The Monument Companies are a group of companies that provide fully integrated real estate development, construction and property management services to clients across Virginia. One of their most recent redevelopment projects is located in the Norfolk Enterprise Zone (NEZ).
Completed in 2020, the development at 226 W. 24th Street is comprised of a large coffee shop and six apartment units. This $1 million investment is part of the larger Peanut Factory Flats project in the Railroad District of the Park Place neighborhood. The project was developed by The Monument Companies and renovated in accordance with the Department of Historic Resources guidelines to preserve the character of the former Old Dominion Peanut factory. When we asked what was one of the deciding factors for this project, Monument’s Lacey McGraw said “Financial incentives, like the Enterprise Zone Grant program, make projects like this one possible. We are grateful for Norfolk’s Department of Economic Development, who administers this valuable program.”
The historic Park Place Neighborhood, 35th Street Business District, and Railroad District are garnering a lot of attention from developers and entrepreneurs. Not just because of its NEZ status, but its proximity to Downtown, Old Dominion University, Ghent, and Colonial Place/Riverview business and residential districts. It’s also a quick commute to the world’s largest Naval base.
This is an ongoing series that profiles Norfolk small businesses and entrepreneurs who have benefitted from the programs offered by the Norfolk Department of Development and their partners. Over the next few weeks, we’ll highlight some of the businesses and their projects that are in the NEZ. Stay tuned!
Meanwhile, to determine if your property is within one of 14 designated zones and for additional information click on the link: Enterprise Zones – Norfolk Department of Economic Development or contact the Local Enterprise Zone Administrator George Hoddinott.