Gov. Glenn Youngkin announced more than $24.7million in 22 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 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 22 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.
Sunnyside Manor | $600,000
Town of Tazewell
The town of Tazewell will renovate the former Sunnyside Manor into a regionally recognizable, short-term housing development. The popular nearby driving route draws motorsport enthusiasts from around the world, and this project will enable the town to keep that tourism funding within the local economy by allowing visitors to remain in the locality overnight. The project expects to create at least seven jobs and generate new local and state taxes.
Project Growler | $750,000
Town of Pulaski
The town of Pulaski will redevelop the General Chemical Company building into a state-of-the-art brewery. The owner of Great Wilderness Brewing Company has committed to operating at this location once renovations are complete. This project will create three to five full-time jobs and several part-time jobs.
Project Light Peer Recovery Center | $1,000,000
City of Galax
The city of Galax will redevelop a blighted former grocery store into a space for nonprofits to provide services to the community, including addiction-to-work peer recovery counseling, after school and adult mentoring by skilled educators in the community and prepared meals and boxed meals for the food insecure. Ten low-rent office spaces will allow graduates of Celebrate Recovery and low-income community members to begin start-up businesses. This project anticipates the creation of at least 10 new jobs, with the potential for many more.
