315 ALBEMARLE AVENUE SE
Zoning & Development Flexibility
Downtown District (D)
The purpose of the D District is to permit a wide variety of uses and relatively intense development downtown, consistent with historic development patterns, in a manner that protects and enhances the business and cultural centre of the city and region. In practice it is one of the most permissive designations in Roanoke, which is what gives this property its range of redevelopment options.
Enterprise Zone
Roanoke City has one Enterprise Zone (Zone One A), covering downtown Roanoke, Statesman Industrial Park and other areas — this property is inside it. The zone carries multiple local and state grants and incentives. One example at state level is the real property investment grant, a reimbursement of up to 20% with caps based on investment size, new construction and type of use. Local grants support specific aspects of development including water, fire and sewer hookups and fire suppression.
Enterprise Zone incentives & Zone One A guidelines · Real estate tax exemption
Historic Designation
The complex is individually listed on the National Register of Historic Places (reference 06000067, listed 22 February 2006) and on the Virginia Landmarks Register (7 December 2005), and it also sits within the Roanoke River and Railroad Historic District and the Southeast Roanoke Historic District. Individual listing matters: eligibility rests on the building’s own designation rather than on contributing to a district.
That listing makes the property potentially eligible for both federal (20%) and Virginia state (25%) historic rehabilitation tax credits on qualified rehabilitation expenditures. Participation is voluntary — a developer retains full flexibility in their approach to the property unless they choose to pursue credits. The historic overlay does not restrict permitted uses or add zoning requirements beyond those of the underlying Downtown District.
Innovation Corridor
Leaders from the City of Roanoke, Virginia Tech, Carilion, Radford University and others came together to create an Innovation Corridor in Roanoke. The focus is to establish the city as a centre for innovation and a multimillion-dollar biomedical and tech hub, bringing more students, researchers, development and businesses to the region.
New Markets Tax Credits (NMTC)
This property sits in a confirmed NMTC-eligible census tract (51770002600), verified through the CDFI Fund’s official mapping tool. The NMTC programme provides a 39% federal tax credit over seven years on qualified equity investments in low-income communities. Virginia is a targeted state for NMTC deployment, and the credit can be stacked with historic tax credits and Enterprise Zone incentives to materially improve project economics.
Neal Brenner
Owner/Agent
AJAG Real Estate