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Octagon House Foundation Executive Feasibility Study

Octagon House in Smyth County
The Smyth County Octagon House is an historic, octagonal homestead built before the Civil War and one of the few still intact examples of this unique architectural form. Photo Credit: Octagon House Foundation, Inc.

Title of Project: Octagon House Foundation Executive Feasibility Study

Project Period: June - September, 2025

Localities: Smyth County, VA

Funding Source(s): Octagon House Foundation, Inc.

Principal Investigator (PI): Lara Nagle, Community-based Research Manager, IPG

Co-Investigators: 

  • Elli Travis, PhD, Associate Director of Impact and Evaluation, Center for Economic and Community Engagement (CECE)
  • Kaitlyn Bare, Administrative & Program Coordinator, Virginia Tech Southwest Center
  • Allison Mays, Director, Virginia Tech Southwest Center

Key Community Partners:

  • Octagon House Foundation, Inc.
  • Smyth County Tourism

Key University Partners:

  • Center for Economic and Community Engagement (CECE)
  • Virginia Tech Southwest Center

Description of Project: 

The Octagon House Foundation contracted with Virginia Tech from June 1 – September 30, 2025, to conduct an executive feasibility study including a market scan, a SWOT analysis based on key findings from stakeholder and case study interviews, a projection of the economic impact of visitation using IMPLAN, and recommendations. 

Project Goals: 

A key goal of the study is to position the Octagon House Foundation to apply for targeted grant opportunities to complete restoration of the house, finance program development, and achieve multiple proposed phases of development to include an event venue, visitors’ center, lodging and dining services.

Project Outcomes:

For the purposes of estimating economic impact, the Virginia Tech team proposed relatively conservative visitation estimates based on the existing market data, stakeholder interviews, visitor surveys, case studies, and previous tourism studies. An operational Octagon House is projected to generate approximately 1,500 new visitors to the county by the completion of its second phase of development of restoring the house and grounds, and 3,750 new visitors by completion of its fourth phase of development including an event center, visitors' center, and dining facility. It will do this by creating a more comprehensive historical tourism experience that fills current gaps in family-friendly educational attractions and cultural programming.

Local residents will benefit from the expanded cultural programming, hands-on workshops, and community event opportunities, while hospitality vendors will see increased business through catering partnerships, wedding services, and visitor spending at complementary businesses.

The combination of increased visitor spending at local restaurants, lodging establishments, and other regional tourist attractions, together with employee salaries and local business earnings, create a multiplier effect that extends well beyond the immediate Octagon House operations, resulting in an annual economic impact of $674,784 after the completion of Phase 2, and $1,585,603 after Phase 4 implementation.

Project Materials

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