Local projects in Staunton and Rockingham County are among the 23 sites across Virginia that will get development grants from the Virginia Business Ready Sites Program.
Staunton Crossing was approved for a $9 million grant, and the Innovation Village @ Rockingham in Rockingham County has been approved for a $4.5 million grant, according to a news release from the office of Gov. Glenn Youngkin issued on Thursday.
“Business-ready sites drive and accelerate economic growth, and our continued investments in site development position the Commonwealth to compete to win transformative projects that will bring hundreds and thousands of jobs to Virginia,” Youngkin said in a statement in the news release.
The local projects
The 300-acre Staunton Crossing site, on the north side of Richmond Avenue, where Western State Hospital was located until 2013, is bordered by Interstate 81 to the east and Frontier Drive to the west, is already home to hotels, restaurants that have been developed on roughly 25 acres nearest the intersection of Richmond Avenue and Interstate 81.
The completion of Crossing Way in May connects that development to the rest of Staunton Crossing, opening up the potential of the remaining 275 acres, which is projected to be able to accommodate a combination of offices, medical facilities, manufacturing and limited retail.
A master plan commissioned by the city projects the potential for 1.9 million square feet of economic development that could support more than 3,000 jobs.
“The development of this area will bring many more jobs to Staunton and continue smart growth for our beautiful city,” Mayor Stephen W. Claffey said. “The less than 10 percent of Staunton Crossing that has been developed, already brings in more than $1 million in tax revenue each year.”
The VBRSP funds will help pay for the construction of a 1-million-gallon water tower and water supply lines on the site, making it more appealing to potential developers.
“We are so excited to see Staunton Crossing recognized by the State as one of the top grant award recipients,” Director of Economic Development Amanda DiMeo said. “This grant award helps bring us to the site-development finish line and ready for business.”
The Innovation Village @ Rockingham, a 365-acre research and technology park, is the home to the Rockingham Center for Research and Technology, a 40,000-square-foot facility owned and operated by Rockingham County.
The Innovation Village is envisioned as a high-tech and biotech hub, suited for organizations in the life sciences, energy, information technology, agriculture and crop science industries.
Increased investment
Virginia significantly ramped up its investment in site development in the 2022-2024 state budget, allocating nearly $300 million toward the Virginia Business Ready Sites Program, with another $200 million in the 2024-2026 budget.
“Before we took office, Virginia was significantly behind our competitor states,” Youngkin said. “We must continue the concerted effort we’ve made to invest in sites over the course of my administration, and we’re looking forward to Virginians seeing the benefits of this work in the future.”
Since the program’s inception, 45 sites have received funding, and to date, 3,720 direct jobs have been announced on sites that have received VBRSP grants.
This year, 23 sites representing over 10,000 acres of developable land are receiving VBRSP funding.
“Virginia has worked strategically to create a diverse portfolio of project-ready sites to meet company needs in a variety of target sectors, and these grants are a primary reason why Virginia is recognized as a national leader in site development,” Virginia Economic Development Partnership President and CEO Jason El Koubi said. “I am incredibly proud of the results of the program’s efforts. This investment in Virginia’s infrastructure will continue to accelerate economic development in every region of the Commonwealth for years to come.”
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Chris Graham
