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Virginia Realtors has a new CEO
Rick Lugg is Virginia Realtors’ new CEO, effective immediately, the trade organization announced Friday. The association’s longtime chief financial officer and chief operating officer, Lugg replaces Terrie Suit, who retired last fall. Martin K. Johnson, Virginia Realtors’ chief external affairs officer, served [...]
Fed approves Atlantic Union-Sandy Spring bank acquisition
Richmond-based Atlantic Union Bank is one step closer to completing its $1.6 billion purchase of Maryland’s Sandy Spring Bank. The Federal Reserve Bank of Richmond, acting on delegated authority from the Board of Governors of the Federal Reserve System, has approved the merger, the parent companies of the two banks announced T[...]
New York investment firm purchases Short Pump Station for $54.96M
Nuveen Real Estate, a New York investment management firm, purchased Short Pump Station in western Henrico County from Wafra, an alternative investment managing firm also based in New York, for $54.96 million on Dec. 30, 2024, according to a Tuesday announcement by Wafra and Henrico County records. Grocery retailer Trader Joe’[...]
Boston private equity firm to acquire Sauer Brands
Duke’s Mayo and its parent company, Richmond’s Sauer Brands, will change hands in a deal between Boston-based private equity firm Advent International and North Carolina’s Falfurrias Capital Partners, which purchased Sauer a little over five years ago. Terms of the pending acquisition, which was announced Monda[...]
Here’s what Richmond Fed chief forecasts for 2025 economy
The economic forecast for 2025 is sunny, with a high chance of business optimism, according to Federal Reserve Bank of Richmond President and CEO Tom Barkin, who spoke Thursday during the virtual 2025 Financial Forecast held by the Virginia Bankers Association and the Virginia Chamber of Commerce. “I went back this morning and[...]
Richmond starts water testing, but city remains under boil water advisory
On Thursday, Richmond Mayor Danny Avula said that water levels have risen across the city to the point that authorities have started testing samples for contamination and most buildings in the city have at least some running water, four days after the city’s water treatment plant failed following a winter storm. A Jan. 6 p[...]
Richmond water crisis shuts down many restaurants, businesses
Jan. 9 update: Richmond starts water testing, but city remains under boil water advisory “Dry January” became all too literal in Richmond, where most city residents and businesses were struggling with a water outage that started Monday afternoon and was still leaving much of a city with a population of more than 225,[...]
Chesterfield’s Springline development moves forward
Timmons Group expects to move its headquarters from a Chesterfield County office park into the county’s new Springline at District 60 mixed-use project in the first quarter of 2025. The five-story, 150,000-square-foot building is one of three buildings in the first phase of the development near the Chippenham Parkway and Midlo[...]
World’s first commercial fusion power plant planned for Chesterfield
Commonwealth Fusion Systems, a Massachusetts-based fusion energy company, plans to build the world’s first grid-scale commercial fusion power plant in Chesterfield County, Gov. Glenn Youngkin announced Tuesday. “It’s a nearly $3 billion capital investment, paying taxes, and it’s a bunch of really high-tec[...]
Richmond’s Movieland at Boulevard Square to undergo $5M glow-up
Movieland at Boulevard Square, the city of Richmond’s only first-run movie theater, is undergoing approximately $5 million in renovations and upgrades. The project, which began in October and is expected to be completed in spring 2025, represents “the most extensive enhancements to the theater since it opened in 2009,” acc[...]
Developer plans $3B data center in Appomattox County
A Connecticut developer plans to build a $3 billion data center on a 452-acre site in Appomattox County. AVAIO Digital Partners announced Tuesday it had signed an agreement with the Appomattox County Economic Development Authority to purchase the industrial site. “This project in Appomattox County exemplifies our strategy of e[...]
U.Va. Darden School dean reappointed to third term
Scott C. Beardsley, dean of the University of Virginia’s Darden School of Business, has been reappointed to his third term as dean, which starts Aug. 1, 2025, and extends through August 2029, U.Va. announced Wednesday. Named dean in 2015, Beardsley is now the university’s longest serving current dean and has raised m[...]
