A press conference was held in the lobby of the Patrick Henry Hotel, Governor Terry McAuliffe announced the award of a $600,000 Industrial Revitalization Fund Grant to the City of Roanoke. The grant money will be used to create a regional business accelerator in the former Gill Memorial Hospital Building at 711 South Jefferson Street in downtown Roanoke. The city will acquire the building in a creative property exchange with Carilion Services, Inc.
The accelerator, to be operated by the Roanoke-Blacksburg Innovation Network (RBIN), will be a major milestone in the public-private partnership between the city and RBIN, and will serve as single focal point that connects early-stage companies to peers, mentors, and investors in an environment that offers a host of services and programs. Such a facility was first recommended in the 2012 “Innovation Blueprint,” a collaboration between the public and private sectors that provides a plan for turning our community’s innovation assets into new high-impact companies and jobs. The center will initially focus on accelerating three to five companies each year. It’s anticipated that the center will have an economic impact of approximately $3.4 million per year and create 18 initial jobs. As these companies accelerate and expand, many more jobs can be anticipated in the future. There is no date set for renovation work on the facility to begin.
Mayor David Bowers stated, “The City of Roanoke appreciates the confidence expressed by Governor McAuliffe and Secretary Shelton in providing these essential funds to preserve, renovate, and return to productive use the Gill Memorial Building, which is located in a highly visible downtown corridor. This major investment will complement the ongoing revitalization efforts in this area, such as the upgrading of the Elm Avenue/581 interchange, Downtown Library renovation, revitalization of the former Patrick Henry Hotel, and the improvements to Elmwood Park.”
City Manager Chris Morrill commented, “The regional business accelerator is another important step in our strategy to build a more diverse and resilient economy. The accelerator will complement other efforts supported by the city such as the Grandin CoLab and ScaleUp Roanoke Valley.”
