The Virginia Enterprise Zone (VEZ)
The Virginia Enterprise Zone is a state and local partnership and one of the most effective methods of using incentives to stimulate economic development. Portsmouth boasts two of these highly coveted zones.
Portsmouth’s Zone #1 was designated in 2010, modified in 2012, and is centered on the commercial areas of Downtown, Midtown, Victory and the MAST Center as well as the Elmhurst Industrial Corridor, Greenwood Industrial Park, portions of Airline Boulevard and the Virginia Avenue Corridor. Zone #2 took effect January 1, 2014 and focuses on the City’s industrial waterfront areas of West Norfolk, Pinners Point, and the Paradise Creek/Elm Avenue Industrial Corridor along the Southern Branch of the Elizabeth River.