ROANOKE, Va. – The City of Roanoke has secured a $1 million award from the state’s Industrial Revitalization Fund to support the redevelopment of the old Walker Foundry site. This grant will help fund a mixed-use development featuring fresh food venues, wellness services and affordable housing.
The property, formerly owned by Walker Machine and Foundry, was the heart of Roanoke’s Norwich community for nearly a century.
In August 2024, Greg Kakness and Foundry Realty purchased the remaining assets of the Walker Machine and Foundry, which included multiple industrial buildings and approximately 12.5 acres of land that sit next to the Roanoke River Greenway. The purchase was finalized in April 2025.
The Foundry plans to create a cohesive, community-focused mixed-use development by renovating more than 16,000 square feet of existing industrial space. The project will include a fresh food and beverage venue, an outdoor active fitness and wellness provider, and commercial office space that would house a satellite office for a local health clinic. The project also aims to add nearly 275 homes, bringing vital jobs and amenities to this historically underserved area.
The Industrial Revitalization Fund, overseen by the Virginia Department of Housing and Community Development, is a program designed to support the redevelopment of vacant and deteriorated industrial and commercial properties by providing funding to go toward revitalization. Industrial Revitalization Fund awards for 2025 totaled more than $4.5 million, with the Foundry project receiving $1 million of those funds. The City of Roanoke’s EDA served as the formal applicant on behalf of The Foundry and received the full funding amount applied for.
“We are honored and excited to accept this IRF award on behalf of The Foundry. Initiatives like this have the power to create lasting change, not just in the Norwich neighborhood, but across the entire City. We deeply appreciate the state’s support and investment in both this project and our community overall,” said EDA Chair Braxton Naff.
Greg Kaknes, developer for the Foundry, also expressed his excitement for the project: ”As the leader of the Foundry Realty team, I’m both excited for this award and grateful for the hard work that the EDA has contributed to making our overall project vision a reality. We have received tremendous support and encouragement from the city and look forward to repaying that trust with a truly transformational project for Norwich."