Investment will support community revitalization, improved infrastructure, and workforce development
RICHMOND, VA DECEMBER 27, 2022 – Governor Glenn Youngkin today 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 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 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.
Deen Building Redevelopment | $990,000
Town of St. Paul
The town of St. Paul, in partnership with St. Paul Tomorrow Inc., will redevelop the Deen Building into a distillery that will serve as a tourist attraction and hospitality asset for the town. The Deen Building, which is a former department store located in the historic Western Front area, will be renovated into a 3,600-square-foot distillery and restaurant space that will provide retail space for shelf-stable, locally produced foods, merchandise and artisan products.
The Thomas Deen Company Department Store as it looked in its mid-1920’s heyday.
The Thomas Deen Company building as it looks today. The fourth floor, which featured retail space in front and an apartment in back, was demolished many years ago.
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