Downtown press room-to-apartment project on hold

Restaurant owner Richard Matcher bought the building from former newspaper owner BH Media in 2022 for $2.2 million, but has yet to begin construction on the planned apartment community announced two years ago.

“Interest rates seem to have put the project on hold,” said Masher, who foresees construction of 70 studio and one-, two- or three-bedroom apartments over five stories.

“Interest rates have gone from 2% to 8%. From a development perspective, it changes the dynamics of the whole building,” he said. “The numbers suddenly stopped working the way they needed to. We're still bullish on it.”

He said he would keep a close eye on interest rate developments over the next year, but was also considering other options. “I'd love to see a mixed use,” he said, noting that maybe a pickleball center would occupy part of the property and apartments could occupy another part.

“My real estate agent has contacted several data centers and they want to build around the Northern Virginia area,” Matcher said.

“A unique land market opportunity in downtown Roanoke,” the marketing brochure proclaims, going on to say that the next user may be from the medical industry. or printing, packaging, food and beverage, education or research.

The Roanoke Times ceased printing at the printing building in 2017 as printing operations moved to Lynchburg.