Is there a market for non-student housing in downtown Blacksburg? And if so, what does that market look like?
A recently commissioned study answered just these questions and found that there is a fairly significant demand for non-student housing in downtown Blacksburg and recommended a variety of actions that need to occur if the Town decides to move in that direction, including targeting young professionals, identifying places for full block development and downtown expansion, and undertaking a joint plan with Virginia Tech to accommodate future growth, to name a few. The study considered site context, marketability opportunities and constraints, socio-economic trends and characteristics, the performance of peer cities, competitive supply, and demand and market segmentation. The study will assist in providing future direction to downtown housing development in conjunction with other types of uses and provides a starting point for non-student housing conversations. Want to learn more? The study can be found at http://www.blacksburg.gov/downtownhousingstudy/