Minority Developers Secure Nearly $9M in Funding for Sycamore Grove Project in Historic Petersburg, Virginia
Petersburg, VA
|
November 07, 2024 03:11 PM Eastern Standard Time
The Virginia Development Consortium (VDC), in collaboration with the Mayor of Petersburg, Sam Parham, and Virginia Governor Glenn Youngkin, celebrated the groundbreaking of Sycamore Grove, a transformative mixed-use development in historic Petersburg, Virginia. The city and state have approved nearly $9 million in funding for VDC, marking a significant milestone in the revitalization of one of the nation’s oldest cities.
Sycamore Grove will feature a new grocery store, 174 townhomes developed by NVR/Ryan Homes and A&L Home Builders, a minority-owned business, and retail establishments including Bonfire Wings, a Houston-based business, and Loving Hands Childcare, a minority-owned business from Kansas. This development is a direct response to the community’s vision to rejuvenate Petersburg, a predominantly African American city currently ranked the lowest in the Commonwealth of Virginia for health disparities and classified as a food desert.
At the groundbreaking on October 30, Governor Youngkin emphasized the importance of this project, stating, “Petersburg matters.” Mayor Parham expressed his enthusiasm for welcoming businesses like Bonfire Wings to the city.
The development team is led by Harold Johnson and Nicole Cober, a husband-and-wife duo who have been in business together with Cober Johnson and Romney, a DC-based firm, since 2015. They are renowned for their work on mixed-use projects in emerging communities, such as the $600 million Towne Square at Suitland Federal Center in Maryland. Johnson highlighted their mission, saying, “With public-private partnerships, we don’t just create buildings; we develop blocks that exponentially expand economic growth.”
As the next step for Sycamore Grove, the city will convey the property and funding to Virginia Commonwealth University (VCU) to begin construction of the grocery store. Nicole Cober expressed her optimism, stating, “It’s a new day of hope for the people of Petersburg. I’m stopped all the time by people from Petersburg, thanking us for doing what it takes for this project. We want people to be excited and welcome them back to one of the nation’s first cities!”
Contact Details
BDC Strategy Group
Sherelyn Weber
Company Website
