Chesterfield Awarded $25 Million for Upper Magnolia Site Development Funds to More Quickly Prepare the Site for Development
Chesterfield Awarded $25 Million for
Upper Magnolia Site Development
Funds to More Quickly Prepare the Site for Development
Chesterfield, VA: Governor Glenn Youngkin announced that the Upper Magnolia development site in Chesterfield has been awarded a $25 million grant under the Virginia Business Ready Sites Program (VBRSP). The Chesterfield grant was the largest of any of the 21 sites receiving funding.
“This announcement provides Chesterfield with a tremendous opportunity to have the Upper Magnolia property ready for a major development opportunity at the earliest possible time,” said Board Chairman Kevin Carroll. “Preparing the site will strengthen the case for state and federal funding of the long awaited Powhite Parkway extension. Upper Magnolia will be highly attractive to potential projects because we have access to a large highly skilled workforce in the region.”
The 1,728-acre Upper Magnolia site contains 1,000 acres of contiguous developable property and was re-zoned to I-2 by the Chesterfield Board of Supervisors. The property can be used for computer equipment manufacturing, electronics component & accessory manufacturing, laboratory manufacturing, pharmaceutical products manufacturing, office, research & development and data center development.
The funds from this grant will be used for all on-site engineering work to design an initial pad site, detailed design of offsite infrastructure including the Powhite Parkway and water, sewer & gas improvements to the site.
“The leading priority of the Virginia Business Ready Sites Program is to increase our project-ready sites portfolio across the Commonwealth, and this unprecedented site development funding is an important step forward in strengthening Virginia’s infrastructure,” said Governor Glenn Youngkin. “Prepared sites drive economic growth, and we have to move faster to attract new businesses. We are hitting the accelerator to build a best-in-class business environment so the Commonwealth can compete to win, and I have included the necessary additional funding for the VBRSP in my proposed budget.”
The program is administered by the Virginia Economic Development Partnership and is designed to develop sites to enhance Virginia’s infrastructure with more competitive project-ready sites, attract new business, and accelerate expansion in Virginia.