Work on the site for a 48-unit apartment complex in the Low Moor area of Alleghany County VA has begun. The apartments are being constructed on property near the YMCA by Robert Fralin, a Roanoke developer.
River Retreat Apartments now available for lease.
For more information click here.
Real estate and commercial property in designated opportunity zones provide interesting tax advantaged investment opportunities. The 4.87 acre Karnes Creek site is just such a possible opportunity zone investment. This undeveloped commercial site is situated along the east bound ramp at Exit 21 I-64 in Low Moor VA. It lies within the opportunity zone certified in Alleghany County.
The federal Opportunity Zone program enacted as part of the Tax Cuts and Jobs Act of 2017 allows investors to create Opportunity Funds to direct tax-advantaged investments to one or more opportunity zones like that in Alleghany County. Investments are required to be equity investments in business or real estate within an opportunity zone.
Opportunity zone investment offers investors the chance to defer, reduce, and eliminate taxes on capital gains. To be eligible for the tax benefits, their capital gains have to be invested in low-income census tracts that have been designated as opportunity zones. More than 8,700 census tracts in the U.S., including 212 in Virginia, have been officially identified as opportunity zones.
Alleghany Highlands Economic Development Corporation
9212 Winterberry Avenue, Covington, VA 24426.
540-862-0936
info@ahedc.com
Opportunity Zones in the Roanoke Region of Virginia
The 4.87 acre Karnes Creek site warrants your consideration as an Opportunity Zone investment and the chance to defer, reduce, and eliminate taxes on capital gains. Come see the site with us.
Karnes Creek Investment Company, LLC
P. O. Box 635, Clifton Forge, VA 24422
Email: karnescreekland4sale@gmail.com
Tel: 540-960-1135
Get the new 60-page Alleghany Living magazine. It is available at the Alleghany Highlands Chamber of Commerce and Tourism office and Visitors Center. Located just off I-64 at Exit 16 at 110 Mall Road in Covington VA. Stop by or call (540) 962-2178.
Alleghany County officials are exploring the possibility of spending $1.5 to $4.5 million to develop a pad-ready site in the Alleghany Regional Commerce Center according to the front page story in the September 8, 2018 Virginian Review. According to the article, County officials have identified 15 acres in Low Moor VA directly north of Balchem for development. The approach being considered by the County can enable a business to be up and running within months after signing to locate on a property.
Is it big enough? It comes down to what you are building.
Four acres is plenty big enough for an office building, hotel/motel, or medical center. B-1 zoning in Alleghany County VA lists nearly 30 different acceptable uses. Any of which could be a fit.
So, then it comes down to what you are building…and what you can envision?
174,240 square feet of land. That’s 4 acres. Take 10 percent of that total for setbacks, easements, storm water control, and other factors and that brings the area down to 156,816 square feet of buildable area. Assign 30 percent of that area to access lanes and parking for customers, guests, or employees and the square footage drops to 109,771 or just a bit more than 2 1/2 acres – about the size of your average city block. That’s a good size piece of ground for buildings and green space.
The 4.87 acre Karnes Creek site in Low Moor VA…is it big enough? It comes down to what your are building and what you can envision.
Karnes Creek site at Exit 21 I64 in Low Moor VA
Karnes Creek Investment Company, LLC
P. O. Box 635, Clifton Forge, VA 24422
Email: karnescreekland4sale@gmail.com
Tel: 540-960-1135
A newly completed feasibility study confirms that costs driven by mountainous terrain and distance from existing natural gas service remain the principle challenges to the viability of extending natural gas service to Low Moor, VA. The natural gas line would have to be extended from the Pitzer Ridge area of Covington, VA.
Heath and Associates, a Shelby, N.C.-based engineering firm that conducted the feasibility study for Alleghany County, places the estimated cost for constructing a natural gas system to the Alleghany Regional Commerce Center in Low Moor at $15.6 million. Columbia Gas of Virginia’s latest estimate is $26.5 million.
Due to the limited number of customers in the Low Moor area, the study projects that county would have to provide a subsidy of up to $975,403 per year to offset operating deficits.
The county also evaluated an option that would involve trucking compressed natural gas to the commerce center but the delivered cost exceeds propane and fuel-oil prices.
For more information read the front page story in the October 5, 2017 Virginian Review.