Revitalization plan in Danville, Va., pop. 42,000, generated skepticism, but now it's a model for other communities - Entrepreneur Generations

The Industrial Development Authority in Danville, Virginia, "bought old, empty buildings — sometimes at above-market prices — with the goal of selling them to developers. The strategy drew some criticism over the years, but local leaders believe it’s paid off in increased tax revenues and new vitality for previously depressed areas of the city," Grace Mamon reports for Cardinal News.

"Locals say that Craghead Street used to be like a ghost town, and now it’s home to restaurants, apartments, a brewery and a science center. The city’s downtown, called the River District, alone has seen about $300 million in public and private investment in the last decade," Mamon reports.

The IDA's strategy began with 

y was making waves by buying up empty old buildings in the River District to get them redeveloped. The IDA used this strategy to transform Dan River Mills properties after the industry left in 2006, depressing the local economy.

But that’s only part of the story. The IDA did the same with non-mill buildings, too, especially in the River District, formerly the warehouse district of Danville.

The River District is made up of former tobacco warehouses, and after the decline of that industry, absentee owners often had no interest in seeing their properties redeveloped, Tucker said.

from The Rural Blog https://ift.tt/XeSoPgY Revitalization plan in Danville, Va., pop. 42,000, generated skepticism, but now it's a model for other communities - Entrepreneur Generations

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