The Patrick County Economic Development Authority (EDA) voted not to proceed with its Business Development Center project during its meeting on Wednesday, March 5.
The site, formerly the Stuart True Value Hardware Store, is located at the intersection of Slusher Street and Rye Cove Road in Uptown Stuart.
EDA Chairman Ron Haley said that while the center was a viable and economically feasible project in 2021-2022, it is no longer practical in today’s financial environment.
“We did not want to put the EDA or the county itself at financial risk by going forward with something that was projected to be a cost of $1.5 million, and that’s north of $2 million now. That’s a risk we didn’t want to put the county in,” he said.
While discussions are ongoing about the future of the building, Haley said no concrete plans have been made.
However, the EDA will proceed with asbestos removal at the site after Patrick County received a $92,620 Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund (VBAF) grant earlier this year.
“It’s going to have to be done anyway, and the grant is for that specific purpose,” Haley said.
The EDA originally purchased the property for $122,000.
