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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 Clearst[...]
Artist housing developer considers Roanoke for first Va. project
Roanoke developer Ed Walker first tried to lure Artspace, a Minnesota-based nonprofit real estate developer for the arts, to Roanoke in the early 2000s when he was transforming a former 1925 cotton textile mill into downtown living spaces. Artspace essentially ghosted him back then. “It’s very, very, very, very dif[...]
Metro passes $4.8B budget for FY25
Metro’s board of directors on Thursday passed a $4.8 billion capital and operations budget for fiscal year 2025, which avoids massive service cuts, although fares will increase by 12.5% beginning July 1. The Washington Metropolitan Area Transit Authority, which oversees the Metrorail and Metrobus public transportation syst[...]
Fahrenheit Advisors announces new COO
Richmond-based consulting firm Fahrenheit Advisors has added Kris Cravey to its executive ranks. Cravey, formerly chief people officer at Virginia Beach-based DroneUp, will be chief operating officer at Fahrenheit Advisors, the company announced Tuesday. In his new role, he will take primary responsibility for overseeing the exe[...]
Guidehouse lands $12B ICBM support contract
McLean-based consultancy Guidehouse has won a contract valued up to $12 billion for systems engineering supporting the Air Force’s intercontinental ballistic missiles fleet, although the initial contract awardee has filed a protest. The single-award contract, announced Feb. 28 by the Defense Department and April 15 by Guidehou[...]
VIPC taps Benevento as permanent president and CEO
Joe Benevento will remain as the Virginia Innovation Partnership Corp.’s president and CEO permanently after serving in the role on an interim basis since September 2023, VIPC announced Wednesday. Benevento took over as interim CEO when Bob Stolle announced he was stepping down. A not-for-profit corporation created in 1985 by the General Assembly as an […]
Youngkin to embark on Northern Europe trade mission
Gov. Glenn Youngkin will leave on his third international trade mission next week, visiting Germany, Denmark, Finland and Switzerland, his office announced Wednesday. According to the news release, he will meet with Finnish President Alexander Stubb, along with officials in Frankfurt, Stuttgart and Munich, Germany; Copenhagen, D[...]
Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released April 17. Published eight times per year, the Beige Book is bas[...]
Virginia ABC board vice chair named CEO
Former beverage industry executive Dale Farino has been appointed the Virginia Alcoholic Beverage Control Authority’s next CEO, effective April 29, Gov. Glenn Youngkin announced Tuesday. Farino served as vice chair of the ABC Board of Directors, and upon his resignation from the board, his seat will be filled by L. Mark St[...]
CACI wins up to $1.3B defense contract
CACI International won an up to $1.3 billion defense contract supporting the U.S. European Command and U.S. Africa Command, the Reston-based Fortune 1000 contractor announced Monday. Under the five-year task order, CACI will provide communications and information technology solutions, modernizing critical software and hardware, [...]
CoStar to acquire Calif. tech company in $1.6B deal
The CoStar Group, which announced in February plans to move its headquarters from Washington, D.C., to Arlington County, has reached an agreement to buy all outstanding shares of California-based Matterport, a 3D data platform, in a cash and stock deal valued at $1.6 billion. A real estate analytics and data company known for on[...]
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 Cit[...]
