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Posted on: November 2, 2022

PR-Option Agreement for Foundry Property

Radford, Va. – The City of Radford has approved an option agreement on a future purchase of an 80-acre site owned by Virginia Castings, LLC, a Michigan limited liability company. The 6-month option agreement with VCI will provide an opportunity for updated and additional environmental testing on the Foundry site. At the end of the option period, the City can choose to purchase the property.

The Foundry has been a part of Radford’s industrial base since 1880 as the Radford Iron and Coal Company and employed approximately 1,500 at its peak in the late 1970’s. The Foundry produced an array of ductile iron products from water / sewer pipes to auto parts until they closed their doors in 2013. The site has been vacant for the past decade.

Mayor, David Horton said, “We are engaging into a due diligence period to better understand the dynamics of the property. This site is an opportunity for business, industry and more. An area as large as Bisset Park is a major advantage and is a good move that will generate revenue and community growth.”

With assistance from the Commonwealth, the City will pursue grants for environmental evaluation, remediation, site access, clean-up and redevelopment. The purchase has the potential of significant economic benefit.

“We are taking the necessary steps to clean-up and redevelop the former Foundry site which will bring economic development, job creation and investment to our community,” said Kim Repass, Economic Development Director. “The ability to acquire new industry and commercial businesses on this property will be a game changer for the City of Radford.”

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