The Virginia Development Authority will receive $500 million to help build five Agile-style development projects in the state, including one for a small company with no experience in real estate development.
The projects include a $750,000 development at the base of the George Washington Bridge in Washington, the construction of an apartment complex in Hampton, and the $2.3 million construction of a hotel on the Virginia Tech campus.
Virginia Development Commissioner Mark Bierman announced the grants Wednesday.
The agency will receive up to $750 million over 10 years from the Virginia Development Development Authority, which is led by Biermann and will be administered by the state’s Economic Development Department.
The money will be used to fund the development of six projects in Virginia, with the first phase set to be completed in 2018.
Two other Virginia Agile projects will be announced in 2019, including a $500,000 building for a developer in Alexandria.
The project is to be financed by a $50 million grant from the Maryland Department of Economic Development.
It is unclear what state funds will be applied toward the project.
A spokesman for the Maryland Economic Development Commission, which oversees the state and is not part of the Virginia DDA, declined to comment.
Agile Development Association spokeswoman Katie Langer said the agency plans to apply for the funds in the coming months.
The Virginia Ag.
Development Authority says the projects will create more than 3,000 jobs in Virginia and the region.
Development Authority, with funding from the state Department of Commerce, is responsible for coordinating the development, construction and maintenance of state-of-the-art facilities, including state-owned parks and historic sites.
Development Association president Kevin O’Donnell said the projects are among the most significant in Virginia’s history and will create thousands of jobs.
Tom Wolf is expected to announce a new regional development plan in the next few weeks.
Agi.’s first phase, scheduled to be finished by the end of 2019, will include a hotel and apartments for residents of the city of Alexandria.
Virginia officials say the project will create 5,000 construction jobs, including 300 temporary jobs.
The developer will be using $100 million from the State’s Economic Impact Fund, which has been set aside for Virginia projects.
Agis first phase will include the construction and operation of a new public park in Hampton.
Agilis second phase will build a hotel in Alexandria that will provide approximately 1,200 construction jobs and create 500 construction jobs.