Developers take possession of former Roanoke school property
The city of Roanoke has transferred the former Huff Lane Elementary School and its 5.3-acres adjacent to Valley View Mall to NDRA II LLC, a regional hotel and hospitality development company.
NDRA plans to begin development of the property immediately. The first phase will include a Home-2-Suites hotel, an extended-stay Hilton brand.
Construction will also begin shortly on a 7,000-square-foot Mexican restaurant operated by thel El Rodeo/El Toreo group, marking the chain’s first Valley View location.
The city school board voted to close the school in 2010. City council approved plans for its redevelopment last year.
The Roanoke-based commercial real estate firm Poe & Cronk Real Estate Group played a role in the redevelopment of the property.
Dennis Cronk, the firm’s president and CEO, said $1.7 million in sale proceeds from the project will be used to fund new construction projects at Round Hill Elementary School.
Once completed, the project is expected to generate more than $1 million in additional tax revenue annually.
Dennis Cronk and Matt Huff of Poe and Cronk represented the developer in its transaction.
Thom Hubard of Poe and Cronk represented the purchaser of the restaurant site. Cronk and Huff also represented the developer as the seller of the restaurant site.