City of Roanoke Receives $1 Million Award to Transform Former Walker Foundry Site

The City of Roanoke's Economic Development Authority (EDA) has secured a $1 million state award to help transform the former Walker Foundry property.

Last year, Greg Kaknes and Foundry Realty agreed to purchase the remaining assets of The Walker Machine and Foundry which included multiple industrial buildings and approximately 12.5 acres of land abutting the Greenway. The purchase was finalized in April.

The Industrial Revitalization Fund (IRF) provides funding for the redevelopment of vacant and deteriorated industrial and commercial properties and is overseen by the Virginia Department of Housing and Community Development. IRF awards for 2025 totaled over $4.5 million, with The Foundry project receiving $1M of those funds. The City of Roanoke's EDA served as the formal applicant on behalf of The Foundry, as required by the Fund's guidelines, and received the full funding amount applied for.

The Foundry intends to create a mixed-use development that will include renovating over 16,000 sq ft for food, fitness, and community health, and turning over 30,000 sq ft into usable greenspace. This will bring amenities, jobs, and economic activity to the historically underserved Norwich neighborhood.

The project will also include 275 new housing units, 150 multi-family rental units and 125 that will be for sale. All housing units are intended to be affordable, targeting workforce housing levels through Virginia Housing.