The following post is a paid sponsorship from Freedom First Credit Union. If your business or organization is interested in sponsorships or advertisements in The Rambler, you can learn more here.

One of Downtown Roanoke’s most iconic buildings, the former First National Exchange Bank, is getting a second life. Local developer Lucas Thornton, restaurateur JP Powell, and music industry leader John McBroom saw the historic building as more than a structure. They saw a vision for a space that intersected music, food and hospitality. 

Soon, it will house a vibrant music hall, Spanish-inspired restaurant, and boutique hotel, all made possible by financing through locally headquartered Freedom First Credit Union.

“Freedom First has been critical to the rehabilitation and repurposing of this building,” Thornton said. “Their ability and willingness to see this as more than just a construction project, but to see what we are trying to do within the community has been instrumental in our success. I don’t think this project would’ve worked without Freedom First.”

Why the First National Exchange Bank Building?

Built in three phases between 1912 and 1963, the building includes rich fabric, ornate plasterwork and Federalist details, which make it a treasure to downtown. Inside are 13 Diebold vaults that tell the story of the city’s past, one even revealing intricate coins from the turn of the century and bills that were printed in Roanoke. Soon, some vaults will serve as green rooms for artists performing in The Exchange Music Hall.

Thornton’s goal was simple: preserve the character of the building, accentuate what already existed, restore where necessary, rehabilitate and ultimately repurpose the space to bring life back to this historic structure. 

What’s On the Horizon?

The first concert, set for New Year’s Eve headliner Grace Potter, hopes to mark the start of a new era in Roanoke’s music scene. For McBroom, the goal is to make Roanoke a music destination. 

Food lovers can look forward to the new restaurant, ¡Suerteǃ, in the stunning four-story courtyard, complete with skylights and greenery. Patrons can expect a menu of paella, tapas, grilled meat, fish and more. Powell, known for Lucky Restaurant and Fortunato, will be managing the restaurant. He calls the project “a win for Roanoke.” 

For visitors, The Promissory Hotel will offer 27 boutique rooms, including suites and lofts with spiral staircases and expansive windows that overlook the indoor courtyard, giving hotel guests a hospitality experience unlike anything else in the city.

Why Does Freedom First’s Involvement Matter?

For Freedom First, this revitalization is more than just a specialized loan. It is an investment in Roanoke’s future that benefits the economy and encourages cultural vibrancy. With local decision-makers and headquarters right in downtown, they know the operators, developers, property and community to provide confidence in financing projects they know will succeed and strengthen Roanoke. 

“Projects like this create a ripple effect in the community,” said Linda Johnson, CFO and incoming President, CEO of Freedom First. “They revitalize downtown, while also generating jobs, attracting new businesses, and increasing local spending to strengthen the foundation of the region for years to come.” 

As the largest locally owned financial institution headquartered in the Roanoke Valley, Freedom First has a mission to serve the community. Paul Phillips, President, CEO of Freedom First, explained, “Your money has power. When you bank locally at Freedom First, you know that money is recirculated throughout our community. It doesn’t go somewhere else; it doesn’t leave the community.” 

From historic vaults to live music, fine dining, and unique stays, this revitalization is a step towards the future. Thanks to Freedom First, it’s happening right here in Roanoke.

If your business or organization is interested in sponsorships or advertisements in The Rambler, you can learn more here.