Governor Glenn Youngkin announces major investment in site development to boost economic growth in Virginia

Richmond, Virginia – Governor Glenn Youngkin has announced $40 million in Virginia Business Ready Sites Program (VBRSP) grants for 13 sites throughout the Commonwealth. Of the total funding, $35.9 million is being directed toward development projects at specific sites, while $4.1 million is dedicated to accelerated site characterization—an initiative designed to fast-track readiness assessments on high-potential properties.

“Business-ready sites are instrumental to Virginia’s ability to compete and win economic development projects and create great new jobs for Virginians,” Governor Youngkin stated. He emphasized that since 2022, more than $125 billion in capital investment has been pledged by companies moving to or expanding in Virginia. The governor called the VBRSP “a game changer for our economic development strategy,” underscoring the importance of preparing sites so companies can begin operations swiftly.

Secretary of Commerce and Trade Juan Pablo Segura echoed this sentiment, stressing that in a competitive market, having fully prepared sites gives Virginia a real advantage. He noted that the program has already made a measurable impact in communities across the state, with the latest round of investments further strengthening the statewide portfolio.

Preparing Virginia for Future Opportunities

Administered by the Virginia Economic Development Partnership (VEDP), the VBRSP works closely with localities, utilities, and state agencies to ensure that sites are ready for business development. Beyond infrastructure improvements, the program also manages necessary permits and approvals, aiming to eliminate delays for incoming projects.

The program operates under guidelines that require larger localities—those above 35 square miles—to propose sites with at least 50 contiguous, developable acres. Smaller localities may submit proposals for sites of at least 25 contiguous acres. Matching grants are available to help cover costs tied to site assessment and the development needed to upgrade a site’s readiness designation.

According to VEDP President and CEO Jason El Koubi, “Virginia is developing a next-generation portfolio of project-ready sites that are built to meet business needs from day one. By preparing sites that align with the demands of today’s companies, we’re using infrastructure as a strategic tool to drive economic growth – and positioning every region to compete and win in the economy of the future.”

Fiscal Year 2025 Grant Recipients

The newly awarded grants will support a diverse set of projects across the Commonwealth. Key allocations include:

• Albemarle County (Rivanna Futures) – $9,700,000

• Amherst County (Dillard Tract) – $850,000

• Augusta County (Mill Place Commerce Park) – $500,000

• Campbell County (Seneca Commerce Park) – $300,000

• City of Chesapeake (Hampton Roads Executive Airport) – $500,000

• Chesterfield County (Upper Magnolia Green) – $10,500,000

• Giles County (Wheatland EcoPark) – $3,300,000

• Henrico County (RIC Beulah Road) – $1,000,000

• Henry County (Commonwealth Crossing) – $750,000

• City of Lynchburg (Ivy Creek Innovation Park) – $4,000,000

• Pittsylvania County (Southern Virginia Megasite at Berry Hill) – $1,500,000

• Smyth County (Former Brick Plant) – $1,500,000

• City of Waynesboro (Nature’s Crossing Technology Center) – $1,500,000

• Multiple Sites (Accelerated Site Characterization Grants) – $4,100,000

These targeted investments are expected to improve infrastructure, expand economic opportunities, and prepare regions to attract major employers and manufacturers.

Building Partnerships for Growth

The VBRSP is the product of a collaborative effort involving VEDP, the Virginia Department of Environmental Quality, railroad and utility representatives, civil engineers, and other public and private stakeholders. Grant applications are reviewed competitively, with final decisions made by an investment committee consisting of VEDP and administration leaders.

Governor Youngkin emphasized that the historic levels of capital investment already secured during his administration demonstrate the critical importance of the program. With this latest $40 million infusion, Virginia is doubling down on its efforts to remain a top destination for transformative business projects.

For more information, residents and interested stakeholders can visit the Virginia Business Ready Sites Program online.