2017 Annual Report

Real Estate and Infrastructure

NEW RESIDENTIAL DEVELOPMENT UNDER STUDY IN BLACKSBURG

• Old Blacksburg Middle School Redevelopment - Fiddler’s Green Partners bought fourteen acres of the roughly twenty-acre property that was the former middle school for $1.75 million. Since then, Fiddler’s Green has also exercised their option to purchase the remaining 5.5 acres of this property for $2.5 million. The developer has already filed for a rezoning with the Town of Blacksburg to have the combined parcels rezoned from low density residential to downtown commercial. This will allow for the acreage to be utilized as a mixed use of commercial, retail, office, restaurant, and residential property. • • Old Blacksburg High School Redevelopment - The County closed on selling the former high school to HS Development, LLC, on November 21. The property was sold for $3 million. The developer plans on using the property for residential use, which would require a rezoning with the town. The funds from the sale of this property will be reinvested into other school projects. Old Blacksburg Middle School Property along South Main Street In 2017, $94.7 million in road projects were either allocated or under construction. Two major projects under construction included: • 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 interchangewill eliminate 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 December 2019. $94.7 MILLION IN ROAD PROJECTS UNDERWAY

Image Credit: Town of Blacksburg

Proposed Diverging Diamond Interchange Southgate Connector

Project Area for the I-81 New River Bridge Replacement

Image Credit: VDOT

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2017 Annual Report | Montgomery County Economic Development Department