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Wilbanks Smith and Thomas acquired
Norfolk-based Wilbanks Smith and Thomas Asset Management has been acquired by Cleveland-based registered investment adviser Clearstead Advisors. The companies signed the merger in February 2024. Financial terms of the acquisition, which closed April 1, were not disclosed. Clearstead rebranded WST’s advisory business as Clearstead Advisory Solutions, a division of Clearstead Advisors. A wealt[...]
Norfolk mayor says apartments, hotel could replace MacArthur Center
MacArthur Center mall in downtown Norfolk is expected to be replaced by a major mixed-use development, which could be called “The Anchorage,” featuring a 400-room, military-themed hotel and 518,000 square feet of high-rise residential space, Norfolk Mayor Kenny Alexander announced April 12 during his State of the City speech. “MacArthur Mall demands a bold vision […]
Australian maritime co. to start sub/shipbuilding school in Hampton Roads
An Australian maritime company announced Tuesday it will set up a submarine and shipbuilding training institution in Norfolk for the short term and will seek a permanent home in Newport News. Quality Maritime Surveyors (QMS), based in the suburbs of Adelaide, Australia, is one of the pioneering companies to take the plunge into Virginia’s waters, […]
ODU maritime training alliance designated federal Center of Excellence
The Hampton Roads Maritime Industries Education Alliance (HRMIEA) has been designated a 2024 Center of Excellence for Domestic Maritime Workforce Training and Education by the U.S. Maritime Administration (MARAD), Old Dominion University announced Thursday. HRMIEA received the designation, good for five years, on Feb. 16, according to Elspeth McMahon, ODU’s assistant vice president for marit[...]
Norfolk strip mall near NSU sells for $2M
University Shoppes, an 8,800-square-foot retail strip center in Norfolk, sold for $2 million, according to a news release from S.L. Nusbaum Realty. An entity registered as University Shoppes LLC sold 1500 E. Brambleton Shoppes, which is located near Norfolk State University, to an entity registered as 1500 East Brambleton Shoppes LLC. The shopping center has […]
Kaufman & Canoles has new president and CEO
Jason R. Davis became president and CEO of Norfolk-based law firm Kaufman & Canoles on Monday. Davis, who has been with Kaufman & Canoles since 1997, succeeds William R. Van Buren III in his role as president. Van Buren has served as the firm’s president and chairman for 16 years and will remain chairman. “I […]
Norfolk apartments are sold for $3.1M
A 20-unit apartment property in Norfolk sold for $3.1 million on March 20. Located at 1314 and 1318 Little Bay Ave., the property has 20 one-bedroom units that are each 600 square feet. The units were built in 1970. Tidewater View sold the property to Nouveaux Little Bay. Justin Ferguson, Altay Uzun, Theo Jolley and […]
Top Five April 2024
The top five most-read daily news stories on VirginiaBusiness.com from Feb. 14 to March 13 were led by news that Danish toymaker Lego will delay production at its Chesterfield County facility until 2027. 1 | Lego delays Chesterfield production start to 2027 Lego Group will begin production at its $1 billion manufacturing facility […]
Widening of Port of Virginia shipping channel is complete
The Port of Virginia’s shipping channel is now wide enough for two ultra-large container vessels to pass at the same time, concluding a significant part of the $450 million dredging project to make the port the widest and deepest harbor on the East Coast. According to the Friday announcement, the port expects to finish the […]
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 [...]
Norfolk looks to renovate Scope, Chrysler Hall instead of building new arena
Norfolk no longer plans to build a new arena after Military Circle Mall is torn down, and instead is seriously considering renovating two city-owned venues downtown: the 53-year-old, 10,000-seat Scope Arena and the nearby 52-year-old Chrysler Hall, a 2,500-seat theater. “The participation of the public dollar that we would need on the arena is more […]
Top Five February 2024
The top five most-read daily news stories on VirginiaBusiness.com from Dec. 15, 2023, to Jan. 15 were led by the announcement that Fortune 500 IT company DXC Technology replaced its top executive. 1 | DXC Technology replaces Mike Salvino The Ashburn-based company replaced Salvino, its chairman, president and CEO, with interim President and […]
