The Roanoke Economic Development Authority has received a $1 million state award to support the development of the former Walker Foundry site, which sits near the Roanoke River Greenway in the city’s Norwich neighborhood.
Developer Greg Kaknes and The Foundry Realty are working to rehabilitate the vacant industrial site, which closed in 2019 after employing thousands in the region for almost 100 years. Their purchase of the property was finalized in April.
“We have received tremendous support and encouragement from the city and look forward to repaying that trust with a truly transformational project for Norwich,” Kaknes said in a press release announcing the grant from the state’s Industrial Revitalization Fund, which supports the redevelopment of vacant and deteriorated industrial and commercial buildings. It’s overseen by the Virginia Department of Housing and Community Development.
Plans call for the site to include 275 affordable multifamily and medium-density housing units, green space, a restaurant, an outdoor active fitness and wellness provider and other commercial space, including a satellite office for a health clinic.
The project received the entire amount the EDA had requested in its application. The Industrial Revitalization Fund awarded a total of $4.5 million.
“We are honored and excited to accept this IRF award on behalf of The Foundry. Initiatives like this have the power to create lasting change, not just in the Norwich neighborhood, but across the entire City. We deeply appreciate the state’s support and investment in both this project and our community overall,” said EDA Chair Braxton Naff in the press release.