The Colosseum In Blacksburg

By
Real Estate Agent with Coldwell Banker Townside

TheColosseum1 A few weeks ago, I attended the groundbreaking ceremony for the new Colosseum project in Blacksburg.  The event featured speakers, all kinds of food and drinks, Roman gladiators (I mean, honestly - can you name something "The Colosseum" without gladiators?) and golden shovels.  I took video to show you, in fact.

Stupid video - somehow, everything was corrupted and I lost it all. 

So I'll recap the project here, as best I can.  Sorry about that, but I DO have answers to some of the common questions people have been asking about the project.  From the project's marketing department:

What exactly is a condominium hotel - Condominium hotels operate as a hotel but also add the legal and financial structure of a condominium.  Buyers receive a deed for a real property interest that they can in turn sell whenever they choose.

How is this different from buying a regular condominium - In addition to the investment value of a condominium, buyers can take advantage of the benefits of a luxury hotel.  When the condominium unit owners stay at the hotel, they have access to all of the hotel's amenities, including its restaurant, bar, pool, fitness and spa facilities.

What happens when I'm not using my condominium - When the owners are not using their suites, they can be made available to rent through the hotel's voluntary rental program.  The Colosseum is managed by Salamander Hospitality, an award-winning manager of exclusive hotels and resorts, so buyers don't have to worry about maintaining a property away from home.

What makes The Colosseum a luxury sports condominium hotel - Conveniently located near the heart of Blacksburg's business and shopping district and two miles from Lane Stadium and Cassell Coliseum, The Colosseum is perfectly designed for Virginia Tech alumni and fans who want to support Virginia Tech athletics.  Game day enthusiasts can also take advantage of extras such as child care, game shuttles and underground parking.

How many units are there - The two tower, six story, 241 unit condominium hotel offers luxury fully furnished studio suites, or a one or two-bedroom suites.

How does The Colosseum support the local community - The Colosseum has pledged to donate a portion of the sale of each unit, up to $500000, to the construction of the new basketball facility.  The donation will be made in the name of the purchaser, who will also receive Hokie Points toward preferred seating and parking for their contribution.  Likewise, The Colosseum has committed to endow a permanent $100000 scholarship for a student athlete pursuing a degree in property management or hospitatlity and tourism management, and offer internships to building and construction students during the construction phase.

Pictured above, left to right:

Steve Semones, Balzer & Associates
Daryl Andrews, The Colosseum
Mayor Ron Rordam, Town of Blacksburg
Mark Kinzer, Unlimited Construction
Mike Burnop, ISP Network Analyst and Virginia Tech Hall of Famer
Todd Meckley, Entasis Design PLLC
Random Gladiator
                       

Comments (3)

Anonymous
Carol H.

Personally, I think it is kind of exciting. It will anchor the emerging South Main Street area. 

Friends and family frequently use - and I mean very often - the Marriott Courtyard since it opened, and with

all of the activity at the Corp Research Center it seems like there will be plenty of 'hotel' business that can

be generated when the owners are not using them. Again, while the market turmoil is full-tilt today...we know

from historic cycles that it will and always does turn back around. Figuring that these won't even open for what,

a year? To 18 months? For construction time, it is quite possible that when people are moving in we'll 'on the other

side' of these bumpy times. This is really about Blacksburg's continued steady growth and the amenities that

follow that growth. So, cheers and let's welcome the new neighbors.

Oct 01, 2008 01:37 AM
#1
Tina Merritt
Nest Realty - Blacksburg, VA
Virginia Real Estate

Jeremy,

Now don't lie to me here.....I know you were the one in the gladiator suit.  It is you, right?  Sure looks like you....

Tina in Virginia

 

Oct 01, 2008 01:03 PM
Anonymous
Jeremy Hart

Carol, thanks for commenting.  You make some good points, I appreciate you bringing them here.  Truth be told, I'd not thought of how the "condo hotel" idea could be enhanced by overflow from the CRC - that's a good idea.  While I'd tend to agree with you that the continued steady growth is certainly something we should be working to foster, I still have to wonder how the increase in condo product will play here.  If you go back to when the market as a whole was really humming, two years ago the condo market began to falter as new projects came online and flooded the inventory.  We agree on one thing - the health and well being of Blacksburg.  I expect THAT to continue, but I'm concerned for those with condos right now.  Just last week we had a client take a listing off the market to wait things out a bit more.  That's going to continue to happen ... but I'll drink to your welcome.  I don't wish to see the project fail - no, that's bad for business!  What I want to see is smart, controlled growth in a market sector that's really struggling right now.

Tina in Virginia, you know me too well.  I'm always looking for new opportunities to slip into a tunic, strap on my forged chest plate and bring Roman merth and merry to all of the Emperor's subjects.  Wow ... I did not expect that direction, sorry! :)

Oct 01, 2008 01:56 PM
#3