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Norfolk buys former Military Circle hotel for $2.4M
Less than a week after Norfolk announced its purchase of the Military Circle Shopping Mall for $11 million, the Norfolk Economic Development Authority (EDA) said Thursday it has also approved a plan for the city to purchase the former DoubleTree Hotel at Military Circle for $2.4 million. The hotel property was listed for sale [...]
Va. Beach apartment complex sells for $6.575M
The Falcon Point apartment complex in Virginia Beach has sold for $6.575 million, Colliers International announced Thursday. Seminole Trail Properties purchased the property from The Runnymede Corp. Located at 2105 Lake Smith Drive, Falcon Point includes 64 apartment units. It was constructed in 1971 and has received both exteri[...]
Norfolk buys Military Circle Shopping Mall for $11M
The Norfolk Economic Development Authority (EDA) announced Friday it approved a plan for the city to purchase the Military Circle Shopping Mall for $11 million to redevelop the mall and surrounding area for mixed-use development. “The Military Circle corridor is the crossroads of the Hampton Roads region,” Norfolk Mayor Kenn[...]
Viral load
Like a canary in a coal mine, the Port of Virginia felt the impact of COVID-19 well before others in Virginia started to feel it. In February, the port saw a 9% drop in cargo compared with February 2019, a decrease attributed in part to the outbreak’s origins in China. In 2018, China was the […]
Executive profiles
We asked leaders in Virginia’s maritime and logistics industry for their thoughts on the Port of Virginia expansion and the impact of the COVID-19 pandemic on shipping. Click to expand photos. Interviews follow. VB: How will the Port of Virginia expansion impact Virginia’s economy? Adams: The Central Chapter encompasses the area around Richmond and is […]
Va. Beach contractor lands $782M Navy contract
Navy veteran Terry Spitzer has dedicated much of his career to manufacturing equipment to be used by his former U.S. Armed Forces branch. In April, Global Technical Systems (GTS), the Virginia Beach-based company Spitzer and his wife, Yusun, co-founded in 1997, landed a $782 million contract to manufacture equipment for the Navy[...]
In the big leagues
Virginia is strengthening its claim as a leading port on the East Coast. The Port of Virginia is midway through a $700 million project to expand its two largest terminals, which will allow the port to handle an additional 1 million container units per year. The $320 million expansion of Virginia International Gateway in [&h[...]
Ice age
As the Port of Virginia expands its terminals, it’s prompted warehousing and logistics firms to also create space for more imported and exported goods. One of the largest areas of recent growth has been in the refrigerated storage industry. Here are some of the highlights: Preferred Freezer Services In April 2019, Preferred Fr[...]
Offshore windfall
Two massive wind turbines are scheduled to begin spinning off the coast of Virginia Beach by the end of 2020, providing electricity to 3,000 homes and paving the way for Dominion Energy Inc. to build the nation’s largest offshore wind farm. And even amid the coronavirus outbreak, plans are still proceeding on course, says[...]
Tech support
Cybersecurity may not be the first idea that springs to mind when thinking about the maritime industry, but it is an increasingly important field. And the new Coastal Virginia Center for Cyber Innovation (COVA CCI) at Old Dominion University is proof enough. The center’s $2.5 million, two-year budget supports its mission to [...]
A watershed moment
Only a few months ago, the economies of the historic port city of Norfolk and the greater Hampton Roads region, with which it is inextricably intertwined, were continuing to rebound after emerging from what Old Dominion University’s 2019 State of the Region report has called “the lost decade.” During the period from 2007 t[...]
