In a strong show of regional economic development support, The Alleghany Foundation has awarded a grant of real property located at 410 W. Main Street in downtown Covington to the Industrial Development Authority of Covington – Alleghany County, Virginia (IDA). The grant of the recently vacated commercial property will provide the region an opportunity to market the building for economic development purposes, building on its strong efforts to create new growth and diversify the regional economy. The IDA will have five years to find an opportunity for the property and will provide yet another diverse real estate product for the region’s aggressive economic development initiatives.
“The award of this grant represents a true opportunity for the City of Covington and the entire region as we work to provide economic growth for our citizens,” said Krystal Onaitis, City Manager of Covington. “I would like to express my thanks to all of our regional partners for coming together to make it happen.”
With its strong fiber optics network, regional workforce training programs and ongoing revitalization efforts, downtown Covington is well-suited to attract a promising economic development opportunity, creating new jobs and tax revenues. The property could provide a home for e-commerce or customer support operations, creative space or a host of other businesses that would provide activity and jobs to benefit the entire region. In excellent condition, the building could provide an anchor tenant for downtown Covington and as catalyst for broader economic development efforts throughout the region.
“We believe this property and the regional cooperation it represents present real promise to bring a unique economic development opportunity for the community,” said Meade Snyder, President of The Alleghany Foundation. “We are proud to support the work of the Industrial Development Authority of Covington – Alleghany County, Virginia and its regional partners, and look forward to seeing these collaborative efforts, energy and resources continue to build upon our work together to move this project forward.”
A true demonstration of regional cooperation, the IDA worked with The Alleghany Foundation to provide the grant, guided by input from the City of Covington, Alleghany County, the Alleghany Highlands Economic Development Corporation and Old Town Covington. Additionally, the property is a component of the city’s engagement of Head Down Strategies to lead the community in an effort to revitalize the Main Street area of Covington.
The Alleghany Foundation purchased the building for $262,000 at the October 9, 2020 auction hosted by Greenway’s Real Estate and Auction Inc. In addition to the real property grant, an additional grant of $100,000 was awarded to the City of Covington by The Alleghany Foundation to provide funding for maintenance of the building during the 5-year period.