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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 Norf[...]
Va. Beach’s DroneUp to add 655 jobs
Virginia Beach-based DroneUp LLC is adding 655 jobs as part of a $27 million expansion that will include establishing a drone testing, training and research and development center at Richard Bland College, Gov. Glenn Youngkin announced during a news conference Wednesday at the Executive Mansion in Richmond. DroneUp, which specia[...]
Lease signed for Fairwinds Landing in Norfolk
The ball has started rolling on the $100 million project turning the Lambert’s Point Docks property in Norfolk into Fairwinds Landing, a maritime operations and logistics center to support the local offshore wind, defense and transportation industries. The Miller Group signed a lease for the 122-acre site owned by Norfol[...]
Va. hotel revenues up slightly over 2019
Northern Virginia’s hotel market continues to be a drag on the lodging industry’s performance in the commonwealth as a whole, according to recently released data from STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. The latest data show rooms sold decreased by 4.6%[...]
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 bill[...]
Choice Financial Group names new president, COO
Virginia Beach-based insurance company Choice Financial Group has named Michael J. Andersen its president and chief operating officer, the company announced Tuesday. Andersen, who has started at his new post, has more than 37 years of experience in the insurance industry, according to a news release. He most recently served as [...]
BMK Ventures to move, expand in Va. Beach
Virginia Beach-based BMK Ventures Inc. plans to invest about $6.9 million in a new headquarters elsewhere in the city and add 20 jobs. The company, which provides medical supplies to government customers including the military, first responders and others, will move from its location at 1112 Jensen Drive to Corporate Landing Business Park, between General […]
Sentara Health Plans names new leader
Virginia Beach-based Sentara Health Plans has named Colin Drozdowski as the next president of Sentara Healthcare’s health insurance division. Drozdowski succeeds Dennis Matheis, who was named president and CEO of Sentara Healthcare in June. Drozdowski will also serve as executive vice president of Norfolk-based nonprofit S[...]
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 turbine[...]
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 t[...]
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[...]
Va. Beach honors Ramon W. Breeden Jr.
Virginia Beach Mayor Bobby Dyer proclaimed Aug. 9, 2022, as Ramon W. Breeden Jr. Day, in honor of the real estate mogul. Since starting The Breeden Co. in 1961 out of the trunk of his Pontiac convertible and the back room of a grocery store, Breeden has led his company to be a vertically integrated […]
