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EDA Launches Innovative Village Concept to Revitalize Local Economy

June 13, 2024 | Greene County, Virginia



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This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

EDA Launches Innovative Village Concept to Revitalize Local Economy
In a recent government meeting, officials discussed significant developments regarding land use and economic growth in the county. A key focus was the introduction of site readiness grants and loans by the Economic Development Authority (EDA) aimed at enhancing the marketability of local properties. This initiative is designed to prepare land for potential buyers by conducting necessary due diligence, such as environmental assessments, which can cost around $50,000.

The conversation also highlighted the history of a specific property known as the Villages at Terrace Green, which has undergone various ownership changes and development plans over the years. Originally intended for a Walmart and Lowe's, the site has seen a shift in vision, with the EDA now promoting a village concept that integrates residential and commercial spaces, similar to successful models in other regions.

Despite the ambitious plans, officials acknowledged that no businesses have yet committed to the site. The EDA has engaged CBRE, a national real estate firm, to attract companies looking to relocate from congested urban areas. Efforts are particularly focused on securing a higher-end grocery store to enhance local amenities.

Additionally, discussions included the potential for a recreational facility in the area. The EDA is funding a feasibility study to assess the viability of such a project, which could significantly benefit the community. A survey will be distributed to gauge resident interest in this initiative.

Overall, the meeting underscored the county's proactive approach to economic development and community enhancement, with a clear emphasis on creating a vibrant, integrated living environment.

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