Governor Glenn Youngkin today announced more than $24.7 million in 20 Industrial Revitalization Fund (IRF) grants. IRF grants provide gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“The transformation of older, vacant or blighted structures into productive, usable spaces is crucial to catalyzing economic growth to create thriving communities,” said Governor Glenn Youngkin. “The Industrial Revitalization Fund continues to be an important resource for those redevelopment efforts, spurring regional partnerships, economic development and job growth across the Commonwealth.”
The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties. The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of impediments to economic development efforts, alignment with regional or local strategies, availability of matching resources, the level of community distress where the property is located and an identified and feasible end use.
“These funded projects are transforming deteriorated structures that impede future economic development efforts into small businesses, tourism destinations, and sources of community pride,” said Secretary of Commerce and Trade Caren Merrick. “Through IRF grants, we are able to make investments in both Virginia’s infrastructure and vibrancy by supporting impactful projects, encouraging strategic collaborations, and fostering economic development efforts across the Commonwealth.”
The 20 awarded projects will create over 600 jobs and leverage an additional $72.8 million in public and private investment and include five mixed-use projects that will create nearly 200 new residential units. Since 2012, the IRF program has funded 38 projects that have revitalized vacant, blighted buildings. These projects have generated more than $121 million in other public and private investment and resulted in the creation of more than 485 jobs across the Commonwealth.
Projects from Southern Virginia:
White Mill Redevelopment | $5,000,000
City of Danville
The city of Danville will redevelop the White Mill, a 20-acre property on the south bank of the Dan River, with a focus on redeveloping the 650,000-square-foot industrial building which once served as a textile mill. The two-phase project will transform the building into modern commercial space with interior parking and 150 new housing units. This first phase will generate over $34 million in capital investment and will create over 100 new jobs.
John Randolph Hotel Redevelopment | $3,000,000
IDA of South Boston
The South Boston Industrial Development Authority will redevelop the historic John Randolph Hotel, located in the central business district of the town of South Boston, into a modern boutique hotel featuring 30 rooms, a first-class restaurant and a rooftop bar. The project anticipates the creation of 22 full-time and 20 part-time jobs.
Business Development Center | $900,000
Patrick County
The Economic Development Authority of Patrick County, in partnership with STEP Inc., will renovate downtown Stuart’s former hardware store into a multi-use facility to meet community needs including childcare services, co-working space and a business development center for use by entrepreneurs and local residents. This project anticipates the creation of 10 jobs and to provide childcare services for up to 75 children.
To see the full list of funded projects visit: https://dhcd.virginia.gov/2022-industrial-revitalization-fund-awarded-projects
Cockram Mill Redvelopment | $850,000
Patrick County
Patrick County, in partnership with a private developer, will renovate the former Cockram Grist Mill into the Freehouse Meadows of Dan Brewery at a cost of $850,000. The proposed facility also will include a full-service restaurant, tap room, lodging facility and rentable venue space, with 20 employees.
To see the full list visit: https://dhcd.virginia.gov/2022-industrial-revitalization-fund-awarded-projects
