Heard Around Virginia May 2025

CENTRAL VIRGINIA

Utah-based drugmaker Civica missed its target for selling cheap insulin. When the company completed its manufacturing plant in Petersburg in 2022, it projected it would have insulin on the shelves of drugstores by 2024. But that did not happen, and the nonprofit medicine maker can’t say when it will have insulin for sale. Civica has switched insulin suppliers, faced delays in supply chains and slowly staffed up its plant. Civica spokesperson Benjamin Jarvela described the 2024 goal as “ambitious” and said Civica has made progress in other areas, such as hiring 140 employees in Petersburg last year. (Richmond Times-Dispatch)

Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground in March on the much-anticipated $1.4 billion Live! Casino & Hotel Virginia in Petersburg. The mixed-use development’s backers say it will create about 1,400 permanent jobs, increase tourism and generate billions in economic benefit for Virginia. In November 2024, more than 80% of Petersburg voters approved a local referendum greenlighting the casino, which is being built on an undeveloped, 100-acre site off Interstate 95 in Petersburg. Smith and Cordish are partnering to develop the resort. (VirginiaBusiness.com)

The Court of Appeals of Virginia on March 4 issued an opinion affirming a judge’s decision to dismiss a lawsuit filed against the Hanover County Board of Supervisors and Wegmans. The suit revolved around the zoning approval of a 1.7 million-square-foot distribution center facility for the grocery giant in the county’s Brown Grove area. Hanover residents argued that the process was flawed and that their concerns were not adequately heard. The residents suing said they won’t appeal their case to the Virginia Supreme Court, ending the five-year legal battle. (Richmond Times-Dispatch)

Plenty Unlimited, a San Francisco-based agricultural technology company that counts tech billionaires Jeff Bezos and Eric Schmidt among its investors, in March filed for bankruptcy but plans to continue operating its vertical strawberry farm in Chesterfield County throughout the restructuring. In a statement, Plenty said it is “a challenging time” for the vertical farming industry and that it determined pursuing a restructuring is in the company’s best interest. In addition to its facility in Chesterfield’s Meadowville Technology Park, Plenty will continue operating its plant science research and development facility in Wyoming throughout the restructuring process. (VirginiaBusiness.com)

The City of Richmond on March 27 finalized the purchase of the 95.93-acre Altria Group site in the city’s eighth district from Philip Morris USA for $5.5 million. The purchase will allow the city to create a new signature park in Southside, establish another east-west travel route along its southern edge and conduct a market study to determine the best uses for the remaining acreage. Nearly half of the undeveloped property includes wetlands and ponds, which the city will look to incorporate into a 45-acre signature park for the surrounding Southside communities. (News release)

Gov. Glenn Youngkin announced in March that he was vetoing language in the state’s revised budget that would require Churchill Downs to earn approval from Henrico County voters through a referendum before opening the Roseshire gaming facility in the county. Unless two-thirds of the Virginia House of Delegates and two-thirds of the Virginia Senate vote to override that veto, the facility will be able to open once it receives a license from the Virginia Racing Commission. Vetoes rarely are overridden by the General Assembly. The facility is expected to have 175 historical horse racing machines. (Henrico Citizen)

EASTERN VIRGINIA

Virginia Beach-based developer Mike Sifen has purchased the majority of Greenbrier Mall in Chesapeake for $22.4 million, now owning all of the property except the Dillard’s department store. The 55-acre property’s sale was finalized on April 1, concluding a three-year process that began when Tennessee-based CBL Properties lost the property in 2022 after they defaulted on a nearly $62 million loan balance. Chesapeake Mayor Rick West said he spoke with Sifen and that Sifen indicated he’s willing to work with the city to find a common vision. (WAVY)

New York-based construction company Skanska announced in March that it has completed a $223 million redevelopment project for the Virginia Port Authority, upgrading 72 acres of Portsmouth Marine Terminal and 1,500 feet of wharf that now serves as an offshore wind staging port. Richmond-based Dominion Energy will use the space for its $10.7 billion Coastal Virginia Offshore Wind project. According to Skanska, the terminal serves as a collection and storage site for wind turbine components, which are then transferred to installation vessels. (VirginiaBusiness.com)

Virginia Beach-based business Taste, a café and food retailer that sells gourmet sandwiches, salads, soups, wine and desserts, recently announced its transition to 100% employee ownership under an employee stock ownership plan. Company leaders made the transition to employee ownership in November 2024 and announced it to team members at the end of January. The company has more than 600 employees and nine locations, with plans to open a tenth this fall. (The Virginian-Pilot)

Suffolk-based TowneBank announced plans April 3 to acquire Old Point Financial, parent company of The Old Point National Bank of Phoebus, in a deal valued at $203 million. The merger is expected to enhance TowneBank’s position as the bank with the most market share in Hampton Roads. The combined bank is expected to have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion, based on financial data as of Dec. 31, 2024. The transaction is expected to close in the second half of the year. (VirginiaBusiness.com)

Service-disabled and veteran-owned metal fabrication company TST Fab & Machine is investing $3 million to expand its existing Norfolk headquarters, with plans to create 56 jobs. The company fabricates sheet metal and manufactures machine parts for the Navy. The business is owned and operated by its CEO, retired U.S. Navy Commander Russell S. Turner, and its chief operating officer, Shawn Kuhle. Gov. Glenn Youngkin, who announced the expansion in March, said the sheet metal and machine fabrication industries are “vital” to modern infrastructure, and this expansion will create jobs and boost innovation. (VirginiaBusiness.com)

The U.S. Department of Energy announced March 27 that U.S. Secretary of Energy Chris Wright has approved a 12-month extension of the contract for Jefferson Science Associates to continue managing and operating the Jefferson Lab in Newport News. Jefferson Science Associates is a limited liability company created by the Southeastern Universities Research Association. Its contract was initially set to expire May 31. In February the DOE canceled its search for a new operator and manager of the facility, leading to questions about the federally funded lab’s future. The DOE plans to initiate a new contract competition. (VirginiaBusiness.com)

NORTHERN VIRGINIA

AeroVironment, an Arlington County-based defense contractor, announced in April that its stockholders have approved the $4.1 billion purchase of Arlington aerospace and defense tech firm BlueHalo. In November 2024, AeroVironment announced it was purchasing BlueHalo in an all-stock transaction. BlueHalo works in space technologies, counter-uncrewed aircraft systems, directed energy, electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles. AeroVironment says the transaction is set to close in May, subject to the satisfaction of customary closing conditions. AeroVironment stockholders voted to approve the issuance of its common stock for the acquisition. (VirginiaBusiness.com)

An Amazon Fresh store in Manassas that opened in 2022 has closed. The Virginia Department of Workforce Development and Advancement, aka Virginia Works, received a Worker Adjustment and Retraining (WARN) letter from Amazon in March saying that it planned to lay off 88 workers effective May 13. The store closed on March 16. A separate March WARN letter revealed that Arlington County nonprofit American Institutes for Research planned to lay off 149 employees by May 9. AIR expects to lay off 84 more people, according to a second WARN notice in April. (VirginiaBusiness.com)

Herndon-based Fortune 500 company Beacon Roofing Supply has agreed to an $11 billion buyout by Connecticut software and professional services company QXO after previously rebuffing a slightly lower offer from the same suitor. The two businesses have entered into a definitive merger agreement with QXO purchasing the building supply company for $124.35 per share in cash, according to a March news release. The transaction was expected to close by the end of April. (VirginiaBusiness.com)

The world’s largest corporate bitcoin investor, Tysons-based MicroStrategy, in April reported an expected first quarter loss in a Securities and Exchange Commission filing due to the falling value of its holdings in the cryptocurrency. After cresting at an all-time high of $100,000 in December 2024, bitcoin values fell below the $75,000 mark briefly on April 7. MicroStrategy said its unrealized loss on digital assets for the quarter ending March 31 was $5.91 billion. The tech company expects a resulting net loss for the quarter, although it will be “partially offset” by a related $1.69 billion income tax benefit. (VirginiaBusiness.com)

Federal contracting firm Mitre, which has dual headquarters in McLean and Massachusetts, expects to lay off 442 people in Virginia, according to a letter sent to the Virginia Works department in April. The cuts come after the Trump administration announced more than $28 million in canceled contracts for the company. According to a WARN notice, the layoffs will take place by June 3. Founded in 1958, the not-for-profit company manages federally funded research and development centers, including the National Security Engineering Center. (VirginiaBusiness.com)

Ashburn-based NFL franchise the Washington Commanders has hired Andy VanHorn to lead its effort to build a new stadium somewhere in the D.C. area. VanHorn is formerly executive vice president at JBG Smith Properties and was one of the key developers behind Amazon.com’s second headquarters. He will now serve as the Commanders’ new head of real estate. His new role, which began in January, includes “leading real estate related efforts for the new team stadium, support facilities and adjacent real estate needs,” VanHorn noted in his LinkedIn bio. (Washington Business Journal)

ROANOKE/ LYNCHBURG/ NEW RIVER VALLEY

In April, Roanoke Valley emergency room Dr. Thomas Bolton lost a $20 million whistleblower lawsuit against his employer, Lake Spring Emergency Group. Bolton alleged that he was fired for complaining that HCA Healthcare’s emphasis on shorter ER wait times at LewisGale Medical Center in Salem and its Cave Spring ER had a negative impact on patient safety. A jury found that he had not been fired over his complaints. (VirginiaBusiness.com)

Gov. Glenn Youngkin, federal and state officials and executives, engineers and employees of Lynchburg-based BWX Technologies gathered in March to celebrate the official opening of the nuclear company’s new Innovation Campus. Set on 11 acres in Campbell County, BWXT’s Innovation Campus (which shares a name only with Virginia Tech’s Innovation Campus in Alexandria) includes 170,000 square feet of offices and manufacturing space, which will house laboratories where the company’s Advanced Technologies business unit will design, build and test advanced nuclear systems for its clients, which include NASA, the Defense Department and commercial businesses. (VirginiaBusiness.com)

Munters, an air treatment and climate control solutions company with its global headquarters in Sweden, plans to invest $29.95 million on a 200,000-square-foot expansion of its HVAC manufacturing facility in Botetourt County, Gov. Glenn Youngkin announced in March. The new manufacturing facility, which will be devoted to data center cooling solutions, will be built on 30 acres at the Botetourt Center at Greenfield, adjacent to Munters’ current operation in Daleville. The expansion is expected to create 270 jobs. When completed, the expansion will also allow Munters’ to expand production of its Geoclima high-efficiency chiller line for U.S. data centers. (VirginiaBusiness.com)

An April 5 three-alarm fire at the Riverdale redevelopment site in Roanoke started accidentally from an electrical cause, Roanoke Fire-EMS Chief David Hoback said. Damages from the fire, which reduced Noke Van Co., a custom camper van business, to rubble are estimated at $4.25 million. The building was one of several structures located at the former campus of American Viscose, the 126-acre site of the $50 million Riverdale mixed-use redevelopment project from developer Ed Walker, who didn’t expect the fire would lead to cost overruns or delays. Noke Van lost 22 vehicles plus specialty equipment and tools in the fire. (VirginiaBusiness.com)

PEOPLE

Blacksburg-based National Bankshares announced on March 31 that its chairman and CEO, F. Brad Denardo, will retire June 30 from his position as CEO of the community bank holding company and its banking subsidiary, The National Bank of Blacksburg, which does business as National Bank. Denardo will also retire from his position as chairman, president and CEO of National Bankshares Financial Services, the company’s wholly owned financial services subsidiary. Succeeding him as CEO on July 1 will be Lara Ramsey, president of the holding company and the bank. Denardo will continue to act as a consultant to the bank and its parent company. (VirginiaBusiness.com)

G. Lyn Hayth III will retire as CEO of the Buchanan-based Bank of Botetourt at the end of June after nearly four decades at the bank. Michelle R. Austin, the bank’s president and chief operating officer, will become CEO on July 1 and retain her role as president. After joining the bank in 1986 as a vice president, Hayth went on to become president in 2002, a role he held from 2002 to 2023. He was named CEO in 2010. (VirginiaBusiness.com)

SHENANDOAH VALLEY

All Points Broadband and Dominion Energy in April started installing high-speed broadband internet, which will eventually reach all the districts of Rockingham County, beginning in the southwest — and some residents could be hooked up as early as this year. The broadband cable installation is expected to take another year or more. All Points CEO Jimmy Carr said they hope to finish the project and have all areas of the county connected to broadband by the middle of 2026. The $60 million project will be paid for through federal and state funds. (Daily News-Record)

James Madison University on March 26 announced that University of Wisconsin-Eau Claire Chancellor James C. Schmidt will be its next president. His appointment was affirmed by the university’s board of visitors, and his tenure will begin on July 1. Schmidt, who succeeds interim president Charlie King, has worked in higher education for more than 30 years. He said JMU has an opportunity to grow industry partnerships and contribute to the economic success of Virginia. (VirginiaBusiness.com)

A judge on March 31 dismissed a federal lawsuit by a group of Virginia Military Institute alumni. The federal suit, filed in June 2024 by more than two dozen alumni, claimed that the state-run military college in Lexington and the VMI Alumni Association are so intertwined that VMI essentially controls the association. Plaintiffs said the association violated their First and 14th Amendment rights when it restructured the school’s alumni fundraising organizations without alumni approval. Judge Norman Moon wrote that the complaint failed to present facts to “plausibly establish” that VMIAA was under the control of the institute. Meanwhile, Maj. Gen. Cedric T. Wins’ superintendent contract will expire in June, VMI’s board decided in February. (Cardinal News)

Convenience store chain Wawa plans to massively expand in the western side of Virginia, potentially opening 60 stores along Interstate 81 within the next decade. Wawa plans to invest approximately $7.5 million to build each store. Every store will employ an average of 35 people — which means that thousands of jobs will be created statewide. In April, Wawa held groundbreaking events to celebrate the official start of construction on a store in Lynchburg and a store in Staunton, both projected to open this fall. The company says it’s working to find and finalize details for other sites under contract. (VirginiaBusiness.com)

The Winchester Economic Development Authority will undertake an economic analysis and fiscal impact study to determine if the city would be an appropriate home for a casino. EDA Director Jeff Buettner says a private developer whose identity hasn’t been publicly released approached the city about building a “convention and entertainment center, of which gaming would be a small component.” A location for the proposed facility has not been selected, but Buettner said the earliest that such an enterprise could open in Winchester would be about three years. More time is likely needed to fully vet the project, which would require state legislative approval for the casino component. (The Winchester Star)

PEOPLE

Mount Crawford-based industrial developer and logistics company InterChange Group recently announced several major changes to its executive leadership. Effective March 10, Keith VanBenschoten assumed the role of chief strategy officer, and Cliff Alt was promoted to chief operating officer. The company also announced that Timothy Cognata had been appointed director of sales. InterChange said the leadership changes came in response to “evolving market demands” and the desire for the company to position itself better to capture new customers while better serving existing clients. (VirginiaBusiness.com)

SOUTHERN VIRGINIA

Danville private university Averett University filed a federal lawsuit March 26 alleging its former chief finance officer worked with an investment firm to conceal illicit draws from its endowment that were used to cover budget deficits. In a complaint filed in the U.S. District Court for the Western District of Virginia, Averett states that Donald Aungst, who was hired by the university in 2020, colluded with Arizona-based Global Strategic Investment Services to “surreptitiously” drain close to $20 million from the university’s endowment. Also, in April, Averett President David Joyce stepped down after only three months because his wife received a “serious medical diagnosis” requiring the couple’s “full-time attention,” according to his statement. (VirginiaBusiness.com)

In April, Boar’s Head Provisions and class action plaintiffs agreed to a $3.1 million settlement tied to the recall of 7 million pounds of deli meat produced at Boar’s Head’s Jarratt facility. The meat caused a deadly listeria outbreak in 2024 that led to 10 deaths and 60 hospitalizations. The settlement still needs to be approved by a federal judge. (VirginiaBusiness.com)

A higher assessment for the Caesars Virginia casino could result in about $1.6 million more in projected real estate tax revenue for Danville than initially expected. The previous assessment for the property, including the land and improvements, was about $350 million — which would have brought in about $2.9 million in real estate tax revenue for the city, according to City Finance Director Michael Adkins. But the most recent valuation from Jortberg Associates resulted in an assessed value of about $600 million, Adkins said. (Danville Register & Bee)

Construction for Microporous’ $1.3 billion lithium-ion battery separator plant at the Southern Virginia Megasite at Berry Hill was delayed from April until June or July due to uncertainty regarding its federal funding, according to Pittsylvania County’s economic development director, Matt Rowe. Microporous received approval for a $100 million grant from the U.S. Department of Energy in January. An executive order from President Donald Trump threw federal funding for renewable energy projects into doubt amid court challenges. U.S. Sen. Mark Warner has said he’s been concerned about the status of the grant and has spoken with the energy secretary about it. (VirginiaBusiness.com)

Mid-Atlantic Broadband Communities announced on April 10 a major milestone in its efforts to strengthen connectivity in Southern Virginia: It has now connected more than 1,000 commercial locations in its middle-mile fiber network. The open-access network now spans over 2,500 route miles in 41 localities with more than 6 terabits per second of capacity provisioned and will serve as the backbone for broadband expansion and accompanying economic growth in the region, according to Mid-Atlantic Broadband, which partners with internet service providers and other telecom providers to ensure access for end-users. (News Release)

Mountain Valley Pipeline and its opponents are clashing over the company’s plans to build a 31-mile, $370 million extension, called Southgate, from the main pipeline in Pittsylvania County into Rockingham County, North Carolina. Mountain Valley says Southgate is needed to deliver natural gas to North Carolina, where it says the extension’s proposed gas capacity is already fully subscribed by two utilities. But critics argue the project is unnecessary and harmful to the environment and that the proposal has changed significantly from its original plan and requires new regulatory review. Developers aim to start construction in 2026. (Cardinal News)

SOUTHWEST VIRGINIA

The Trump administration terminated a $500,000 Environmental Protection Agency grant to help pay for recreation and flood-resilience projects in five communities in Southwest Virginia. The news came in a Feb. 21 email from the EPA stating that the grant isn’t consistent with the goals of the current administration, according to Emma Kelly, the new economy program coordinator for nonprofit Appalachian Voices, which is working with the towns of Clinchco, Dungannon, Pennington Gap and Pound and the community of Dante on the projects. Appalachian Voices has filed an administrative appeal to contest the decision. (Cardinal News)

A Worker Adjustment and Retraining Notification (WARN) letter dated Feb. 28 said that Speyside Bourbon Cooperage in Atkins would lay off 75 employees at the end of April due to slowdowns in the bourbon industry. Speyside planned to end second-shift production and third-shift maintenance at the Smyth County facility. Laid-off workers may be recalled “as business needs warrant based on department, by seniority,” according to the letter. Although sales of American whiskey increased during the pandemic, domestic sales of American whiskey dropped 1.8% in 2024, according to the Distilled Spirits Council of the United States. (VirginiaBusiness.com)

Bedroom and dining furniture manufacturer Vaughan-Bassett, which is headquartered in Galax, sent a letter to dealers and sales reps April 3 announcing no price increases for 120 days and discounts on certain items in the wake of announced tariffs. The company says all its furniture is made in Virginia and not susceptible to tariffs. For products already on a dealer’s floor, the company says it will guarantee no price increases through Aug. 1. For new placements that are ordered and shipped before April 22, the company said it would guarantee its existing prices also through Aug. 1. (BridgeTower Media)

The Virginia Coalfield Economic Development Authority closed an almost $1.32 million loan for Lawrence Brothers Inc., a Tazewell County manufacturing company, to assist an expansion. With the loan, which VCEDA announced April 9, LBI will buy a Mitsubishi fiber optic laser. The company plans to invest at least $2.8 million and to add up to 37 full-time jobs. Incorporated in 1975, Lawrence Brothers specializes in heavy metal fabrication and custom metal applications for the general metal industrial goods industry and various other industries, including the underground mining, energy and electrical, automotive, material handling and airline sectors. (News release)

Gov. Glenn Youngkin and U.S. Rep. Morgan Griffith announced March 20 that $11 million in federal funding is available to drive economic development in Southwest Virginia’s coalfield communities. The governor announced the Virginia Department of Energy is accepting applications for the eighth round of the Abandoned Mine Land Economic Revitalization program that transforms abandoned mine lands and surrounding areas into economic assets. To qualify for funding, projects must be located on or adjacent to mine lands abandoned before 1977 and demonstrate strong economic development potential. (News release)

PEOPLE

Emory & Henry University announced in March that it was promoting Louise Fincher from interim president to the university’s permanent 23rd president. The university’s board of trustees unanimously selected Fincher as president during its spring meeting. Fincher joined the college in 2014 when she was selected as the founding dean of the School of Health Sciences in Marion. She became senior vice president in 2020 and interim president on Aug. 1, 2024, filling in for former President John W. Wells. (VirginiaBusiness.com)