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TowneBank names new CEO
Suffolk-based TowneBank announced Friday that William “Billy” I. Foster III will become CEO, succeeding J. Morgan Davis, who is retiring. Foster, the bank’s market president for Central Virginia and the Carolinas, joined TowneBank as a regional president in 2004, leading the bank’s expansion into the Norfolk area. Before that, he was eastern region president for […]
TowneBank to acquire Farmers Bank
Suffolk-based TowneBank has agreed to acquire Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, the two companies announced Thursday. The deal is expected to close early next year. The $56 million deal, which would create a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion, would add […]
Skanska wins $223M contract for offshore wind farm prep
New York-based Skanska USA won the $223 million contract to redevelop the 72 acres of the Portsmouth Marine Terminal that Dominion Energy Inc. will use as a staging area for its $9.8 billion Coastal Virginia Offshore Wind project. The company announced the award on Tuesday. The CVOW calls for the construction of 176 wind turbines […]
Chesapeake warehouse sells for $13.59M
A 70,000-square-foot warehouse and distribution building in Chesapeake sold for $13.59 million in late July, Colliers announced Wednesday. Located at 3512 Business Center Drive in the Cavalier Industrial Park, the property is 100% leased to the U.S. Postal Service and serves as a seasonal processing and distribution center. It totals 9.72 acres of land, with […]
Hampton Roads’ July active house listings down
Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August. Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that […]
Norfolk high rise sells for $27.5 million
The Lafayette, an apartment tower in Norfolk, has sold for $27.5 million, according to Norfolk public records. Philadelphia-based PRG Real Estate Management Inc. purchased the property from Graycliff Capital Partners and Buligo Capital Partners; it is the company’s seventh apartment investment in Hampton Roads, according to Colliers, which brokered the sale. The Lafayette is in […]
PRA Group promotes exec to chief HR officer
Norfolk-based international debt acquisition company PRA Group Inc. has promoted executive LaTisha Tarrant to chief human resources officer. Tarrant will start her new role Aug. 15. She currently serves as senior vice president, deputy general counsel and corporate secretary for the global financial services company. She has worked for PRA Group since 2016. “Talent recruitment, […]
Gambling on Hampton Roads
Roy Corby’s first job at a casino was as a dealer. Now, Corby is general manager of the $300 million Rivers Casino Portsmouth, which is on track to become the first Virginia casino to open in a permanent location. It plans to open in January 2023 at the intersection of Victory and Cavalier boulevards, off […]
Lumos plans Hampton Roads fiber internet expansion
Lumos announced last week an $83 million ultra-high-speed fiber internet expansion that is expected to extend 100-gigabyte capacity over 760 miles in Hampton Roads, affecting as many as 85,000 residents and businesses across Virginia Beach, Chesapeake and Portsmouth by 2025. According to a news release, construction is expected to begin in 2023 and take two […]
Statewide hotel revenues continue to lag 2019
Hotel revenues in Virginia for the first half of 2022 continued to lag behind 2019, and reduced business travel is still the culprit. That’s according to data released this week from STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold decreased by 4.6% in Virginia through June […]
Newport News Shipbuilding promotes three execs
Newport News Shipbuilding has announced several leadership changes as the shipyard attempts to optimize and speed operations. Matt Needy is now vice president and chief transformation officer, after previously serving as vice president of Navy programs. In his new role, Needy is responsible for executing Newport News’ strategies, advanced development of business growth — including [&hellip[...]
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 […]
