Thursday, October 29, 2009
Editorial: Patrick Henry gets someone who cares
A local developer with a proven track record is the perfect match for a historic landmark.
From the RoundTable blog
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Downtown Roanoke's faded Patrick Henry Hotel needed a suitor who wanted it for love, as much as money, and it got one in local developer Ed Walker.
Tuesday's sale of the once elegant building on a once bustling Jefferson Street could not have been better news for the street's retailers, local preservationists, the city and anyone cheering on the second rebirth of downtown.
Walker's record of making outmoded, long-vacant buildings into prized living space inspires confidence that the Patrick Henry will, indeed, go from fancy white elephant to a treasure again.
For that, not just any developer would do.
The Patrick Henry is a fine, old building with lots of potential, but it's a mess.
Decades of out-of-town ownership meant risk-averse investment that, at best, tried to maintain appearances and, at worst, left the hotel abandoned and deteriorating.
Walker plans to pour at least $14 million into restoring the 84-year-old building, starting with the unexciting essentials of roof repair and asbestos abatement. Renovation, he acknowledges, will be "extremely difficult and challenging."
He also maintains, though, that local ownership improves the prospects for success, and we agree. His fear about the building's fate, should it have ended up again among the holdings of an out-of-town company, was a motivating factor in buying it. Obviously, his interest is more than financial.
Walker lives with his family downtown and is a major investor in downtown living. Even before he bought the Patrick Henry, he had a stake in its future, as do countless others in the community. He recognized the impact the building has on Jefferson, a main entryway downtown, and the potential for doing harm or good. And he was in a position to affect the outcome.
Decades ago, Design '79 remade the City Market, pumping life back into the heart of downtown. Investors at last are pushing the revitalizaton outward, Walker principal among them.
The success of the Patrick Henry is not a done deal. A lot of work and unknowns lie ahead. But Tuesday, the old gent got a new lease on life.
