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Eastern Virginia

Apr 29, 2024

FOR THE RECORD May 2024

CENTRAL VIRGINIA Richmond-based Atlantic Union Bankshares completed its acquisition of Danville-based American National Bankshares, parent company of American National Bank and Trust, on April 1. Based on the $35.31 per share closing price of Atlantic Union common stock on March 28, the transaction value was approximately $507 million. The deal was announced in July 2023, […]

Feb 28, 2024

Eastern Va. Year-in-Review: Striking a balance

Economic development directors often try to balance diversifying their community’s industries while playing to regional strengths. Sean Washington, Norfolk‘s economic development director, believes his city found that balance in 2023. Norfolk has found growth around alternative energy, with Lambert’s Point being developed into a launching point for an offshore wind energy hub at [...]

Jan 30, 2024

Seeing the sites

Despite boasting a world-class port, a highly skilled workforce and easily accessible transportation infrastructures, Hampton Roads perennially comes away empty-handed in attracting large-scale industrial developments. Chalk it up to the region‘s lack of shovel-ready sites, a situation that state and local economic development and political leaders are fervently working to change. Last year,[...]

Purchased for $12 million in April, a former James City County farm is being developed into a 2.2 million-square-foot industrial park. Photo courtesy Cushman & Wakefield | Thalhimer
Aug 30, 2023

Hazelwood Farms is set to become industrial park

A 328-acre former James City County farm is set to become the largest speculative industrial project along the Interstate 64 corridor between the Port of Virginia and Richmond.  Hazelwood Farms was purchased for $12 million in April by Houston-based industrial real estate firm Lovett Industrial, which plans to develop a 2.2 million-square-foot business park on […]

Feb 27, 2023

Building momentum

From olive oil to space rockets, 2022 saw a variety of companies seeking to invest — or reinvest — in the Hampton Roads region and Eastern Virginia. That kind of diversity of industries augurs well for the region’s economy, says Vinod Agarwal, professor of economics at Old Dominion University’s Strome College of Business. “In the […]

Jun 28, 2022

FOR THE RECORD

Central Virginia  The state’s fiscal 2023-24 budget, approved June 1, contains funding that will benefit future redevelopment of the Central Virginia Training Center site in Madison Heights. Republican Sen. Steve Newman requested $25 million in state money to annul outstanding bonds associated with CVTC, a former state facility for people with intellectual disabilities that closed […[...]

May 13, 2022

Chesapeake office park sells for $5.7M

Poplar Hill Medical Center, a four-building medical office park in Chesapeake, has sold for $5.7 million, Divaris Real Estate Inc. announced Thursday. Texas-based real estate fund manager Woodside purchased the park in December 2020 and sold it to Charlottesville-based Seminole Trail Properties in a deal that closed May 6. When Woodside bought the property, it […]

May 12, 2022

Publix to open first South Hampton Roads store

Publix Super Markets Inc. will open its first grocery store in South Hampton Roads in Suffolk, the company announced Thursday. The 45,000-square-foot Publix will be on the southwest corner of Godwin Boulevard and Kings Fork Road, according to a news release. Publix has not given a timeline for the store’s opening. It will hire about […]

May 9, 2022

Metronet names Va. market leader

Fiber optic company Metronet hired Andrew Brummette in April to be its Virginia market leader, the company announced Monday. Evansville, Indiana-based Metronet is expanding to Norfolk, its first foray into Virginia, where it will build a fiber optic network and offer internet service to city residents. Brummette is based in Norfolk, where Metronet has 11 […]

Apr 28, 2022

Reinvent Hampton Roads names new president and CEO

The first president and CEO of Reinvent Hampton Roads, Jim Spore, will retire June 15, the regional economic development organization announced Thursday. Nancy L. Grden, executive director of the Hampton Roads Maritime Collaborative for Growth & Innovation (HRMC) and associate vice president of Old Dominion University’s Institute for Innovation & Entrepreneurship, has been named the [...]

Apr 14, 2022

Capital Square acquires Williamsburg apartments for $70M

Henrico-based real estate investment firm Capital Square has acquired a 207-unit apartment complex in Williamsburg, the company announced April 12. Capital Square acquired Sterling Manor, a five-building luxury apartment complex with townhomes and garden-style apartments, from Chaucer Creek Capital for $70 million, a company spokeswoman told Virginia Business. The acquisition is on behalf of CS103[...]

Apr 13, 2022

Hampton University names next president

A Hampton University graduate and retired Army lieutenant general will be the next president of Hampton University. Darrell K. Williams will succeed William R. Harvey as Hampton’s next president. Harvey announced his retirement in December 2020. His last day will be June 30. “Running a university is complex, as was made evident by the global […]

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