Gov. Ralph Northam made the announcement on Tuesday.
The grant will help offset project costs associated with the rehabilitation of 2506 Jefferson Ave., which includes a complete overhaul of the interior of the building and preservation of the existing building facade.
“Strong infrastructure is key to any successful economic strategy in the Commonwealth, and with this funding we are supporting the revitalization of vacant buildings that will bring new life, new business, and new opportunities to these communities,” Northam said.
The vacant building, a two-story, 5,419 square-foot structure, is owned by the Economic Development Authority and is the future location of the co-working space identified as a Critical Community Improvement through the Choice Neighborhoods Initiative, according to the news release.
It is included in the Transformation Plan for the Marshall-Ridley Choice Neighborhood.
The co-working space will be a location where small businesses and entrepreneurs can get technical assistance, attend business management workshops, and receive expert advice on various topics including business planning, industry research, accounting, and capital sources.
The Industrial Revitalization Fund provides gap funding for construction projects aligned with local and regional economic development strategies and is managed by the Virginia Department of Housing and Community Development.
To learn about the Choice Neighborhood’s Initiative, click here.