RICHMOND, VA – Governor Glenn Youngkin today announced over $10 million for seven Industrial Revitalization Fund (IRF) grants for the cities of Buena Vista, Martinsville and Petersburg, and the towns of Blackstone, Halifax, Lawrenceville and Wytheville. The seven awarded projects will create over 330 jobs and 87 new housing units, as well as leverage an additional $49 million in private investment.
$2.8 million was awarded to One Ellsworth, the property of the former BB&T building in uptown Martinsville.
“The transformation of unused, dilapidated or blighted structures into productive, vibrant sources of community pride is paramount to catalyzing economic growth and fostering strong local economies,” said Governor Glenn Youngkin. “Strategic and targeted investments like these are critical to ensuring that localities have the resources they need to complete projects that will directly benefit their communities and spur regional development efforts.”
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. Nineteen proposals were received this funding round and 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.
“Strong infrastructure is key to any successful economic strategy,” 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 strong local economies across the Commonwealth.”
“Financial barriers often block the timely redevelopment of vacant structures,” said Director of the Virginia Department of Housing and Community Development, Bryan Horn. “The IRF program is intended to leverage local and private resources for redevelopment of derelict structures, creating a catalyst for employment opportunities and ongoing economic revitalization in these communities.”
Since 2012, the IRF program has funded 66 projects that have revitalized vacant, blighted buildings. These projects have generated more than $228 million in additional public and private investment and resulted in the creation of more than 1,200 jobs across Virginia. For more information on IRF, visit dhcd.virginia.gov/irf.
