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byline: Robyn Sidersky

Former Concorde Holdings CEO joins Capital Square

Drew Jackson, former president and CEO of Michigan-based Concorde Holdings, has joined Glen Allen-based real estate company Capital Square as senior managing director of private wealth solutions, the firm announced Tuesday.

Jackson also joined the executive management team.

A Radford University graduate, Jackson has more than 25 years of experience in supporting wealth advisers and clients, alternative investments and developing a transaction-based business model. Before joining Concorde, he was part of the wealth strategies groups at Scott & Stringfellow and BB&T Securities (now Truist Financial).

“We are thrilled that Drew Jackson, a well-respected and exceptionally knowledgeable leader in our industry, has joined Capital Square’s leadership team. He brings deep roots in the [broker-dealer] and [registered investment adviser] communities and is a passionate spokesman on the desirability of alternative investments as a mechanism for tax efficiency, reduced risk and increased returns,” Louis Rogers, founder and co-CEO of Capital Square, said in a statement.

“The demand for alternative investments has never been stronger, but the programs are inherently complex and oriented towards the ultra-wealthy. Drew will help Capital Square expand access to these important investment options and further democratize alternative investments, opening up the platform to broader advisor and investor groups and driving the next phase of Capital Square’s growth.”

Capital Square is a developer of multifamily properties and has been the largest developer of multifamily housing in Richmond’s Scott’s Addition neighborhood. Capital Square currently has eight projects totaling about 2,000 apartments with development costs in excess of $590 million. Since 2012, the firm has completed more than $7.8 billion in transaction volume.

Lighthouse Labs announces spring cohort

Richmond-based Lighthouse Labs’ next accelerator cohort of eight startups will include companies creating products for the real estate and health care industries. The 16th cohort since Lighthouse Labs opened in 2012 will be part of the program from March 4 to May 17.

The selected companies are:

  • 3D Orthobiologic Solutions, a Herndon-based company making 3D medical devices for oral surgery
  • Billions, an Arlington County-based company offering a real estate operations platform
  • InfraSGA, a Norfolk-based company making products to support green infrastructure
  • KnoNap, an Arlington County-based company that makes a product to detect drugs used in drink spiking
  • Mindflow, a Nashville, Tennessee-based tech company with a platform supporting mental health needs of student-athletes
  • Nightingale Caring Solutions, a Philadelphia-based software company that provides digital scheduling tools for nurses in hospitals
  • Phalanx, an Arlington County-based data loss prevention and document mapping company
  • WriteHuman, a Midlothian-based tech company with a web-based artificial intelligence writing tool designed to defeat AI detection

As part of the cohort, each company gets $20,000 in equity-free funding, educational programming, mentorship and connections with local partners and investors. Lighthouse Labs will host a meet-the-cohort social on March 6 and a demo day on May 14, and both events are open to the public. The first and final weeks of the 11-week program are spent in Richmond, and the other nine are virtual.

More than 250 companies applied for spots in the cohort, according to a news release. From those, 72 were reviewed. Those were narrowed to 18, which participated in interviews, and eight were invited to join the cohort.

“From a record number of stellar applications, Lighthouse Labs selected eight startups that bring innovative solutions, strong teams and a passion for disrupting their industries,” Art Espey, executive director of Lighthouse Labs, said in a statement. “We’re pleased that six of the eight teams are Virginia-based, with another having strong Virginia ties. The industries vary, but all have founders that Lighthouse Labs felt were a fit for our founder-focused program. The team cannot wait to work with each of them.”

Since its founding in 2012, Lighthouse Labs has accelerated 119 companies and invested more than $2.2 million.

Peraton lands $2.8B IT defense contract

Reston-based technology contractor Peraton received a $2.8 billion Special Operations Forces IT Contract (SITEC) 3 Enterprise Operations and Maintenance task order, the contractor announced Wednesday.

The task order is to provide IT platform and network services to the U.S. Special Operations Command (USSOCOM), including its component commands, its theater special operations commands, deployed forces, CIO/J6 and end users.

The contractor will provide operations and management services to maintain network operations, maintain systems and network infrastructure, provide end user and common device support and provide configuration, change, license and asset management. The services will be provided over eight years.

“We are honored to enable this critical national security program with Peraton’s extensive cyber and IT capabilities,” Stu Shea, chairman, president and CEO of Peraton, said in a statement. “The team is already leaning forward to execute this work to help the Special Operations Forces’ IT enterprise mitigate threats, provide a continuum of support and enhance our nation’s competitive advantage against adversaries.”

To support the contract, Peraton will hire in the areas of cybersecurity, system administration, information technology optimization and automation and managed network services.

Peraton, which is owned by New York private equity firm Veritas Capital, has about 20,000 employees and 150 offices worldwide

Va. Beach makes economic development head permanent

Charles E. “Chuck” Rigney Sr. has worked in economic development all over Hampton Roads; in Norfolk, Portsmouth and Hampton.

Last February, he joined Virginia Beach’s economic development team as a business development administrator and since June 2023, he has been the department’s interim director. Now he’ll keep the job permanently. The city announced his promotion Feb. 2 and Rigney will start his new role Thursday.

Rigney graduated from Old Dominion University, where he studied political science. He started his career in banking, then worked in commercial real estate for Virginia Beach-based The Breeden Co. and Virginia Beach-based Armada Hoffler. He was tapped as Virginia Beach’s interim director after the city’s previous economic development chief, Taylor Adams, left for a job in Nevada.

Prior to that, Rigney led Hampton’s economic development efforts from 2018 through 2022. He was assistant director for Norfolk economic development from 1997 to 2014, including serving as interim director from 2011 to 2013. In 2014, he was named Portsmouth’s director of economic development, but he left the post less than a year later to become economic development director for Norfolk in 2015, a position he held for three years.

“Chuck’s decades of experience leading economic development throughout Hampton Roads are an asset to our city,” Virginia Beach City Manager Patrick Duhaney said in a statement. “In his short time as interim [director], he has demonstrated his ability to lead the city’s department and successfully stepped in to manage major projects with critical deadlines, which include the Amazon facility, reevaluation of [the] Corporate Landing and Innovation business parks, and ongoing efforts to attract national and international businesses.”

Rigney said when he was leaving Hampton, he knew there would be an opening in Virginia Beach and had met Taylor Adams and was “impressed by his vision and the team he was interested in trying to build.”

One of his initial focuses will be to build out Virginia Beach’s economic development team, adding that there are at least three vacancies that “are going to be important hires for us. … We have a very good team, but we’re a little bit thin at the moment.”

Another priority is putting together a succession plan for the economic development team — not that Rigney, 67, plans to retire any time soon, he says.

One of the challenges he sees for the city is that it does not have large tracts of open land, so it has to be more strategic about the deals with lesser amounts of property. “We have to look at how can we be successful in being attractive with properties that may need more love than just a greenfield location,” he said. “Having worked in Norfolk, Portsmouth and Hampton, there are good ways and models and examples of how you can do that successfully.”

He’s also looking at areas such as Town Center as having a lot of potential to be the urban center of Virginia Beach. “I’m hoping I can be an important part of making progress toward the continuing success story of Town Center and growing it a lot before I leave,” he said.

But, he notes, the city’s “bread and butter” is tourism at the Oceanfront, and he’ll continue initiatives Adams started, such as bringing “action sports”  and amateur sporting events and activities to Virginia Beach. “I’ll be having a very close relationship with the [city] Convention & Visitors Bureau to continue the work they are doing,” he said.

He’s also hoping to “get traction on a true convention center hotel, which I think would be something of importance to the beach.”

One difference from Adams’ tenure is that Rigney won’t also be a deputy city manager, like Adams was. That role will be filled by Amanda Jarratt, another new hire, who will oversee the city departments of Agriculture, Economic Development, and Planning & Community Development, as well as the Convention & Visitors Bureau. Jarratt served as city manager of Franklin since January 2019 and will start her new role on April 4. Prior to Franklin, where she worked for 15 years, she was president and CEO of Franklin Southampton Economic Development. She has a bachelor’s degree from William & Mary and a master’s degree in urban and regional planning from Virginia Commonwealth University.

Rigney said he’s glad to have his focus be solely on economic development. “My whole focus is on helping our businesses grow successfully.”

Hampton Roads Exec Roundtable adds four board members

The newly formed Hampton Roads Executive Roundtable elected four new board members at its January meeting, the organization announced Monday.

William “Bill” Murray, senior vice president of corporate affairs and communication for Richmond-based

Dominion Energy; Towuanna Porter Brannon, president of Virginia Peninsula Community College; Matthew Swartz, executive director and chief of staff for U.S. Fleet Forces Command; and Stuart Henderson, director of Newport News-based Jefferson Lab, all joined the board.

“We are excited to have these regional leaders join the Roundtable,” Dennis Matheis, co-chair of Hampton Roads Executive Roundtable and president and CEO of Sentara Health, said in a statement.

“Their organizations play important roles in our region’s economy, and we appreciate their perspective,” Cliff Fleet, co-chair of Hampton Roads Executive Roundtable and president and CEO of The Colonial Williamsburg Foundation, said in a statement.

Formed in April 2023, the Hampton Roads Executive Roundtable is the merger of two regional economic development organizations: Hampton Roads Business Roundtable and Reinvent Hampton Roads. Its primary mission is helping to align the region’s economic development organizations, strategy and associated initiatives and improving the region’s economic growth and competitiveness.

Chartway Credit Union names chief retail officer

Melissa Cade has been promoted to chief retail officer at Chartway Credit Union, Chartway announced Monday.

Cade has been with the Virginia Beach-based credit union for 24 years, many spent working with branches. In her new role, she will oversee the strategy and leadership of branch and member care teams and continue to spearhead Chartway’s multicultural initiatives, according to a news release from Chartway.

“I’m incredibly excited to take on this new challenge and continue contributing to Chartway‘s growth and success,” Cade said in a statement. “I look forward to further enhancing our member experiences and services in alignment with Chartway‘s mission to unlock the potential of individuals and families so they can thrive.”

Before her new role, Cade served as senior vice president of product and innovation, senior vice president of member solutions services, vice president of alternative channels, regional president of branches, call center manager, call center director and director of retail.

“Melissa’s leadership, innovative approach to product development and commitment to our multicultural community have been invaluable to Chartway,” Chartway President and CEO Brian Schools said in a statement. “We are excited to see her leadership continue to evolve in this new role.”

Cade has a bachelor of science in business administration from Columbia College Chicago, a master’s degree in information systems from the University of Phoenix and a professional certificate in product management from the Kellogg School of Management at Northwestern University. She is also an active member of the African-American Credit Union Coalition and the executive sponsor of Chartway’s African American resource group.

Chartway has more 225,000 members, with branches in Utah, Texas and Virginia.

‘Shark Tank’ casting call is coming to Va.

Virginia entrepreneurs, “the sharks” are coming for you.

The casting team of ABC’s “Shark Tank” will hold its first-ever casting call in Virginia at Rivers Casino Portsmouth on April 12. The show is getting ready to film its 16th season with venture capitalists Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John and Kevin O’Leary.

On the show, entrepreneurs pitch the sharks on their business ideas, offering equity for investment, with the sharks offering mentoring and guidance as well as critical investments.

In Virginia, auditioning entrepreneurs will be asked to give a one-minute pitch to a member of the casting team. The first pitches begin at 10 a.m. April 12 and applications are available online and at the site. Contestants may line up as early as 8 a.m., and wristbands will be distributed between 9 a.m. and 11 a.m.

Other casting calls for the show are scheduled in California and New York.

According to a 2019 USA Today article, the show gets 35,000 to 40,000 applicants each season, and about 1,000 advance to a second round of vetting. Just a fraction of those move on to filmed pitches, with even fewer being featured on the TV series.

Zack Miller, author of “Anomaly: How to Finally Stand Out from the Crowd” and co-host of the “Fervent Four” podcast, encourages entrepreneurs to pitch.

“I’m a big fan of raising your hand, no matter what, and figuring it out later. You never know what opportunity can arise or happen because you just raise your hand and show up,” he said.

He suggested contestants research other “Shark Tank” castings so they are aware of what could come up. “Find people who have done it to get a glimpse inside,” he said.

He also suggested doing something to stand out from the crowd, because unless you’re first or last, you’re just going to blend in with many others. “It doesn’t have to be meat on your body like Lady Gaga at the Grammys,” he clarified.

Tim Ryan, executive director of Innovate Hampton Roads, said when he teaches people to pitch, he talks about people being visual learners and also that, when pitching, it’s not necessarily about the product, but the story being used to pitch your product.

“With a bigger stage like that, it forces you to bring your ‘A game,'” he said.

Trucking company plans $50 million Botetourt facility

Warren, Michigan-based Universal Logistics Holdings is planning a $50 million investment to expand into Botetourt County, a project that is expected to create 45 jobs, the trucking and logistics company announced in early January.

The expansion will bolster the company’s heavy truck capabilities in servicing truck assembly operations, according to the company, which plans to revamp a 254,000-square-foot former Southern States distribution center at 1796 Lee Highway. It’s slated to be operational in 2025.

“Our expansion in the Roanoke region represents an exciting phase for Universal’s heavy truck division as we fortify our commitment to delivering top-tier services within the logistics and transportation sectors,” Universal CEO Tim Phillips said in a statement. “Our investment not only signifies our dedication to growth, but also underscores our pledge to contribute meaningfully to the local economy while creating employment opportunities for the community.”

Roanoke Regional Partnership Executive Director John Hull anticipates the project will create 83 dditional indirect, related jobs and have a regional economic impact of $43 million annually.

The region is home to Volvo Trucks North America in Dublin, the company’s largest truck manufacturing plant, which builds Volvo VNR Electric semi-trucks. Additionally, in Salem, German vehicle parts manufacturer STS Group has established its North American headquarters in a former General Electric factory.

“The expansion of Universal demonstrates the region’s competitiveness in automotive manufacturing,” Hull says. “The Roanoke region is truly a center of excellence when it comes to automotive and heavy truck manufacturing, with a strong portfolio of products and components.”

Universal Logistics Holdings owns subsidiaries providing transportation and logistics solutions throughout the United States, Mexico, Canada and Colombia. Its heavy truck division provides third-party assembly and warehousing services to the industrial sector.

Botetourt County, the Roanoke Regional Partnership and the Virginia Economic Development Partnership collaborated with Universal to secure the project for Virginia.

“We are extremely excited this project is locating to Botetourt County in a space that had been previously used for a warehouse operation,” Botetourt Board of Supervisors Vice Chair Amy White said in a statement. “Universal will upgrade the use of the facility to manufacturing and will allow the talent of our community to excel. This announcement, along with the announcement of the commercial growth, is enhancing Botetourt in every direction.”  

Dominion offshore wind farm earns final federal approvals

Richmond-based Dominion Energy has earned the final two federal approvals needed to move forward with the construction and operation of its $9.8 billion, 176-turbine offshore wind farm 27 miles off the coast of Virginia Beach.

The Bureau of Ocean Energy Management granted final approval of the construction plan for the Coastal Virginia Offshore Wind (CVOW) project, and the U.S. Army Corps of Engineers issued its permit to allow for permitted impacts to U.S. waters.

Construction on the turbines and three offshore substations in a nearly 113,000-acre area is expected to begin in May.

Once fully constructed in late 2026, the Fortune 500 electric utility’s wind turbines will produce 2.6 gigawatts of energy, which would power about 660,000 homes.

“Virginia is leading the way for offshore wind as we near the start of offshore construction for Coastal Virginia Offshore Wind,” Bob Blue, Dominion Energy’s chair, president and CEO, said in a statement. “These regulatory approvals keep CVOW on time and on budget as we focus on our mission of providing customers with reliable, affordable and increasingly clean energy.”

The project will be the nation’s largest offshore wind farm and aligns with a state mandate that Dominion Energy go carbon-free by 2045.

Dominion submitted the construction and operations plan in December 2020 and then updated it in June 2021, October 2021, December 2021, May 2022, February 2023, July 2023 and September 2023, according to BOEM. In her letter informing Dominion of approval, Karen Baker, chief of the bureau’s Office of Renewable Energy Programs, writes that Dominion must submit annual reports certifying compliance with conditions of approval annually, beginning Jan. 31, 2025.

Some onshore construction began in November 2023 following BOEM’s favorable record of decision in October 2023. At that time, Dominion earned approvals from the National Environmental Policy Act review process and the Department of the Interior for its construction and operations plan.

Construction will ramp up with the final approvals, and initial offshore construction activities related to the export cable and monopile foundation installation is expected to begin in the second quarter.

In mid-October 2023, the first eight monopiles, the foundation posts for the massive wind turbines, arrived at Portsmouth Marine Terminal, and since then, another eight have been delivered and a third batch is en route. The monopiles, which are each about 272 feet long — about the length of a football field  — and 31 feet in diameter, will be driven into the seabed. Each turbine, when fully assembled, will be 836 feet high.

In late September 2023, BOEM announced it completed its environmental assessment of the project, a little more than two years after the review began.

Dominion is already operating two wind turbines off the Virginia Beach coast as part of a pilot project. The company said that more than 750 Virginia-based workers, about 530 of whom are in Hampton Roads, are working on the project or with businesses supporting it. Another 1,000 jobs are expected to be created to operate and maintain the turbines.

“In an important step forward, we are thrilled to see the Coastal Virginia Offshore Wind project receive two major approvals that will place the nation’s largest offshore wind farm right off the coast of Virginia,” U.S. Sens. Mark Warner and Tim Kaine and U.S. Rep. Bobby Scott said in a joint statement. “The progress on this project to date speaks volumes about the level of cooperation between the Biden administration, the commonwealth of Virginia and Dominion Energy and their commitment to the future of green energy in the commonwealth. We look forward to continuing to work together to see this project through to the finish line.”

Sentara Halifax hospital construction to start in fall

Sentara Health will begin construction in the fall on a modern acute care hospital to replace the aging Sentara Halifax Regional Hospital in South Boston, with plans to open the facility in summer 2026, the Norfolk-based regional health care system announced Monday as it also released the first renderings of the replacement hospital.

The new facility will be about 100,000 square feet, or about one-third the size of the existing hospital. Sentara, which expects to release more design and development details this spring, is building a new hospital instead of renovating the existing 70-plus-year-old building. It will be constructed where the Fuller Roberts Clinic is now, which incudes the green space behind the current hospital.

Halifax Regional Hospital’s patient volume has decreased in recent years due to a shrinking and aging local population, according to Sentara. Like many other hospitals serving rural areas, the facility has also faced physician recruitment and retention challenges. 

“The current hospital is over 70 years old with some very antiquated systems,” said Brian Zwoyer, the hospital’s president. “The plan right now will be to take that building down to allow us space for potential expansion in the future as well as access for our patients and visitors.”

He emphasized that in the current facility, there is a lot of unused space that can’t be used for patient care, so what Sentara is doing is transitioning and moving to a “much more effective space that still supports what we are currently doing … in a much more efficient and nimble facility.”

A rendering of the new Sentara Halifax Regional Medical Center in South Boston. Rendering courtesy Sentara Health

The new hospital will have inpatient medical, surgical, intensive care and observation beds, along with a cardiac catheterization suite, emergency department, operating rooms, a procedural room, helipad, imaging services, a laboratory, pathology, a pharmacy, rehabilitation space, respiratory therapy and other supporting departments, according to Sentara. However, it will not offer childbirth services due to a significant decrease in area births in recent years.

Services offered by the new hospital and local clinics will include anesthesiology, behavioral health, cardiology, cardiopulmonary rehabilitation, critical care, dentistry, emergency medicine, endocrinology, family medicine, gastroenterology, general surgery, gynecology, hematology/oncology, home health, hospice, infectious disease, infusion services, internal medicine, laboratory, nephrology, occupational medicine, orthopedics, pathology, pediatrics, pharmacy, pulmonology, radiology, rehabilitation, respiratory therapy and sleep study.

The new hospital will have 40 to 45 beds, with eight to 10 in the intensive care unit, Zwoyer said. The current 300,000-square-foot hospital is licensed for 192 beds. The new hospital will provide the same services the current one is providing, he said, but in a building with a smaller footprint and fewer infrastructure challenges. Zwoyer added that Sentara wants to increase and retain services at the new facility, while decreasing the number of patient transfers. There are no plans to eliminate any staff positions.

“Anytime you say, ‘Well, I’m building something smaller or we’re changing things,’ — and it’s hard, change comes hard — it can be … anxiety producing. So what we want to make sure [of] is that we are here for the community in the future. We want to build a facility that … has good access, that has great services. We have great outpatient services, and that, we’re going to be here for the next 50 years. Because that’s what the community needs.”