Blacksburg Town Council has appropriated the funds to purchase an existing parking lot in downtown Blacksburg. The property is approximately 2/3 of an acre and located in the 300 Block of Progress Street, behind The Creekmore Law Firm building, formerly Raines Real Estate.
The Town and property owner have agreed upon a price of $650,000. The purchase of this property enables the Town to guarantee that current downtown parking spaces are not lost to redevelopment and consider long term options for how the property can best serve the parking needs in downtown.
The purchase is one of many recent public investments in the downtown area. It allows the Town to address both short term and long term goals by balancing the parking needs of the public, employees of downtown businesses, and downtown residents, while providing the potential for the future construction of additional parking facilities.
Current individual space leases will be extended through June 2012 to allow the Town ample time to develop a management plan for the parking lot. Public input and downtown merchant participation in this discussion will take place this spring.
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