Floor plan

Galax Leadership Partners in Search of Developer for Former Vaughan Furniture Factory


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Vaughan Furniture Factory. For more information: https://OpportunityGalax.com Where [email protected]

The City of Galax and the Vaughan Restoration Group have come together to revitalize the vacant Vaughan Furniture Factory into an adaptive mixed-use complex. Covering 408,000 square feet spread over eleven contiguous building elements dating from 1923 to 1995, the complex represents a world of opportunities for a developer to create a signature project at Galax. Located in southwest Virginia, Galax is celebrated as the birthplace of Old Time Mountain music. David Vaughan of the Vaughan family recently said, “The vision for this property is a cornerstone for the community. A way to bridge the gap between the past and the future.

Vaughan Furniture operated from 1923 until the last factory closed in 2015. The Vaughan Furniture Factory, located on East Stuart Drive (US 58/221), was the company’s first facility. The oldest elements of the complex were built of brick with heavy interior post and beam supports and many windows typical of old factory buildings. The newest element is a 2 story engineered steel building with a 51,000 square foot open floor plan. The mix of uses that was recommended for this potentially groundbreaking project includes a hotel and conference center, performance space, apartments, retail, restaurant, indoor recreation and a business incubator. .

Galax’s musical traditions are showcased on weekly radio broadcasts from the Rex Theater, home to America’s oldest music festival, The Old Fiddler’s Convention, and a key stop on The Crooked Road, Virginia’s Heritage Music Trail . Galax is also home to the Virginia State BBQ Championship, Smoke on the Mountain. The southern terminus of New River Trail State Park is directly across East Stuart Drive from the resort. Galax has a quintessential little downtown anchored by the Chestnut Creek School of the Arts. The city is 15 minutes from I-77 and the Blue Ridge Parkway.

Summit Design & Engineering Services was recently commissioned to compile a feasibility study for the project. Construction conditions were reviewed, potential uses delineated, designs proposed and the cost of adaptive reuse estimated taking into account what was feasible locally and within the wider tourism market. Projected project financings show positive cash flow, even with a significant project cost of around $ 92.5 million ($ 230 / square foot), mainly due to grants, tax credits and other incentives that the project could obtain.

The application for the historical tax credit for Part 1 of the complex has already been approved. It is eligible for Opportunity Zone, Enterprise Zone and New Markets Tax Credit funding. The project is also eligible for several grants from Virginia, including a grant from the Virginia Tobacco Commission, a grant for real estate investment in the state enterprise zone, and a grant / loan from the Industrial Revitalization Fund. Galax extends a capital investment grant to key projects and offers a 100% property tax rebate for 12 years coupled with major improvements to historic properties. The building has a clean Phase II environmental assessment.

New non-profit Galax Development Corporation has issued a Request for Qualification with Developer Qualification Statements to be submitted by October 22, 2021. Developers / Development Teams deemed qualified will be invited to submit a firm proposal for the redevelopment of the site. complex. The goal is to have a development framework agreement in place by March 31, 2022, with construction starting by September 1, 2022 and expected to last three to four years.

For more information: https://OpportunityGalax.com Where [email protected].

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