By Jeff Holroyd
Part II of Series
New York State’s Downtown Revitalization Initiative is a cornerstone of the State’s economic development program. The DRI transforms downtown neighborhoods and business districts into vibrant centers that offer a high quality of life and are magnets for redevelopment, business, job creation, and economic and housing diversity. The DRI is led by the Department of State, in close partnership with Empire State Development, NYS Homes and Community Renewal and New York State Energy Research and Development Authority.
The City of Jamestown was nominated by the Western New York Regional Economic Development Council and selected by New York State to receive a $10 million award through the State’s Downtown Revitalization Initiative. The DRI investment will allow Jamestown to develop a Strategic Investment Plan and implement catalytic projects that advance the City’s vision for revitalization. Projects selected for DRI funding will transform the community and support a vibrant local economy. This is the second DRI award for the City of Jamestown, which recognizes the City’s progress in revitalizing its downtown as well as opportunities to expand revitalization efforts to other parts of downtown Jamestown.
One of the 22 Projects still under consideration for DRI 2.0 funding is located at Valhalla Hall: The Viking Temple Revival located on the western edge of downtowns historic district. The former Vikings Temple at 318 Washington Street is a four-story brick building featuring Neoclassical architectural elements. With the reopening of Raven & Rune, the 1st-floor bar and restaurant, and plans for a comprehensive renovation, the building can once again serve as a vibrant community hub. Acquired by Steve Shelters of Aces Up Construction, Valhalla Hall intends to restore a historic landmark, elevate downtown placemaking, and catalyze economic activity. The Viking Temple Revival will transform the building into a multifunctional cultural and social venue, leveraging its historic features while modernizing systems for safety, accessibility, and operational efficiency. Key elements of this project include: Restoration of the second floor as a flexible gathering space. Reinvigoration of the third-floor ballroom and mezzanine. Structural, mechanical, and aesthetic upgrades to preserve architectural integrity, including HVAC, roof replacement, sprinkler systems, and elevator work. Complete interior and exterior renovations to the building as a cultural and community hub to support downtown economic growth. This project leverages private investment to restore a historic landmark while supporting downtowns social and economic fabric. The renovation plan emphasizes preservation, modern functionality, and community activation, ensuring Valhalla Hall becomes a vital cultural venue and continues to be a centerpiece for downtown Jamestown for years to come.
Valhalla Hall Project Scope: Time Frame 3-5 years. Total Project Cost: $3,450,000+ which includes: • $115,000 for HVAC • $346,600 for roof replacement • $200,000 for sprinkler systems • $300,000 for elevator work • $2,500,000 for additional renovations • Public & Private Sponsorships: $2,242,500 • Proposed DRI Funds: $1,207,500.
Valhalla Hall LLC plans to restore the upper floors of its approximately 30,000 square-foot historic property as a downtown destination for meetings. celebrations and live entertainment. Raven & Rune, the operating first-floor restaurant and tavern, gives the expansion an established hospitality base and a way to serve guests before. during and after events. The second floor will offer flexible meeting and private-event rooms. The third-floor ballroom and mezzanine will anchor larger receptions and performances. with a stage, dance floor, balcony and supporting service areas. The combination supports events that need multiple rooms, food and beverage service, or a performance venue.
Steve Sholters the project sponsor, has construction-management experience. and architectural and historic-preservation specialists have been engaged for design and rehabilitation work.
The Federal Historic Preservation Tax Credit Incentives program provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic income-producing property. For projects approved for the federal credit, the property owner may be eligible for an additional 20-30% New York State credit. There is one application for both programs.
The New York State Historic Preservation Office is the first point of contact and primary coordinator to gain approvals on both programs for projects based in New York State. Partners include the National Park Service, the Internal Revenue Service, and the New York State Department of Taxation and Finance.