PUTNAM COUNTY, W.Va. –– Governor Jim Justice has announced that the Putnam County Residential Development will be receiving a $5 million investment from West Virginia’s Water Development Authority.
The grant will assist with residential development of 600 units in proposed communities in both Hurricane and Frazier’s Bottom and will go towards supporting utility extensions, road construction, and infrastructure development.
Justice says this investment proves that the state has come a long way in regard to improving infrastructure.
“Today’s announcement is another shining example of how far West Virginia has come,” Justice said. “Through the Economic Enhancement Grant Fund, we’ve turned smart investments
into over $2.3 billion worth of transformative projects across our state, improving infrastructure, supporting economic growth, and creating opportunities for our people. When I first took office, we were making cuts after cuts, and now we’re handing out checks that make a real difference.”
Real estate investment and development firm Stonewall Capital will lead the development, which aims to build for-sale units that include single-family houses and single-floor villas.
Morganne Tenney, executive Director of the Putnam County Development Authority, says the recent grant and partnership with Stonewall Capital will help see the necessary housing go up in Putnam County.
“Putnam County boasts an award-winning school system, safe communities and convenient locations; people want to live here. We believe that Putnam County is supporting neighboring counties with a talented workforce and stands ready to provide more housing options to our
residents and welcome new neighbors,” Tenney said. “With the help of Stonewall Capital and a $5 million grant from the WVWDA, we can quickly provide the housing our growing community needs while continuing to drive economic development.”
Putnam County was one of the eight West Virginia counties that saw growth between 2010 and 2020, with a 3.5% growth rate. Before the recent announcements for economic development projects, Putnam County was the region’s lone growing county.