Construction has begun on the Colosseum Sports Condominium Hotel on South Main Street, building possibilities for Virginia Tech students, alumni and Blacksburg businesses.
The Colosseum will be a "luxury sports condominium hotel," consisting of two six-story towers containing condominiums that are purchased as real estate, and can be rented out by the owners. People who rent the condos will have the same privileges as the owner they rent from, basically creating a hotel atmosphere.
Colosseum Marketing Director James Oliver said the property is aimed at doing more than just housing fans. The group has donated $500,000 to the new basketball practice facility. It will put $100,000 towards an endowment for a scholarship available to hospitality and tourism management students and offer internships to building construction and property management students.
Many developers of the Colosseum have deep connections to the Blacksburg community. The builder, Unlimited Construction, is led by president and CEO Mark Kinser, a Virginia Tech alumn. Tech radio announcer Mike Burnop will be the spokesman.
Shane Adams, president and CEO of the Montgomery County Chamber of Commerce, said the Colosseum should have a noticeable effect on South Main Street as a business district.
"A business of the Colosseum's sort is certainly good for the tourism industry," Adams said. "It will encourage retail development around it."
In addition to the First and Main project already under construction, several other sites on South Main Street are being explored for development.
"I know that many sites along South Main Street were being looked at for development prior to the Colosseum announcement," Adams said. "It will be a positive in attracting, renovating and expanding businesses that are already there or will be there."
Adams said the number of businesses thinking about sites on South Main would increase with the opening of the Colosseum.
"That will be a boost to the availability of lodging. It will encourage businesses that are not around there to consider the area as a possible site," Adams said.
The Colosseum held its groundbreaking ceremony Sept. 12.
Units are already being sold, with the property scheduled to open in 2010, reportedly just in time for the spring football game.
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