New large apartment complex

[16 Acres]

Originally Posted by Rabrrita

If you think that apartment complex is big, keep an eye on the area between Morningside Park and the Roanoke River; now that area is going to get a major redevelopment project.

I believe you are referring to the old American Viscose Plant. What I don't understand is that whole area is in a Flood Zone.

[headnsouth]

Originally Posted by ExAustin

What's next? Will we be charged 25 cents every time we sit down on the sofa, use the blender, or open the pantry door? Imagine a future of paying everything, and owning nothing.

JMAX Property Management is headed that way. They have a "Resident Benefit Package" that is $30/mo. on top of rent and you can't opt out. The "benefits" are air filters, renter's insurance with who knows what terms, credit reporting (yes, you are paying to have them report to Equifax), maintenance coordination (historically that has been taken from the owner's share, now it is an additional cost for the tenant) etc. They'll also rent you a W/D and pest control is an additional fee w/no exceptions.

I will live on cat food to pay the ever-increasing property taxes on my home rather than let it slip away. It is by far the most valuable thing my kids will inherit when I go, and the way things are going, that could be the only way they become homeowners.

[Rabrrita]

Originally Posted by 16 Acres

I believe you are referring to the old American Viscose Plant. What I don't understand is that whole area is in a Flood Zone.

Since the municipal government is providing a sweetheart loan package above the purchase price to the developer, I see no downside to it being in a flood zone at this stage.

Once it gets going, I'm sure the local government will throw more money at the project, if needed, to overcome any flooding issues.

[16 Acres]

Originally Posted by Rabrrita

Since the municipal government is providing a sweetheart loan package above the purchase price to the developer, I see no downside to it being in a flood zone at this stage.

Once it gets going, I'm sure the local government will throw more money at the project, if needed, to overcome any flooding issues.

Let's just hope we don't have another '85 Flood anytime soon. It very well could change some minds.

[Rabrrita]

In some states, these types of flood zones are restricted to only industrial development or public open space. Many outright prohibit any type of residential component in the flood zone. You would think that the issues Roanoke faces with flooding downtown that they would really be on the ball about development in other flood zones. However, both the city and state are gung-ho about any development regardless of potential negative impacts or cost in the future.