State industrial fund awards $24.7M to projects

The governor announced more than $24.7 million in Industrial Revitalization Fund grants going to construction projects across Virginia on Tuesday, including Danville’s White Mill, South Boston’s John Randolph Hotel and other historic properties.

“The transformation of older, vacant or blighted structures into productive, usable spaces is crucial to catalyzing economic growth to create thriving communities,” Gov. Glenn Youngkin said in a statement. “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.”

According to the governor’s office, 22 projects were awarded funding, which is expected to create more than 600 jobs and leverage $72.8 million in public and private development. The IRF was created in 2012 and has funded 38 projects that renovated vacant, blighted buildings.

The projects include:

• $5 million for the White Mill in Danville, with focus on redeveloping the 650,000-square-foot former textile mill into a residential and commercial space with 150 housing units
• $4.5 million for The HIVE — Hub for Innovators, Veterans and Entrepreneurs in Winchester, renovating a former National Guard Armory into a veterans’ center, business incubator, job training center and community gathering area. Partner Shenandoah University anticipates 13 jobs within five years and 239 jobs created at businesses served by the HIVE.
• $3 million for the John Randolph Hotel in South Boston, allocated to its Industrial Development Authority to redevelop the shuttered hotel into a modern boutique hotel with 30 rooms, creating an expected 42 jobs
• $1 million for the rehab of the Harris Memorial Armory Center in Blackstone, a partnership between the town and Virginia State University to create a multi-purpose facility to offer workforce training programs, particularly skilled hospitality jobs
• Other projects are listed here.