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RICHMOND, VA -Governor Glenn Youngkin today celebrates two years of the Partnership for Petersburg by breaking ground on the long-anticipated Sycamore Grove Development, and the grand-opening of Hotel Petersburg. The Partnership for Petersburg was launched on August 22, 2022, with state, local, community, and faith leaders coming together with support from the Commonwealth to make a difference in the lives and livelihoods of the people of Petersburg.
"When we launched the Partnership for Petersburg, we set out on a journey to empower and reinvigorate a community that had been left behind for too long. Today, as we celebrate two years of this remarkable partnership, we also celebrate two tremendous milestones in our journey," said Governor Glenn Youngkin. "As we break ground on Sycamore Grove and cut the ribbon on Hotel Petersburg, we are watching Petersburg fulfill its destiny to not only be the great city it once was, but to be one of the very best cities to live, work, and raise a family."
"Today, as we celebrate two years of the Partnership for Petersburg, we mark a new chapter for this historic city with the groundbreaking of Sycamore Grove and the opening of Hotel Petersburg," said First Lady Suzanne S. Youngkin. "These milestones reflect the power of partnership and a shared commitment to creating opportunity and vitality for Petersburg's future."
"I am grateful to Governor Glenn Youngkin and the Partnership for Petersburg for fulfilling the commitments that were made,"said Petersburg Mayor Sam Parham. "From providing housing, funding for a grocery store, to helping with the opening of Hotel Petersburg, we have seen a remarkable transformation in our city of Petersburg in just two short years. I am excited to keep collaborating with Governor Youngkin, his team, and our city to further advance Petersburg."
Sycamore Grove, an innovative mixed-use development, will span over 76,000 square feet, featuring a supermarket, two dine-in restaurants, a gas station with an EV charging station, a fast-casual restaurant, coffee shop and a revitalized pocket park, with additional retail space available. The Virginia Development Consortium will partner with the City of Petersburg and the Commonwealth of Virginia to complete this project. Additionally, the development will comprise of 145 residential homes constructed by Ryan Homes that seamlessly combine colonial and contemporary and lowcountry modern architecture.
Ron Martin, CEO of Grant's Supermarkets, expressed enthusiasm about opening a full-line grocery store in the area. He looks forward to collaborating with the community to provide wholesome foods at affordable prices.
The state has committed $3.5 million in IRF DHCD Grant funding for this project. The City of Petersburg will match IRF DHCD funds and will donate the land, totaling $8.5 million dollars in funding for this development.
Designed in the Second Renaissance Revival style, Hotel Petersburg originally served as a central hub for visitors and local politicians. After decades of decline, the hotel closed in 1970. In 2017, longtime Petersburg resident Dr. Nat Cuthbert purchased the property, and the hotel has since been restored and transformed into a seven-story, 64-room upscale boutique hotel that includes 2,200 square feet of meeting space, a full-service restaurant, a rooftop lounge, and spirits bar. Located at 20 West Tabb Street in Petersburg's Courthouse Historic District, Hotel Petersburg has been designated a member of Historic Hotels of America, the official program of the National Trust for Historic Preservation recognizing and celebrating the finest historic hotels.
"As a Petersburg native, I get the greatest pleasure from seeing Hotel Petersburg come to life once more," said Hotel Petersburg owner and developer Nat Cuthbert. "This project highlights what can happen when historic preservation, design, and community development come together. The state has shown invaluable support in bringing this project to fruition. I look forward to welcoming both the Petersburg community and visitors to experience the distinct character and warm hospitality of the hotel.
The Hotel Petersburg project received support through the Commonwealth of Virginia's Tourism Development Financing Program (TDFP), a gap financing program for larger-scale tourism development projects, geared toward filling deficiencies in tourism product and satisfying visitor demand for lodging. The project reflects a total capital investment of more than $23 million, and a projected tax benefit of over $675,000 in its first full year of operation. This is the twelfth project approved under the Commonwealth's TDFP.
The state has committed $2.2 million via gap financing through the Virginia Tourism Corporation and a loan through the Virginia Small Business Financing Authority to also support Hotel Petersburg's opening.
Other critical partners include:
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Virginia Tourism
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VSBFA
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LISC
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City First Financial
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A&L Builders
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Ryan Homes
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Lessard Design
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RAMS Petroleum
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