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Market Building Transfers Out of City’s Hands

Market Building Partners LP, general partner of Market Building GP, LLC submitted the successful bid at the 2:00 p.m. city council meeting on Monday.

It was the only bid received.

The public hearing was held at 7:00 p.m. and with an uneventful and unanimous vote the city ended five years of control over the Market Building. The 40-year agreement sets out the terms to perform the renovation, repair and operation of the Market building for a consideration of one-dollar a year.

The project is now eligible for state and federal tax credits through the Market Building Foundation that consists of seven members:

Phil Davis, Hotel Roanoke Conference Center Commission, Beth Deel, Roanoke Regional Chamber of Commerce, Gordon Hancock, Economic Development Authority, Stephen Lemon, DRI representative, Sherman Stovall, City’s Director of Management & Budget, Larry Davidson – at large and Doug Waters – at large.

Market Building Foundation, Inc. will take the next step and search for management of the building. The management agreement will be fee based and contain expectations for fulfillment of defined services.

Responsibilities for management will include staffing, accounting, cleaning, custodial, security and routine maintenance. The agreement even details light bulb changing, snow and graffiti removal, and touchup painting.

The selected management group will also be a part of establishing the lease rate structure and other vendor charges. Tenants are being offered an incentive to return to the building at its expected completion date in April 2011. Prior retail sales vendors will receive $15,000 for equipping their space. Prior food vendors will get a hefty $35,000 – an increase from the original $20,000 incentive.

Locally and regionally-owned retail sales, restaurants, and food court vendors will be recruited to lease space. There is no exclusivity clause to prevent more than one sub shop or hamburger vendor from locating in the building.

The management group selected will also operate the multi-purpose event venue on the second floor.

By Valerie Garner
[email protected]

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