Floyd Growth Center to be built using $2.6 million in grant funds

Floyd County, VA – The Economic Development Authority of Floyd County was just awarded a $2.305 million grant from the US Economic Development Administration (their press release attached) for Building 1 of the new Floyd Growth Center This is in addition to the $302,000 grant already awarded for the project by the Virginia Tobacco Region Revitalization Commission. The project cost is estimated to be $2.88 million.

The Floyd Growth Center will be a small campus on Lot 4 in the Floyd Regional Commerce Center providing small graded sites for non-retail businesses. Building 1 will be a 13,000 SF resilient light industrial building on one of those sites. It will have two main spaces: one will be about 4,300 SF and the other about 8,700 SF with each having a production area, drive-in door, and an office suite. The building will have 3-phase power, fiber to the premises with Gigabit service, public water and sewer, and dock-access. It will have special resiliency features including back-up generator, some solar photovoltaic, lightning protection system and reinforced walls and roof.

“When we applied for this last August, our goal was to develop affordable spaces for premium production or fabrication work, where local businesses could grow into and other businesses could consider space in Floyd,” said Jon Beegle, the local EDA Chairman.

“This is an exciting grant award. This project will provide construction work in the short-term and in the long-term will support more higher-wage job opportunities for those with technical and trade skills,” said Joe Turman, Chairman of the Floyd County Board of Supervisors. We deeply appreciate the support from the US EDA and the Virginia Tobacco Commission.”

Construction is expected to begin by the spring of 2021 on the building.

“We were very fortunate to get this US EDA funding,” Lydeana Martin, the Community and Economic Development Director shared. “They had special funding to help communities affected by Hurricanes Florence and Michael in 2018. Thanks to input from more than 50 local businesses, we were able to document the impact of those storms including loss of power, blocked roads, and flooding. This building will provide a more resilient option to businesses looking for non-retail space.”

“It’s very expensive to create good building pads and to construct business facilities,” according to Beegle. “And many businesses cannot afford to do so. Leasing often fits their business model better, especially in the early years of the business.”

The Floyd County EDA completed the Floyd Innovation Center in 2015. It provides spaces from 120 SF to 4,300 SF for businesses. It is fully occupied.

The Tobacco Commission is committed to developing a diverse economy in Southern and Southwest Virginia. Having infrastructure including sites and facilities is an important part of accomplishing that goal and the Commission looks forward to continuing to support projects that will bring jobs and investment to the areas served.

For more information, contact Lydeana Martin at the lmartin@floydcova.org or 540 267-4083.