RADFORD, Va. (WSET) — The City of Radford decided Monday night to exercise an option to purchase the former Radford Foundry site.
The site is currently owned by Virginia Castings, LLC, a Michigan limited liability company.
After undergoing extensive environmental testing and assessment over the past 6 months, the Radford City Council, with the support of the Economic Development Authority said it believes there is no better time than now to purchase the property.
"This is an exciting day for the City of Radford as we make plans for the future of this great community. By investing in West Radford for future commercial development, we open the door for many possibilities for economic success and opportunities for our citizens. It is a big part of the continued renaissance and resurgence of Radford as we work across the city to maximize areas for prosperity and sustainability," Mayor, David Horton said.
The Radford Foundry was founded in 1880 as the Radford Iron and Coal Company and employed approximately 1,500 at its peak in the late 1970s. The Foundry produced ductile iron products from water/sewer pipes to auto parts until it closed its doors in 2013.
The current site is 80 acres with approximately 30 acres or more of developable land.
“We are thrilled that the city has acquired the former VCI property. We believe this will play a pivotal role in Radford’s Economic future providing a place for industrial development and job creation of both small and large businesses,” said Abram Williams, Economic Development Authority Chair.
With help from the state, the city will pursue grants for remediation, site access, clean-up, and redevelopment.
“This is a monumental day in Radford as we move forward on the acquisition of the former Foundry property,” said Kim Repass, Economic Development Director. “The ability to bring new industry and commercial businesses in the future to this property will bring economic vitality, job creation and investment to the City of Radford. This will be a game changer for our citizens and community.”