Opportunity Zone

Through the federal Opportunity Zone program, banks, communities, investors, companies, and others may create Opportunity Funds to direct tax-advantaged investments to one of several opportunity zones in the Roanoke Region of Virginia. 

  • The primary benefit of investing in an Opportunity Fund is a temporary deferral of capital gains taxes until December 31, 2026, as long as the Opportunity Zone investment is maintained until that date.
  • Secondly, there is a step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10 percent if investment in the Opportunity Fund is held by the taxpayer for at least five years and an additional 5 percent if held for at least seven years.
  • Lastly, a permanent exclusion of capital gains from the sale or exchange of an investment in an Opportunity Fund applies if the investment is held for at least 10 years. 

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Potential Investment Opportunities in Roanoke County

Airport District

Primarily a commercial district located at the I-581/Peters Creek Road interchange adjacent to the Roanoke-Blacksburg Regional Airport. This area is ideal for office, hotel, restaurant, multi-family residential and light industrial development.

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Interstate 81 District

This district extends from the Interstate 81/Electric Road (VA Route 419) interchange (Exit 141) to the south along Electric Road. With an average daily traffic count of 18,000, potential development in this area would be office, multi-family residential and general commercial.

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Peters Creek District

This district is situated along the Peters Creek Road commercial corridor close to the Roanoke-Blacksburg Regional Airport. With an average daily traffic count of 21,000, this area is an excellent fit for general commercial, office and multi-family residential development.

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Wood Haven District

  • This district is primarily for high technology/advanced manufacturing and industrial uses, custom manufacturing, professional office and research and development.
  • The Wood Haven District, which is zoned PTD (Planned Technology District), will have a park-like setting that complements surrounding land uses by means of appropriate siting of buildings, controlled access points, attractive and harmonious architecture, effective landscape buffering and scenic view easements.

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Criteria for Establishing Opportunity Zone Districts

  • Areas with properties currently zoned for commercial or industrial development
  • Areas with properties having a master plan future land use designation as:
  1. Transition
  2. Core
  3. Principal Industrial
  • Areas with undeveloped and under-developed properties
  • Areas with properties currently listed for sale or lease

Potential Incentives

Typically, Roanoke County incentives are direct grants, to a company to offset development costs, or for associated public infrastructure improvements. Examples include:

  • Utility Extension / Connection Assistance 
  • Site Preparation Assistance 
  • Site Acquisition Assistance 
  • Expedited Permitting 5-day turnaround for plan reviews
  • Local Permit & Application fee Waivers 
  • Developer Connections - Will identify developers to deliver a turn key project
  • Talent acquisition and resource connections
  • Bond financing through the Economic Development Authority