First Hotel and Restaurant Identified $1.735 Million, Tax Revenue, and Jobs for the City of Roanoke
Poe & Cronk Real Estate Group today announced the abandoned Huff Lane Elementary School and its 5.3-acres adjacent to Valley View Mall transferred from the City of Roanoke to NDRA II, LLC, a regional hotel and hospitality development company.
The purchaser, NDRA II, LLC, will commence development of the property immediately. The first phase of development will include a “Home-2-Suites”, a new Hilton Hotel product that has launched in other markets very successfully. Construction will also begin shortly on a new Mexican restaurant operated by the local El Rodeo / El Toreo group which will mark the growing brand’s first Valley View location. The new +/- 7,000 SF restaurant will feature a private dining area and outdoor patio for customers to enjoy.
“We are very proud of the significant role our firm played in making this redevelopment possible” commented Dennis Cronk, President/CEO of Poe & Cronk. “Efforts to make this a successful project began nearly two and a half years ago, and have now produced the $1.735M in sale proceeds which will go directly to funding new construction projects needed at nearby Round Hill Elementary School. In addition, the project, once completed, is anticipated to generate over $1,000,000 in additional tax revenue every year and provide needed new jobs for our city” according to Cronk.
Dennis Cronk and Matt Huff of Poe & Cronk Real Estate Group represented the developer in its transaction with the City. Thom Hubard of Poe & Cronk represented the purchaser of the restaurant site. Cronk and Huff also represented the developer as the Seller of the restaurant site.