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STRATEGIES: 7 STRATEGIES FOR DOWNTOWN

CHAPTER 4

FOSTER I NNOVAT I ON AND A RES I L I ENT LOCAL ECONOMY

To cultivate a competitive and dynamic Downtown Blacksburg, the Town should encourage the creation of space needed to accommodate and support job growth in key sectors. This includes: developing office space for knowledge economy jobs that leverages Virginia Tech’s investment in the Creativity and Innovation District (CID); and encouraging the development of the in-demand retail and housing needed to attract and retain young professionals.

Develop Office Space for Knowledge Economy Jobs

The establishment of the Creativity and Innovation District (CID) at Virginia Tech represents an opportunity for Blacksburg to grow and diversify its economic base. In order to leverage this opportunity and attract new firms to Downtown, the town needs to help provide the right space and the right workers. Many firms today are looking for office space that is flexible, streamlined, and affordable, and the town should encourage the development of these types of spaces, especially in the Downtown West area adjacent to the CID. This includes co-working spaces, which serve companies with only a few employees. These types of office space are not always profitable,

given the lower rent affordability of small firms. The town can support their development through the use of incentive tools. Another needed type of space is incubator space. Incubators serve start-up firms, providing not only space and amenities, but also a system of mentorship and financial support to help get firms off the ground. They are commonly found in innovation districts, and plans for the CID include one. Going forward, the town should collaborate with Virginia Tech and other major employers to support and expand incubator space as appropriate to serve the needs of local entrepreneurs.

ALIGNING PARTNERSHIPS AND INVESTMENT

Housing, retail, and office space Investments in public realm

Entrepreneurship

Venture capital Grant dollars Business incubation Innovation

75 Downtown Blacksburg Strategic Plan STRONG LINK

STEM, creative, and start- up firms

Research and Education

Town and Placemaking

Property acquisition Office and industrial space

LINK STRATEGY CONNECTIONS