More rental options built in Roanoke
ROANOKE (WSLS 10) - There is more construction for rental units in the star city. Roanoke city officials say it is because developers see a need here.
One of the proposed developments is off of Orange Avenue.
Chris Craft lives nearby and is the president of the neighborhood association. He says he's looking forward to the change.
Southeastern Site Acquisitions is planning on building more than 300 apartments and invest about $30 million.
Wayne Bowers, director of economic development, says it will be one of the largest apartment complexes in the star city.
"It's very encouraging that kind of investment is always a boom for the city resulting in taxes and people living int he city thus more economic activity in general," says Bowers.
He says since the recession, more developers are taking an interest in building more rental units because people aren't as quick to buy right now.
"Part of it is a national trend that more people are renting than buying homes because of the problems of home ownership and mortgages," says Bowers.
In fact another project in the works in downtown will add another 70 apartments to the market. The developer plans to start construction in the next month.
However some developers have expressed concerns if there is a need after seeing companies cutting jobs like Norfolk Southern. However many of them have completed extensive studies on the area and believes Roanoke is only growing.
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