LEBANON, VA – FEBRUARY 16, 2021 — An up to $900,000 loan to be used by the Russell County Industrial Development Authority to acquire and develop the Russell Place building and site in Lebanon was closed last week by the Virginia Coalfield Economic Development Authority (VCEDA).

“With the recent deals with Rambler Wood Products for the occupancy of the Bush building in St. Paul, and with Polycap for the occupancy of the Lebanon shell building, the IDA and VCEDA were without a single building under the IDA’s control to market in Russell County,” said VCEDA Executive Director/General Counsel Jonathan Belcher. “The purchase of the Russell Place building will again make IDA property available in Lebanon which in turn will provide additional opportunities for Russell County to attract new projects and new jobs.”

The property is located at 122 Haber Drive in Lebanon.

“The development of this property could not have taken place without the support of VCEDA,” said Ernie McFaddin, chairman of the Russell County Industrial Development Authority. “The ability to repurpose this industrial site is crucial to our community development. With current prospects already considering this site, we are excited to bring it back to life and provide additional jobs for our region.”

Russell Place consists of a 172,000 square foot industrial building located on an approximately 12.6 acre site in downtown Lebanon. It was built in various stages from the late 1950s to the 1980s. Approximately 120,000 square feet of the building consists of older, masonry construction which the IDA proposes to demolish to create more available land. The rear portion of the building, which was built as a metal construction addition to the building, is approximately 52,000 square feet, with an approximate 26-foot ceiling height. The IDA plans to retain that part of the building and to make some basic renovations and improvements to further improve its marketability. That part of the building also has seven existing dock doors.

Belcher noted all of the necessary utilities are in place at the site, including public water, public sewer, natural gas and high speed broadband from multiple providers. The building is also already zoned for manufacturing.

About Virginia Coalfield Economic Development Authority and Southwest Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Southwest Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vceda.us or www.e-Region.org.