Newport News and the Economic Development Authority are excited to be awarded a $480,000 Industrial Revitalization Fund grant in support of the rehabilitation of 2506 Jefferson Avenue. On July 31, 2018, Governor Ralph Northam announced a total of $1.44 million in awards to three Virginia localities— the other awards, each totaling $480,000, went to Middlesex County and to the City of Norton. The Newport News grant will help offset project costs associated with the rehabilitation of 2506 Jefferson Avenue, which includes a complete overhaul of the interior of the building and preservation of the existing building façade.
“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,” said Governor Northam.
2506 Jefferson Avenue, a two-story, 5,419 square-foot building, is owned by the Economic Development Authority, and is the future location of the coworking space identified as a Critical Community Improvement through the Choice Neighborhoods Initiative. It is included in the Transformation Plan for the Marshall-Ridley Choice Neighborhood. The coworking space will be a location where small businesses and entrepreneurs can obtain 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.
Newport News is proud to be a recipient of an Industrial Revitalization Fund grant for this impactful project at 2506 Jefferson Avenue, which supports the implementation of the Transformation Plan for the Marshall-Ridley Choice Neighborhood.