Development Opportunities in Roanoke’s Innovation Corridor
Four key incentive programs are offered to developers and business owners in the Innovation Corridor. Roanoke’s Innovation Corridor is in an Opportunity Zone, a program designed to encourage long-term private investments in low-income communities.
Downtown Roanoke and land parcels along Jefferson Street fall within the Virginia Enterprise Zone Program, which means property owners and business owners could qualify for state and local incentives, including the Real Property Investment Grant and/or the Job Creation Grant. Certain rehabilitation projects may be eligible for State and/or Federal Historic Tax Credits to help reduce development costs. Lastly, property owners who rescue, repair, or rehabilitate qualified older buildings in the City may be eligible for substantial relief estate tax relief through the City’s Real Estate Tax Exemption program.
If you’re interested in starting a business or investing in development in Roanoke’s Innovation Corridor, please contact Marc Nelson in the City’s Economic Development Office.