Downtown PKB awarded grant from Opportunity Appalachia
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PARKERSBURG - A project of Downtown PKB was among 34 chosen for funding from Opportunity Appalachia to encourage economic growth.
Downtown PKB was awarded a grant of up to $75,000 for the redevelopment of the 40,000 square foot 820 Market St. in the downtown central business district into a mixed-use facility with retail on the first floor and residential on the second to fifth floors, according to Amanda Stevens, executive director of Downtown PKB.
Sixteen two-bedroom units are planned on the upper levels and at least two businesses are planned at street level. Estimated costs total $8 million with creation of eight to 10 permanent positions and 25 construction jobs.
“(Development Director) Ryan Barber with the City of Parkersburg brought this grant opportunity to my attention and together we completed and submitted the application,” Stevens said. “Our proposed project at 820 is a sign of the growing investment potential in our downtown.”
Opportunity Appalachia will closely work with private investors, banks, community development financial institutions, new markets tax credits investors, historic tax credit investors, opportunity zone investors and federal agencies to highlight participating communities and access financing for transactions.
“I’m beyond excited about this program. Not only for the initial funds which will help us get started, but for the potential investors we may obtain to make this multi-million dollar project a reality,” Zak Huffman, owner of the property, said. “Downtown is in need of premium housing and we are excited to fill that void.”
The building is across the street from the Discovery World on Market, a children’s learning museum scheduled to open this fall.
Opportunity Appalachia received 75 applications for technical assistance from across Central Appalachia, which includes Southeast Ohio, East Tennessee, Western North Carolina, Southwest Virginia and West Virginia, representing projects with anticipated costs of over $369 million and requested technical assistance worth more than $3.7 million.
The organization selected 34 projects to participate in a program to bring jobs, business support and investment to Central Appalachia. The projects selected are proposed to create more than 1,700 jobs and attract over $177 million in financing to develop manufacturing facilities, downtowns, community centers, health, wellness and childcare centers, food and agricultural facilities, hotels and retail enterprises in downtown and rural areas across Central Appalachia.
For more information about Downtown PKB, follow it on Facebook or Instagram or contact Amanda Stevens at amanda@downtownpkb.com.