The Roanoke Valley's Virginia 419 corridor boasts some of the highest household incomes in the region, but even this show-me-the-money mentality is not going to lure major retailers during a national recession.

Developers and owners of retail businesses and properties along this 9.5-mile highway, mostly traversing Southwest Roanoke County and Salem, offered glimpses into some development projects Thursday, while acknowledging that an economic recovery for the industry is a long way off.

Speaking at an annual luncheon in Roanoke for the International Council of Shopping Centers, developers and shopping center marketers all referred to the future, when they will be in the right place at the right time to take advantage of some kind of economic upswing.

"If you don't remind them [customers] now, they're not going to remember you later," said Rebecca Spaid, marketing manager at Tanglewood Mall.

Though some companies are cutting their advertising budgets, Spaid said the Roanoke County shopping center still is spending to spice up its image with billboards, radio announcements and magazine ads. Within a three-mile radius of Tanglewood, household incomes are between $60,000 to $100,000, she said.

The mall is one of many nationwide that has suffered a large blow from the closings of several big-box retailers in the past year, including Steve & Barry's and Goody's.

It could take awhile to fill some of these large anchor vacancies, though Spaid said the mall is talking with several new retail prospects about moving into various spaces, including one that would fill some part of the former 48,000-square-foot Steve & Barry's storefront.

There's the possibility of breaking up a big-box retail space into smaller stores, but Spaid would not comment about whether that's the plan for a prospective Steve & Barry's tenant.

Elsewhere in Southwest Roanoke County, the developer of Keagy Village lauded the attributes of that retail center, which houses 50,000 square feet of space but has only three tenants. Dunkin' Donuts is slated to open soon.

Kahn Development Co. still is seeking an anchor tenant for the retail center, which is eventually planned to have 105,000 square feet of retail and office space. A grocery store would be ideal, but "we're pretty much responding to the market right now," said Charles Kahn, a vice president at Kahn.

The sluggish economy is a major reason this South Carolina developer has not landed additional tenants for Keagy Village, which is situated at Keagy Road and Virginia 419, Kahn said.

Several years ago, Bonefish Grill, a seafood chain, said it wanted to open a restaurant at Keagy Village. Later, it withdrew its plans.

Kahn confirmed Thursday those negotiations still are off the table. Apparently, the Bonefish franchise owner "wasn't ready to move forward," he said.

Still, some retailers have shown interest in what he described as a "dressy" Keagy Village, with its multicolored buildings and outdoor landscaping.

"We think that we are positioned well to take advantage of the upturn," Kahn said.

Meanwhile, the developer of Slate Hill, a cleared hillside along U.S. 220 and Virginia 419, promises a hotel, restaurants and 120 residential condominiums at this site.

Still, this project has been in the works for at least five years, and no retail plans are officially off the ground.

"This is very much outside of our core business," said Hunter Smith, vice president of development for the Slate Hill developer, Smith/Packett Med-Com LLC, prefacing his Thursday luncheon discussion.

Smith/Packett builds senior housing and health care facilities.

Right now, the vision for Slate Hill is similar to what Jim Smith, Hunter's father and CEO of the company, touted last year.

Hunter Smith said he expected construction on Slate Hill's first phase to begin in the first quarter of 2010. It would include the hotel and 30 condos initially.

After the luncheon, he said Smith/Packett is in discussions with a Hilton Garden Inn about building a 90-room hotel at the site. The developer also is talking with three chain and local restaurants.

The condos, at 2,400 square feet each, would be timed with next year's opening of the new Virginia Tech Carilion School of Medicine, which would draw more doctors to this area, Hunter Smith said.

He explained that the project's long delay is related to infrastructure improvements at the 65-acre site, including finalizing water and sewer plans.

And he added "we missed the retail boom."

But it could be awhile before much progress occurs there. No leases for any of the anticipated businesses have been signed.