Town of Blackstone Feasibility Study

Project Description

Summit and Complete Community Economies, LLC partnered to assess the feasibility of renovating the Dillard-Crawley Building in downtown Blackstone, Virginia. The building presents as two standard early 20th century, two-story downtown building. However, the buildings, which front on different streets of the same block, connect in the rear, creating an interesting flow. After long dis-investment, the buildings pose a unique threat to the community, as they physically wrap around and abut a large percentage of Blackstone’s historic commercial district’s buildings. Therefore, the Town and Main Street organization were looking for the best option to reduce the threat to the built environment.

The team researched the current residential market conditions, as well as retail/commercial options that would be appropriate for the storefronts. One unique aspect of the project was that the nearby Ft. Barfoot hosts the State Department’s training programs. These students — hundreds each year — have distorted the housing market because the federal government offers a monthly housing stipend of of nearly $3000, while the 120% AMI affordability is closer to $1000/month. Therefore, we offered two options to the Town; one that addressed the housing shortage caused by Ft Barfoot and utilized state housing incentives, and one that maximized cashflows by providing a mix of short-term rentals and longer-term market rentals.

Project Details