,000s to $800,000.
Like Collegiate Inn, the Colosseum will also consist of individually owned condominiums whose owners may use them whenever they like and then leave it to the hotel to manage when they are away.
“It operates as a hotel so when the owner is not in resident he is able to be in a rental program,” Andrews said.
Andrews said that they have not started their sale efforts yet, so no condos have been reserved. However, there have been many inquiries, he said.
The hotel-condo will also provide amenities such as a private banquet area to host pre- and post-game parties, fitness center, day spa, media room, business center, shuttle services to the stadium, garage parking and more.
