If you plan to attend the auction and bid in person, which we hope you do, registration will start March 28, 10 AM at The Inn at Virginia Tech (Skelton Conference Center .)
PRIME DOWNTOWN LOCATION WITHIN WALKING DISTANCE TO VIRGINIA TECH CAMPUS
Approved Certificate of Appropriateness/Redevelopment Plan-Rehabilitation of Kelsey House on South Main Street (Into a Restaurant) & Construction of 7 Townhouses along Lee and Church Street!
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201 S. Main Steet & 103-105 Lee Street Blacksburg, VA 24060
Parcel ID’s 002612 & 002611 – .61 Acres Total
This property includes a 1.5-Story home (Kelsey House) that fronts along South Main Street in downtown Blacksburg and only a few blocks from Virginia Tech campus. It is subject to interior and exterior rehabilitation prior to any construction of the townhouse development. House approved for a restaurant.
The property along the corner of Lee and Church Street is approved for the construction of seven townhouses.
The property is comprised of two tax parcels totaling .61 acres. The parcels are zoned Downtown Commercial District.
DISCLOSURE: See “Town of Blacksburg’s Update & Status Document for 201 E. Main St & Lee & Main Development”
This project has an Approved Certificate of Appropriateness and Four Amendments, Approved Conditional Use Permit, Approved Site Plan, Approved Preliminary Subdivision Plat, however, building permit needs to be renewed. Information on the status can be obtained in the “Update and Status Letter from the Town of Blacksburg”.
DISCLOSURES: See “Town of Blacksburg’s Update & Status Document for 201 E. Main St & Lee & Main Development”.
This Approved Redevelopment Plan includes Certificate of Appropriateness (COA) approved by the Historic Design Review Board (HDRB) and includes rehabilitation of the Kelsey House and construction of seven townhouses. Furthermore, this Redevelopment Plan has binding recommendations for the approved demolition, rehabilitation and redevelopment. Any substantial changes to the Redevelopment Plan would require HDRB approval. Construction Sequencing is further explained in the “Update and Status” letter from the Town of Blacksburg. A Certificate of Occupancy for the townhouses cannot be issued without the completed interior and exterior rehabilitation of the Kelsey House and issuance of a certificate of compliance in accordance of COA.
From I 81 in Christiansburg, VA take Exit 118 C-B-A, to ramp toward US-11/US460 toward Blacksburg/Christiansburg. Stay straight on US 460 W for 5 miles and take exit 5AB. Head right onto ramp for US-460 Bus East/Us 460 Bus West Toward Blacksburg, Continue on US460 West Bus/S Main St for approximately 3 miles property on right (201 S Main St Blacksburg, VA 24060)
Terms & Conditions of Broker Participation
Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a commission of two percent (2%) of the High Bid at settlement by the Auction Company. Registration must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well as Broker’s license number and Federal Tax ID number. The form must be received in the office of Woltz & Associates, Inc. by 12:00pm on Tuesday, March 27, 2024. If prospect attends preview, agent must attend with prospect. Additionally, agent must attend sale and co-register with prospect on auction day. Only the first broker to register the high bidder will be paid a commission. Agents acting as principals, on behalf of licensed real estate agents, on behalf of family members, on behalf of entities in which they hold an ownership interest or who represent prospects who have had prior contact with seller or auction company are not eligible. Only one registered bidder per agent.
Basic Terms & Conditions of Auction
- REGISTRATION: Bids will be accepted only from registered bidders.
- AUCTION SALE: The property is to be sold at ABSOLUTE AUCTION. Sale conducted for Lee and Main Street, LLC, Chapter 11 Debtor in Possession. Sale subject to final approval of the U.S. Bankruptcy Court. The secured Creditor, whose claims are secured by the real estate being sold, may bid to protect its interest. ALL SALES ARE FINAL. All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
- AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER, LEE AND MAIN STREET, LLC, CHAPTER 11 DEBTOR IN POSSESSION.
- ANNOUNCEMENTS: Announcements made sale day will take precedence over all prior communications, verbal and written, concerning this sale.
- BIDDING: The auctioneer will determine bid increments.
- BUYER’S PREMIUM: A ten percent (10%) Buyer’s Premium will be charged. The Buyer’s Premium is added to the high bid to determine the contract sales price.
- DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sales price will be required on the day of sale upon the signing of the Real Estate Purchase Agreement and/or Trustee’s Memorandum of Sale. The deposit is payable by cashier’s check or a pre-approved personal check made payable to Woltz & Associates, Inc. Escrow Account. A personal check will be approved if, prior to or at the time of registration, the bidder presents a bank letter stating the bidder is a customer of the bank and that the checking account is in good standing
- CLOSING DATE FOR REAL ESTATE: The balance of the Contract Sale Price shall be due within thirty (30) days of the sale date or five (5) business days of the date the sale is approved by the Bankruptcy Court (whichever is later) by wire or cashier’s check.
- TRANSFER OF TITLE TO REAL ESTATE: The real estate will be conveyed by Special Warranty deed free and clear of liens subject, however, to any recorded rights of way, easements and conditions of record. Legal title will be conveyed at settlement.
- FINANCING: The sale of the real estate is not conditioned upon the bidder obtaining financing. Bidders should have arranged any necessary financing prior to registering to bid.
- REAL ESTATE INFORMATION PACKET: A Real Estate Information Packet is available from the Auction Company and the items included in the Packet have been posted on our website.
- BROCHURE: The information contained in the auction brochure, website, and other advertising is subject to independent verification by prospective bidders. Neither the Auction Company nor the Seller assumes any liability for its accuracy, errors or omissions. Boundaries shown on aerial photographs are approximate. Please refer to survey for boundary locations.
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