Marion and Pulaski were two of three localities to receive a share of $1.5 million in funding for Mixed Use on Main Street from Virginia.
In Marion, the money announced by Gov. Glenn Youngkin, will be used to renovate the Gospel Armory and Past Time Antique building into 12 apartments and two retail spaces for the town.
In Pulaski, funds will add eight market-rate apartments.
“Downtowns serve as the heartbeat of countless communities in the Commonwealth, and this investment initiative seeks to breathe new life into neglected structures by cultivating dynamic businesses and new housing prospects,” said Youngkin. “A resilient infrastructure is fundamental to a prosperous economic approach, and this program will propel economic growth and nurture community pride in these communities.”
MUMS is a pilot program created as a joint effort with the Industrial Revitalization Fund (IRF) and Virginia Main Street (VMS) programs, both administered through the Virginia Department of Housing and Community Development (DHCD) to support the revitalization of vacant or underutilized downtown spaces to create opportunities for commercial development and housing units in communities that are active participants in VMS. Awards are available up to $500,000 for the rehabilitation of mixed-use buildings that must include the creation or preservation of housing units and can be provided as either grants or loans.
“We are honored Governor Youngkin and his administration have recognized these important projects in these historic downtowns, and especially proud to have Marion included in this exciting opportunity,” said Marion’s Director of Community and Economic Development. “We have worked with Virginia Main Street and VA DHCD to creatively address blight throughout our town from our innovative Project BAUD to our sharing “Pop Up Marion” that the Commonwealth now uses statewide for their Community Business Launch program. This grant is the culmination of months of work, beginning with an initial grant to study the feasibility of restoring the Past Time Antique building after their devastating fire. That initial grant, coordinated with David Hill of Hill Associates, provided the structural and financial options of restoring that building. We used that to include the adjacent Gospel Armory building, which was also damaged during the fire. Both vacant buildings were a huge blight for downtown, and this new grant is allowing the Marion EDA to continue to renovate these eyesores so that an eventual developer can complete the project. The end goal is a dozen new apartments upstairs, three new commercial storefronts, and new living, dining, and shopping opportunities to our downtown and our community. To me, equally exciting is that this grant will eventually be converted into a low interest loan for the developer, and as it’s repaid, Marion will have a new loan pool to assist other property owners in restoring vacant upper stories and storefronts needing renovation – similar to our Marion Small Business Loan Pool. It’s a great day for Marion and for our Commonwealth as we continue moving forward and growing, putting blighted buildings back into use, adding new opportunities, and placing properties back on the tax rolls.”
For additional information on Marion’s Main Street program and business opportunities, contact Ken Heath at [email protected] (276) 378-5026.
