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Governor Glenn Youngkin announced that Botetourt County awarded $450,000 towards a revitalization project in the Town of Buchanan in a press release last week. The grant is part of the Virginia Department of Housing & Community Development (DHCD) 2022 Industrial Revitalization Fund (IRF) and will be used in partnership with Factory Flats LLC to renovate one of the former Groendyk Manufacturing buildings into a retail brewery. The Botetourt County Economic Development Authority will administer the funds that will be made available to the private developer as a loan.
This project will rejuvenate economic activity along the town’s main corridor as well as provide much needed housing opportunities in the area. The brewery alone anticipates the creation of 10 new jobs to the community.
“I am thrilled with this announcement and what this will mean for the Town of Buchanan, and for the entire community,” said Amy White, Buchanan Board of Supervisors representative. “This moment really speaks to the power of partnerships and to innovative planning. The repurposing of this Buchanan landmark is truly a transformational and impactful endeavor.”
Based on community responses, redevelopment of the former Groendyk Manufacturing buildings was designated a high priority within the Town of Buchanan and Botetourt County Comprehensive Plans. With its construction dating back to 1906, the reimagined use of the downtown property, now called Factory Flats, will make a significant impact to the town’s economic development while also preserving the building’s history.
“On behalf of Factory Flats, we are excited to get this redevelopment project underway. The Groendyk building is a great opportunity to repurpose an historic structure for mixed use that benefits both the community and its future residents. Aided by obtaining historic tax credits, we plan to preserve much of the historic fabric of the buildings including the brick, flooring, window openings, and roofline,” said Chris Vail, lead developer.
More than $24.7 million in 20 IRF grants were awarded throughout the Commonwealth. IRF grants provide financing for construction projects targeted toward revitalizing vacant non-residential structures of which the poor condition significantly impacts the surrounding area where the structure is located.
“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.”
~ Botetourt County Communications