In July 2011, Hampton Roads Ventures invested $9,730,000 in the Roanoke City Market Building, a Certified Historic Structure and former center of commerce and social interaction for downtown Roanoke.
Built in 1922, the building had seen little in the way of maintenance or improvements and had fallen into dilapidation and disrepair. Most of the original infrastructure remained, and the building was in dire need of a renovation to recapture its glamor and charm.
The renovation increased the usable floor space by approximately 7,500 square feet, making room for 8 more vendors and creating a centrally-located public events area.
The project created 41 new permanent jobs while preserving the jobs held by present employees. The Market Building Foundation, Inc., a 501 (c)(3) entity, ensures the preservation of the historic and architectural character of the building, pledged to actively recruit businesses to lease space, helping to promote the region’s diversity.
This project rejuvenated the downtown social hub, increased the available jobs in the area and is generating local property tax revenue for the city of Roanoke.