Buyer Terminates Contract to Purchase Fishburn Cottage
Roanoke, VA – Pursuant to the terms and conditions of a Contract for Purchase and Sale of Real Property related to the renovation of the former Fishburn Cottage, situated on approximately .75 acres of City-owned property located at 2424 Brambleton Avenue, a portion of Official Tax Map No. 1470301, the buyer of the property, Lora J. Katz, has exercised her right to terminate the Contract during its inspection period. Ms. Katz based her decision on the cost estimates which she received for the intended renovations of the cottage. These estimates exceeded the financial feasibility of the project.
In light of the termination of the Contract, the City of Roanoke will again initiate the process to receive and consider proposals for the restoration, renovation, and reuse of the structure located on the Property. Such proposals may presume the conveyance of the Property by the City to the successful proposer for nominal consideration, but without any direct financial support from the City.
Proposals should contain a Business Plan outlining the intended use of the Property and proposed financing of its renovation/reuse; a Renovation/Reuse Plan outlining proposed physical improvements to the Property and retention/restoration of character defining architectural features of the Cottage; and specific timelines for performance of due diligence activities of the Proposer and commencement and completion of proposed renovation/restoration of the cottage structure on the Property.
The deadline for receipt of Proposals by the City will be March 30, 2018, at 4 p.m. Further information regarding the proposal process will be posted at http://www.bizroanoke.com/Start,-Locate,-Expand/Sites-and-Buildings/Available-Buildings.aspx.