Vinton, Warsaw, Wytheville receive industrial revitalization funding
Northam announces $1.4 million in funding for three projects
The towns of Vinton, Warsaw and Wytheville will receive a total of more than $1.4 million in state industrial revitalization fund (IRF) grants, Gov. Ralph Northam announced Friday.
IRF funding provides gap financing for redevelopment projects that can lead to long-term employment opportunities.
“This funding will not only help transform deteriorating or unused structures, it will bring purpose and new opportunity to the surrounding communities,” Northam said in a statement. “With these three projects, we are making important investments in our future. As we focus on recovering from the impacts of the pandemic, our administration remains focused on driving economic growth to every corner of the commonwealth, especially in rural Virginia.”
The three projects receiving funding include:
- Gish Mill Redevelopment Project, Vinton, $468,750. The town of Vinton will redevelop the historic Gish Mill into a mixed-use site with a restaurant, speakeasy, seasonal market and lodging rooms. The project is expected to create 37 full-time and part-time jobs.
- Warsaw Hardware Building Redevelopment Project, Warsaw, $468,750. The town of Warsaw will build out a mixed-use site with a brewery space, taproom, upstairs event space and patio. The project is expected to create four full-time and five to 10 part-time jobs.
- Millwald Theatre Restoration and Economic Revitalization Project, Wytheville, $500,000. The town of Wytheville is rehabilitating the Millwald Theatre as a community auditorium for live and film entertainment and performing arts education. The project is expected to create seven full-time and at least seven part-time jobs.
Projects that showed a high level of blight, economic development impediments and alignment with regional strategies received funding. The level of community distress where the property is located was also considered for funding.
“These blighted buildings oftentimes reflect an economic downturn in the towns’ past, but through revitalization and redevelopment, the community is breathing new life into these neighborhoods,” Secretary of Commerce and Trade Brian Ball said in a statement. “These projects align with the local and regional economic development goals and will leverage additional public and private investment in the towns receiving awards.”
IRF has funded 34 projects since 2012, generating more than $121 million in public and private investment and 485 jobs.