The Williamsburg Health Evaluation Center (Ian Brickey/WYDaily)
Despite hopes of relocating to the City of Williamsburg, a program aimed at fostering startups and small businesses will remain at its present location in James City County for the time being.
Plans to relocate the Triangle Business Innovation Center, formerly known as the Historic Triangle Regional Incubator, to the City of Williamsburg were dashed Nov. 7 when its lease for space in the Health Evaluation Center at 332 North Henry St. fell through.
“Unfortunately, the owner has decided not to lease to us,” Director of Economic Development Michele DeWitt said at Wednesday’s meeting of the Williamsburg Economic Development Authority.
Myrl Hairfield, a local developer who was involved in the creation of the Health Evaluation Center and owns a company based out of the building, said a third party was interested in occupying the entire building, either through lease or purchase. The incubator was projected to occupy the south side of the building’s first floor.
Hairfield said he could not disclose the identity of the third party, but said negotiations had been going on for about 30 days. DeWitt said her office was informed Friday the incubator would not be granted the lease.
The building is presently owned by Henry Street Land Company LLC, a Newport News company whose registered agent is Newport News attorney Joshua M. David. Its most recent assessed value was $5,377,900.
The EDAs for Williamsburg, James City County and York County had agreed in September to lease the first floor of the Health Evaluation Center for five years at an annual rate of $42,000 per year.
The three EDAs are currently evaluating candidates for the position of incubator manager, a process DeWitt said she expected would soon conclude. Once a person is hired, DeWitt said one of their first goals will be to identify a new long-term home for the incubator in one of the three localities.
Delaware-based firm Ludvik Holdings Inc., managed by venture capitalist Frank Kristan, had been leasing the building with an option to purchase.
In September, DeWitt said the Health Evaluation Center offered “A+” space for the incubator based on its proximity to downtown Williamsburg and other growing businesses an operations, such as the international development research firm AidData.
“I think the whole incubator board was really excited about it being downtown where it’s a walkable community with coffee shops, and restaurants and other activities,” DeWitt said Wednesday. “Sure, we’d love it to be in the city, but we also want it to be in the right type of building.”
City leaders had been excited about the prospect of establishing the incubator near other growing businesses downtown, including I-texts, a startup technology firm jointly owned by Kristan and Hairfield.
City leaders cited the presence of Kristan and Hairfield and their business experience as significant benefits for potential startup businesses moving into the incubator.
With space in the Health Evaluation Center unavailable, the incubator will remain in its current location in James City County near New Town on a month-to-month basis. The Williamsburg EDA approved the decision to remain in the county at its meeting Wednesday.
“We’re not really moving back — we never left,” DeWitt said.
The James City County EDA has signed off on the decision in principal, but will officially consider it at its meeting today. The York County EDA is scheduled to vote on the resolution at its Nov. 18 meeting.
With the decision to stay at its current location, James City County will remain the fiscal agent for the incubator.
“James City County has been gracious enough to say, ‘You can use this space while you look for another space,’” DeWitt said.
Related Coverage:
- City Leaders Hope Incubator Sparks Vibrant Business Corridor Downtown
- City EDA Votes to Relocate Regional Business Incubator to Vacant Health Evaluation Center
- City EDA Talks Need for New Funding Plan, $77K Operating Budget
- Business Incubator Gets New Name
- Historic Triangle Incubator Adds York County Technology Firm