171505_MoCoEconDev_AR_Proof

Real Estate and Infrastructure

NEW RESIDENTIAL DEVELOPMENTS UNDER CONSTRUCTION IN THE COUNTY

• The Adams at Pepper’s Ferry - The Adams at Pepper’s Ferry are new luxury one, two, and three-bedroom apartment homes for rent in Christiansburg. Located near the New River Valley Mall, this complex is close to all of the dining and retail that Christiansburg has to offer. This $23.5 million development from Berkadia is still under construction; however, some units are already available in this 168- unit multifamily property. •

The Adams at Peppers Ferry

• Midway Estates - Midway Estates, located on the former Elliston-Lafayette Elementary School site between Christiansburg and the Salem-Roanoke area, was rezoned for the third time to allow for continued development of the site. This time, the project would allow up to 51 lots for single- family detached dwellings and single-family attached dwellings, or townhomes. This residential development is owned by Shah Development, and was originally auctioned off by the County and bought by Shah for $208,000 in 2014 after the school former elementary school was torn down. In 2018, $94.7 million in road projects were either allocated or under construction. Two major projects under construction include: • New River Bridge I-81 exit 105 (Montgomery County) - Construction of this $48 million project began in winter 2016. The goal of this project is to replace the northbound bridge and widen the shoulders and approach to the bridge on Interstate 81 at the New River on the Montgomery County and Pulaski County line. The Route 232 overpass will also be reconstructed to accomodatewidening the interstate, and the northbound deceleration lane lengths will be improved by adding an extended deceleration lane. Work on this project is expected to be finished in late 2020. • Southgate Connector (Blacksburg) - In 2014, VDOT allocated $46.7 million to replace the signalized intersection at U.S. Route 460 and Southgate Drive at the entrance to Virginia Tech with a diverging diamond interchange. This new interchange eliminated one of the last two at-grade intersections on the Blacksburg Bypass section of Route 460. In Spring 2015, this project officially broke ground and began construction. A ribbon-cutting was held in December 2017, and the entire Southgate Connector project is expected to be finished in early 2019. $94.7 MILLION IN ROAD PROJECTS UNDERWAY

Proposed Diverging Diamond Interchange Southgate Connector

Project Area for the I-81 New River Bridge Replacement

Image Credit: VDOT

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2018 Annual Report | Montgomery County Economic Development Department