Danville Regional Foundation (DRF) announced today a 10-year, $10 million redevelopment fund that will acquire and invest in the redevelopment of underutilized real estate in the River District. DRF has partnered with Watershed Ventures, a real estate redevelopment and investment firm focused on Danville’s River District, to manage the initiative. DRF is the fund’s lead investor. This investment will strengthen DRF’s diverse investment portfolio.
Through direct investment in real estate and in partnership with others, Watershed Ventures is focused on creating an environment where more people will want to live, work, play, and invest.
“We believe there is a great opportunity to reactivate many of the beautiful, underutilized buildings that make up the River District. Our goal is to build on the history, character, and energy in downtown to create a vibrant, diverse, and inviting place for businesses and residents to call home,” said Michael Lemanski, managing partner of Watershed Ventures.
Over the past nine months, Watershed Ventures has secured about 475,000 square feet of properties including the Belk Leggett Building on Main Street and the Imperial Mill on Craghead Street. Along with securing a critical mass of properties, Watershed Ventures will plan for their redevelopment and attract developers to implement these projects. The firm will work closely with the City of Danville, Industrial Development Authority, the River District Association, local businesses, and others during its planning process.
“DRF believes Watershed Ventures can provide the vision, innovation and experience our community needs to advance the revitalization of the River District and we look forward to seeing the ideas they bring to the table. We at DRF are also pleased to have the opportunity to expand our impact beyond providing grant funds. By investing in local real estate we believe we can generate market rate returns and further advance our mission to have a positive impact both in Danville and the entire Dan River Region,” says Karl Stauber, President & CEO of Danville Regional Foundation.
About Danville Regional Foundation
DRF is a catalyst for innovation and an agent for transformation. Understanding that significant community change takes time, DRF invests for the long term in efforts that promise sustained positive impact for the Dan River Region. DRF is committed to activities, programs, and organizations that address the health, education, and well being of residents of Danville and Pittsylvania County, Virginia and Caswell County, North Carolina.
About Watershed Ventures
Watershed Ventures is a real estate redevelopment and investment firm focused on reactivating Danville’s River District. Our goal is to create a vibrant, diverse, and sustainable urban center. More information about Watershed Ventures can be found at http://www.watershedventuresllc.com.