Incentive Programs & Development Flexibility
Notice: The descriptions below are provided solely for general informational purposes. Prospective purchasers should independently verify eligibility for any programs or incentives. KNI Investments LLC does not guarantee the applicability of this information. Links are provided to relevant municipal code and supporting resources.
Downtown District – The purpose of the D District is to permit a wide variety of uses and relatively intense development in the downtown, consistent with historic development patterns, while supporting the continued growth of the City’s business and cultural center. Further information related to the Downtown District can be found on the City of Roanoke website.
Enterprise Zone – The Enterprise Zone provides access to a range of local and state grants and incentives. Roanoke City currently has one Enterprise Zone (Zone One A), which includes Downtown Roanoke, Statesman Industrial Park, and surrounding areas. State incentives may include real property investment grants of up to 20% reimbursement, subject to caps based on investment size, construction type, and use. Additional local programs may support development costs such as water, fire, and sewer infrastructure, as well as fire suppression systems.
Roanoke also offers additional programs supporting neighborhood development and economic development and entrepreneurial activity.
A range of local and state programs may be available to support redevelopment of this property.
Financing Options
Multiple financing mechanisms are available to support adaptive reuse and redevelopment of this property, including PACE (Property Assessed Clean Energy) financing for energy-efficient improvements and renewable energy installations.
Historic Tax Credits
The property is located within a designated Historic District, making it potentially eligible for both federal (20%) and state (25%) historic rehabilitation tax credits. These credits can significantly offset qualified rehabilitation expenditures. Importantly, these credits are available but not mandatory — developers retain full flexibility in their approach without being constrained by historic preservation requirements unless they choose to pursue credits.
- Historic Tax Credits – Federal – https://www.nps.gov/subjects/taxincentives/index.htm
- Historic Tax Credits – Virginia – https://www.dhr.virginia.gov/programs/tax-credits/
- Real Estate Tax Exemption – https://www.roanokeva.gov/1679/Tax-Relief-and-Incentive-Programs
- New Market Tax Credits – https://nmtccoalition.org/
Enterprise Zone Grants
The property falls within Virginia Enterprise Zone One A, which provides access to a range of local and state grants and incentives designed to encourage investment in designated growth areas. State incentives may include real property investment grants of up to 20% reimbursement, subject to caps based on investment size, construction type, and use. Additional local programs may support development costs including water, fire, and sewer infrastructure, as well as fire suppression systems.
- Façade Grant
- Real Property Investment Grant https://www.bizroanoke.com/start-locate-expand/incentive-programs/enterprise-zone-program/
- Job Creation Grant https://www.bizroanoke.com/start-locate-expand/incentive-programs/enterprise-zone-program/
New Markets Tax Credits (NMTC)
The Virginia Can Company Complex is located in a confirmed NMTC-eligible census tract (51770002600), as verified through the CDFI Fund’s official mapping tool. The New Markets Tax Credit program provides a 39% federal tax credit over seven years on qualified equity investments in low-income communities.
For projects with $5 million or more in total development costs, NMTC financing can significantly reduce the effective cost of acquisition and renovation. Virginia is currently a targeted state for NMTC investment, meaning Community Development Entities (CDEs) receive additional scoring credit for deploying capital here — making this property particularly attractive to NMTC allocatees actively seeking Virginia deals.
NMTC can be stacked with federal and Virginia historic tax credits, further improving project economics. The combination of NMTC eligibility, historic tax credits, Enterprise Zone incentives, and PACE financing creates one of the strongest incentive stacks available for adaptive reuse in the region.
- NMTC Coalition – https://nmtccoalition.org/
- CDFI Fund Mapping Tool – https://www.cdfifund.gov/mapping-system
