The Fredericksburg Food Co-op plans to open a member-owned grocery store next year in about a 9,400-square-foot space at 320 Jefferson Davis Highway in Lee Plaza. That space, like about half of the City of Fredericksburg, is within the federal government’s Opportunity Zone program, which allows investors to receive tax benefits on capital gains by investing those gains in qualified census tracts designated as part of the program. Click here to learn more about how the program works.
The Food Co-op is finishing its capital financing plan for the store, and its leaders have decided to develop an “Opportunity Zone Fund” to receive OZ investments toward the store. People interested in learning more about the fund can email the Co-op at fxbgfoodcoop@gmail.com.
The Food Co-op, which now has nearly 1,250 members, has also made the following progress toward its opening:
- Co-op signs designed by Pete Morelewicz are now on the storefront windows (see photo)
- The Co-op purchased nearly new refrigeration and related grocery equipment
- The Co-op has been interviewing candidates for its general manager. Following a nationwide search, it hopes to make an announcement about the new GM this month
