ROANOKE CO., Va. (WDBJ7) Roanoke Valley governments are working together to acquire a new site for industrial development.
Monday, Roanoke County, Roanoke City and Salem announced they plan to acquire 106 acres along Interstate 81 near exit 143. ]
The purchase price for five parcels along Wood Haven Road is $5.2 million.
Economic Development officials say the acquisition will allow the region to compete for larger projects and more jobs.
Beth Doughty is the Executive Director of the Roanoke Regional Partnership.
"There's a tipping point on projects that are over 50 acres, and projects that are under 50 acres," Doughty told WDBJ7 in an interview. "And the tipping point is significant in terms of jobs and investment."
Local leaders say they hope regional cooperation on this and other projects will continue the momentum that brought recent economic development announcements from Deschutes Brewery, Eldor Corporation and Ballast Point Brewing & Spirits.
The City of Roanoke, Roanoke County, and Salem announced Monday that they will acquire 106 acres of land along Interstate 81 Exit 143 in a joint effort to attract high-paying jobs to the region.
It’s the first project of the Western Virginia Regional Industrial Facility Authority, which was formed in 2013.
The property being purchased is on Wood Haven Road in Roanoke County. It consists of five parcels that already were on the market and are under option to the Roanoke Valley Development Corporation for a price of $5.2 million.
Other members of WVRIFA include Botetourt County, Franklin County, and Vinton. But they chose not to participate in the purchase.
Check back soon for more updates.