The Vaughan Furniture Building is a unique opportunity to develop a signature project. It is a 408,000 square-foot former furniture factory comprised of nine building components dating from 1923 to 1995. Check out the video below to learn more about the history and possibilities for this building.
This building is owned by the Vaughan Restoration Group, which is made up of former owners of Vaughan furniture and other investors that will pledge the building as its investment in the project. The building was recently approved for listing on the State and National Registers of Historic Places and Part 1 of the Historic Tax Credit application process is complete and has been approved as well.
The adaptive reuse of the Vaughn Furniture Building has the strong support of the City of Galax and its IDA with a newly formed Galax Development Corporation, made up of Vaughn Restoration Group and City of Galax representatives, coordinating the redevelopment effort. Along with strong support, this property is also in an Opportunity Zone, a New Markets Tax Credit qualified Census Tract, and a Virginia Enterprise Zone. It is also eligible for numerous local tax incentives that can be found in the City of Galax Incentive Guide.
Phase I and Phase II Environmental Assessments have been compiled and the building has been found to be clean. A complete Feasibility Study has also been prepared. The study shows adaptive reuse as apartments, hotel, restaurant, retail, indoor recreation, and a business incubator that includes a preliminary cost estimate, and development and operating pro formas.
As of summer 2022, a well-established and experienced development team was selected for this project. The team is in the early stages of its planning, due diligence, initial design work, and consultations with local and state government needed to get this project off the ground.
The development team is using professionals with which it already had established relationships for this initial work without the need for any additional outside assistance.
Because of the complexity of this project, no construction is anticipated until the latter half of 2023.