No doubt a hostel or resupply point along the trail near the James River Footbridge would be very useful for hikers and potentially a viable economic venture, however, take a good look at the VDOT documentation:
http://www.virginiadot.org/projects/lynchburg/route_501_bridge_over_james_river_at_snowden.asp
The plans appear to have the off ramp and right of way overlying this property. There is not enough documentation on the website to know for sure, but buyer and dreamers beware.