Zoning & Development Flexibility

Notice: The descriptions below are provided for solely for an easy, at-a-glance, informative purpose. It is up to the purchases to investigate and determine if they are able to benefit from any programs. KNI Investments LLC and AJAG Real Estate do not guarantee any of the information. Links are provided to municipal code and relevant information. 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, in a manner that protects and enhances the business and cultural center of the City and region. Further Information related to the Downtown District can be found HERE. A table outlining permitted usages for this property can be found HERE

Enterprise Zone – The Enterprise Zone has multiple local and state grants and incentives. Roanoke City currently has one Enterprise Zone (Zone One A), this zone covers areas in Downtown Roanoke, Statesman Industrial Park, and more. An example state incentive is a real property investment grant, which can include a 20% reimbursement, with caps based on investment size, new construction, and types of use. Other local grants exist that support aspects of property development such as water, fire, and sewer hookups, fire suppression, and more. For information on the Enterprise Zone, see HERE. For information on real estate tax exemption, see HERE. For information on Enterprise Zone One A Grants Program Guidelines, see HERE

The Virginia Can Company Complex is located within the City of Roanoke’s designated Historic District overlay. This designation makes the property potentially eligible for both federal (20%) and Virginia state (25%) historic rehabilitation tax credits on qualified rehabilitation expenditures. Importantly, participation in the historic tax credit program is voluntary — developers retain full flexibility in their approach to the property without being constrained by historic preservation requirements unless they choose to pursue credits. The Historic District overlay does not restrict permitted uses or impose additional zoning requirements beyond those of the underlying Downtown District.

Leaders from the City or Roanoke, Virginia Tech, Carilion, Radford University and others came together to create a Innovation Corridor in Roanoke, Va.  the focus is to establish Roanoke as a center for innovation and a multimillion dollar biomedical and tech hub.  The goal is to bring in more students, researchers, development and businesses to the Roanoke Region.  For more information related to the innovation corridor click Here

This property is located in a confirmed NMTC-eligible census tract (51770002600), verified through the CDFI Fund’s official mapping tool. The NMTC program provides a 39% federal tax credit over seven years on qualified equity investments in low-income communities. Virginia is a targeted state for NMTC deployment, and this credit can be stacked with historic tax credits and Enterprise Zone incentives to significantly improve project economics.