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VCC Success Story: Narrows Revitalization

4/29/2013

Municipal Space and Housing Solution Saves Downtown Structures

 

“We’ve been trying to revive the downtown for 25 years. We finally have some steam up on the effort.”
                                                                                                Buddy Kast, Town Manager

  “Working together, we can save these buildings and breathe some new life into downtown.”
                                                                                                Joe Fortier, Owner, Taylor Hollow Construction

 Narrows

The project at 208 and 210 Main Street in Narrows addresses dual community needs: space for town offices and a desire for affordable rental units. The town had been contemplating relocating offices for a while. A market study further clarified the demand for convenient rental apartments. An area developer with a successful portfolio of mixed-use historic rehabilitation projects presented a concept to repurpose a 1940s-era building at the heart of the town.

The completed project includes refurbished space for the Town of Narrows offices and additional commercial space for rent. Upper stories house eight new affordable rental apartments.

 VCC participation and funding details:

  •  VCC funded acquisition and renovation costs for two buildings.
  • The project is eligible for Federal and State Historic Tax Credits.

  

To download a printable PDF of this success story, click here.

 

 

About Virginia Community Capital:
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, deposits, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low-to-moderate income communities in underserved geographies and markets. Learn more at  vacommunitycapital.org.