FOR THE RECORD: April 2026

CENTRAL VIRGINIA

In early February, Henrico County-based Fortune 500 convenience store operator Arko closed its initial public offering of fuel subsidiary Arko Petroleum, raising $183.2 million. The distributor sold 11 million shares of its Class A common stock at $18 a share, after the IPO valued Arko Petroleum at about $819 million. Earlier in the month, the company said it was seeking a valuation of as much as $910 million in its U.S. IPO. Arko filed a registration statement in December 2025 with the U.S. Securities and Exchange Commission. The company is listed on the Nasdaq exchange under the symbol “APC.” (VirginiaBusiness.com)

Fortune 500 used car retailer CarMax, based in Goochland County, has agreed to pay nearly $500,000 to settle allegations that it violated the Servicemembers Civil Relief Act by illegally repossessing motor vehicles owned by members of the military. The Department of Justice in mid-February said that CarMax will pay at least $420,000 in damages to service members and a civil penalty of $79,380 to the federal government. In an email to Virginia Business, CarMax said it “cooperated fully” with the DOJ and noted the resolution doesn’t constitute an admission of wrongdoing by its finance arm, CarMax Auto Finance. (VirginiaBusiness.com)

CoStar Group laid off an undetermined number of Richmond-area employees in mid-February, the second round of cuts in a year for the Arlington County-based real estate data and analytics company. CoStar did not return a request for comment. However, numerous former employees, who worked as writers, editors and video editors for CoStar’s Homes.com segment, an online residential real estate marketplace, posted on LinkedIn on Feb. 18 and 19 to report they were out of their jobs. Earlier that week, CoStar issued a news release announcing the launch of Homes AI, a “transformative experience” at Homes.com powered by Microsoft Azure OpenAI. (VirginiaBusiness.com)

The Henrico County Board of Zoning Appeals in late February upheld a ruling that a proposed 195-acre, eight-building data center campus on Darbytown Road is not a vested project and requires approval from the Board of Supervisors to proceed. Developer Centra Logistics had spent nearly $13 million
on land and planning before the county changed data center regulations in 2025, requiring data centers to get board-approved zoning and permits rather than be allowed to build by-right in industrial areas. Centra argued it relied on assurances from county officials when investing in the project, but the county attorney said the company knew rule changes were coming. (Richmond Times-Dispatch)

Insurance company Richmond National Group plans to invest $1.75 million to expand operations and create 75 jobs at the firm’s Glen Allen headquarters, Gov. Abigail Spanberger announced in early March. Richmond National, founded in 2020, provides property and casualty insurance for small and midsize businesses that struggle to obtain coverage through the standard insurance market. It operates in the excess and surplus lines market, allowing it to offer more customized policies than traditional insurers. The company said in an email it is expanding its office footprint by approximately 27,000 square feet. (VirginiaBusiness.com)

PEOPLE

Charlottesville health system UVA Health announced in late February that it has named Dr. Reid Adams, the chief medical officer of its university medical center, as the inaugural system-wide CMO. In his new role, which became effective March 1, the gastrointestinal surgical oncologist will be the senior physician of the entire health system, which has four hospitals across Central and Northern Virginia and a network of outpatient clinics. Adams established the liver, pancreatic and biliary surgery program and the gastrointestinal oncology program as a provider at UVA Health. A University of Virginia double graduate, he joined the School of Medicine faculty in 1995. (VirginiaBusiness.com)

EASTERN VIRGINIA

Virginia Beach-based real estate investment trust Armada Hoffler Properties rebranded to AH Realty Trust on March 2 as part of a sweeping overhaul that includes selling major parts of its portfolio and cutting debt. The company undertook a yearlong review of its operations and said it is reshaping its strategy and capital allocation to create a leaner, more focused business. In mid-February, the company said it was exiting the multifamily property sector and was also in talks to sell its construction business and a majority of its real estate financing platform investments. (VirginiaBusiness.com)

Gov. Abigail Spanberger announced Feb. 18 that South Boston-based developer Echelon Resources will invest $20 million to redevelop Fort Monroe’s nearly 68,000-square-foot historic Post Hospital and the roughly 17,000-square-foot Old Arsenal into about 85 apartment units. Echelon President Edwin Gaskin said construction should start near the end of this year or early next year and last between 12 to 15 months. The investment builds on two Fort Monroe redevelopment projects led by Echelon that are nearing completion: the conversion of Building 100 at 90 Ingalls Road and Randolph Hall at 150 Ingalls Road, which together will deliver 78 apartments. (VirginiaBusiness.com)

Hampton Roads regional leaders are working to bring direct flights to Europe from Norfolk International Airport. The Hampton Roads Alliance in mid-February approved the creation of the Hampton Roads Transatlantic Air Service Coalition, which will put together a fund to reduce financial risk for airlines launching transatlantic routes to Hampton Roads. Airport spokesperson Chris Jones said the fund would act like an insurance policy, covering revenue shortfalls if they arise during the first two years of service. Alliance President Doug Smith said securing a transatlantic flight to and from Norfolk would greatly benefit the local economy. (WHRO)

Virginia Beach leaders announced during a State of the City address in early March that a $355 million U.S. Department of Veterans Affairs outpatient clinic will be built in the city, a project expected to create about 600 jobs. The VA signed a lease in December 2025 to build the outpatient clinic, just across from the Norfolk Premium Outlets. The 20-year lease includes 180,000 square feet of medical space. City Manager Patrick Duhaney said funding for construction was secured through the PACT Act, which Congress approved in 2022 to expand care for veterans. The clinic is projected to open in 2029. (VirginiaBusiness.com)

PEOPLE

Norfolk-based freight forwarder and customs broker CV International announced in late February it had promoted vice president Cary Hagen to chief commercial officer — a newly created executive role — and Bobby Scott to president of subsidiary Capes Shipping Agencies, a Norfolk-based port and vessel agency serving the U.S. East and Gulf coasts. Hagen joined CVI in 2024 as vice president of strategic partnerships. Scott has been a member of the Capes leadership team since 2020, previously serving as director of business development. (VirginiaBusiness.com)

Suffolk-based TowneBank appointed Varun Chandhok as senior executive vice president and chief information officer, the bank announced in early March. He started the job on Jan. 21, succeeding Denys Diaz. According to his LinkedIn profile, Diaz held the role from 2016 until December 2025, before launching his own company, Denys Diaz Consulting, at the start of the year. As CIO, Chandhok will have oversight of the company’s IT operations and teams, helping expand technology capabilities. He is a member of TowneBank’s corporate management team based at the Suffolk headquarters. Chandhok most recently was the CIO at WesBanco Bank and the chief information and operations officer at Premier Bank. (VirginiaBusiness.com)

NORTHERN VIRGINIA

Amazon plans to shutter five Amazon Go and Amazon Fresh grocery stores in Northern Virginia beginning April 27, laying off about 700 employees. The local stores set to close are in Fairfax, Franconia, Lorton, Alexandria and Falls Church, according to a notice to the state. It’s part of a larger closure of the stores nationally, although some will be converted to Whole Foods Market stores. In January, Amazon confirmed 16,000 corporate job cuts, in addition to the closing of its stores. (VirginiaBusiness.com)

A consortium led by BlackRock’s Global Infrastructure Partners and Swedish private equity firm EQT has agreed to buy Arlington County-based Fortune 500 power company AES for $10.7 billion, the companies announced in early March. The deal also includes the consortium’s assumption of AES’ existing debt, bringing the enterprise value to approximately $33.4 billion. The transaction is expected to close in late 2026 or early 2027, according to the news release. In January, Panamanian energy developer Sinolam filed a $4 billion lawsuit against AES and InterEnergy Holdings, alleging a campaign to monopolize Panama’s liquid natural gas power market. (VirginiaBusiness.com; Reuters)

George Washington University sold its 122-acre Virginia Science and Technology Campus in Ashburn to Amazon Data Services for $427 million, the Washington, D.C.-based school confirmed in early March. Amazon also confirmed the purchase but did not disclose specific plans for the property. The agreement allows GW to keep programs at the site for up to five years. Founded in 1991, the VSTC hosts programs in engineering, physics, chemistry and nursing. (VirginiaBusiness.com)

Arlington County-based defense technology company GRVTY plans to invest $8 million to open a new headquarters in Tysons and hire 200 workers, Gov. Abigail Spanberger announced in February. The company will build out more than 22,000 square feet of office space in Tysons and hire 200 engineers, technologists, scientists and corporate staff in Virginia. GRVTY, which has been in operation for about a year, provides software, data analytics and intelligence services to U.S. defense and intelligence agencies. (VirginiaBusiness.com)

The Washington Commanders settled with the District of Columbia over a consumer protection lawsuit that dates back to when Daniel Snyder owned the Ashburn-based NFL franchise. Washington, D.C., Attorney General Brian Schwalb said in March the Commanders have agreed to pay $1 million to resolve allegations the team misled D.C. residents about its investigation into reports of a toxic workplace culture in order to protect its brand. The lawsuit, initially filed in 2022 by former D.C. Attorney General Karl Racine, alleged that the franchise, under Snyder’s ownership, had worked to conceal the true findings of an internal investigation the team was conducting of its operations. Snyder sold the team to a group led by Josh Harris in 2023. (Washington Business Journal)

PEOPLE

After more than six years leading the Fairfax County Economic Development Authority, Victor Hoskins plans to leave his post as president and CEO to return to the private sector at the end of 2026, according to an announcement in late February. The authority credits Hoskins with helping to secure nearly 64,000 jobs. During his tenure, the county’s gross domestic product grew to $177 billion. Before joining FCEDA, Hoskins was director of Arlington Economic Development, where he led efforts to secure Amazon’s HQ2 East Coast headquarters. In Fairfax County, Microsoft, Google, Meta and Blue Origin announced new locations and expansions during Hoskins’ tenure. (VirginiaBusiness.com)

ROANOKE/ LYNCHBURG/ NEW RIVER VALLEY

At the end of 2025, an entity associated with North Carolina-based Coca-Cola Consolidated purchased the 334,000-square-foot Orvis warehouse at the Roanoke Centre for Industry and Technology for about $29.7 million. Employees at the current distribution center for Coca-Cola Consolidated at 4022 Integrity Drive will eventually move to the Orvis warehouse. The company’s current manufacturing center will remain downtown. Coca-Cola Consolidated said in a late February statement to Virginia Business that it has agreed to lease much of the warehouse to Orvis for a short time but plans to begin operations in part of the building in the second quarter of 2026. (VirginiaBusiness.com)

Google initially will require up to 2 million gallons of water per day at the data center campus it’s planning for Botetourt County, according to a utility services funding agreement signed with the Western Virginia Water Authority in October 2025. As it grows, however, that need could increase to 8 million gallons daily. The authority initially provided news media with a redacted agreement in late 2025. Henri Gendreau, founder and editor of The Roanoke Rambler, sued the authority’s executive director, Mike McEvoy, in Roanoke Circuit Court in October, arguing the document should be disclosed under the Virginia Freedom of Information Act. A judge ruled for the news site, and the authority released an unredacted version in February. (VirginiaBusiness.com)

Idaho-based trailer manufacturer Interstate Group will invest $8.9 million to expand operations at the company’s manufacturing facility in Giles County, Gov. Abigail Spanberger announced March 3. The project is expected to create 46 jobs. Interstate Group manufactures a variety of trailers that it sells through its TrailersPlus retail locations. The company plans to invest in automation, new machinery and facility upgrades. It will take five years for the new positions to be fully hired, according to a spokesperson. The company currently has 120 employees in Giles County and 950 companywide. (VirginiaBusiness.com)

In February, a federal judge in Los Angeles approved a $7.3 million settlement in a class-action lawsuit against Roanoke-based Luna Innovations. Plaintiffs alleged that the company and three former executives committed securities fraud, related to accounting errors that left Luna unable to file quarterly and annual reports with the Securities and Exchange Commission. Shareholders who purchased Luna securities between May 16, 2022, and April 19, 2024, suffered economic losses when the price of Luna securities declined as a result of corrective disclosures, court filings alleged. The settlement is neither an admission of guilt nor a concession to plaintiffs, according to a judge’s order. (Cardinal News)

After nearly four decades as a launchpad for the city’s small businesses, the Lynchburg Business Development Centre is preparing to close its doors, forcing tenants to relocate as officials weigh the future of the property. The building is expected to be sold following an unsolicited proposal and request for proposals process. City officials have notified the center’s board that tenants will have to move by June. The center opened in 1989 as an incubator for small businesses. It had 20,000 square feet of office and manufacturing space. In 1993, the center added 22,000 square feet. (The News & Advance)

In February, Nashville-based Rogers Group, a privately owned aggregates and asphalt highway construction company, announced plans to acquire Roanoke-based Rockydale Quarries, which provides aggregates, agricultural lime and topsoil to construction, agricultural and residential clients, and its subsidiaries, including B&S Contracting. The transaction is expected to close in April, and the sales price was not disclosed. The acquisition is the 13th for the Rogers Group in the past two years. Rockydale Quarries and its subsidiaries have about 170 employees who will join the Rogers Group’s workforce of more than 3,400 employees. (News release)

SHENANDOAH VALLEY

Belfort Furniture, a home furnishing retailer, announced in mid-February that it’d purchased a 260,000-square-foot distribution center in Berryville for $14 million. The new center, located on a 22-acre property at 351 Station Road in Clarke County, will support improved delivery efficiency, increased inventory and company growth. The company said it will keep its corporate offices and 150,000 square feet of retail showroom space in Dulles and said the Berryville expansion allows it to serve more customers while keeping its headquarters and retail operations anchored in Loudoun County. The Berryville site is expected to be operational in May or June. (VirginiaBusiness.com)

The Commonwealth Transportation Board in mid-February voted 10-2 to rescind a January decision that would have transferred the Shenandoah Valley’s 48.5-mile rail corridor project and $35 million in funding from the Virginia Department of Transportation to the Virginia Passenger Rail Authority and the Shenandoah Valley Battlefields Foundation. The move restores the project to VDOT’s six-year improvement program and restarts a public engagement process that some state officials said the previous administration bypassed. The state will still pursue purchasing the corridor from Norfolk Southern while also holding public meetings before deciding the future long-term use for the corridor. (The Northern Virginia Daily)

The Frederick County Board of Supervisors in early February approved a residential rezoning near Lake Frederick in a 5-2 vote, allowing up to 596 housing units on 149 acres along Fairfax Pike in the Opequon district. The project, known as Madison 277, is county’s first major residential rezoning in over
15 years. The proposal was reduced from an initial 830 units and now includes designated land bays for commercial, medical and open space. While there were some objections from nearby residents over traffic concerns, Gainesboro Supervisor Jason Aikens argued the increased housing supply would bring housing prices down. (The Winchester Star)

Shenandoah Telecommunications (Shentel) announced in late February plans to reduce its roughly 1,040-person workforce by about 10% as construction on its Glo Fiber network nears completion. Most layoffs will occur by the end of 2026, with the reductions being concentrated in construction-related roles, though some corporate, administrative and management positions are also being cut. Fifteen impacted workers live in Shenandoah County. The company expects the cuts to save $12.3 million annually starting in 2027. Shentel reported a $32.9 million loss in 2025 amid a period of heavy construction spending and fiber expansion. (The Northern Virginia Daily)

PEOPLE

Longtime Frederick County Economic Development Authority Executive Director Patrick Barker stepped down from his position on Feb. 27. The county government said that Wendy May, EDA marketing director, would serve as interim director, and during the transition, Barker is serving as a consultant until June 2. The county said the decision was made Feb. 25 after County Administrator Michael Bollhoefer consulted with Barker. According to Bollhoefer, the primary reason for the leadership change was because the makeup of the county’s board of supervisors has drastically changed in the past year, and the board wanted a new direction for the EDA. (VirginiaBusiness.com)

Trex Co. President and CEO Bryan H. Fairbanks will retire April 28 after nearly 23 years with the company, and Chief Operating Officer Adam D. Zambanini will succeed him, the Winchester-based decking and railing manufacturer announced in late February. Fairbanks has been the company’s president and CEO since 2020, following the retirement of James Cline. Previously, he had been its executive vice president and chief financial officer. Zambanini has more than 20 years of leadership experience at Trex, most recently serving as executive vice president in addition to COO. The company assessed both internal and external candidates before choosing Zambanini. (VirginiaBusiness.com)

SOUTHERN VIRGINIA 

Across the country, demand is growing for aviation maintenance technicians — people who inspect, repair and maintain aircraft and their components. To fill this need, Danville Community College is working to add an aviation maintenance technology program, according to a late February report from Cardinal News. The college’s staff is creating a curriculum, obtaining required certifications from the Federal Aviation Administration and working closely with Blue Ridge Community College, the only other public college in Virginia to offer the program. School leaders hope to begin offering courses in the fall, teaching students flight theory, inspection techniques, troubleshooting, hands-on repair procedures and aircraft systems. (Cardinal News)

Automotive products manufacturer Fukoku Korea plans to invest $18.9 million to establish a manufacturing plant in Henry County, a project expected to create 60 jobs, Gov. Abigail Spanberger announced March 5. The company will use an existing shell building at Patriot Centre Industrial Park, where it will make rubber damper pulleys and thermal gap fillers. The facility is expected to begin operations by January 2027. FKC America, a business entity established by Fukoku Korea to serve the U.S. market, paid about $4 million for the shell building and property. (VirginiaBusiness.com)

An investment buyer has purchased a 927,500-square-foot manufacturing facility at the Cane Creek Centre industrial park in Pittsylvania County, according to a March 5 announcement from Glen Allen-based real estate services firm Cushman & Wakefield | Thalhimer. The buyer is Preferred Investments, Florida-based real estate development firm, according to Corrie Bobe, director of economic development and tourism for Danville. The property will be leased to an operating tenant, according to Cushman & Wakefield | Thalhimer. The firm did not disclose the price paid for the facility. (VirginiaBusiness.com)

Officials from North Carolina-based RiverStreet gave an update on the status of broadband installation during a Henry County Board of Supervisors meeting Feb. 24. Appalachian Power’s fiber construction and installation work in the county is underway. Following the final round of funding through
the Broadband Equity, Access and Deployment Program, five companies were approved to provide service: RiverStreet, using Appalachian infrastructure; Brightspeed; Comcast; Amazon.com; and SpaceX. The estimated total cost of the broadband expansion in Henry County has risen to about $50 million, with the county’s match at just over $4 million. (Martinsville Bulletin)

The Danville-Pittsylvania Regional Industrial Facility Authority voted March 9 to approve an agreement to sell land at the Southern Virginia Megasite at Berry Hill to an entity linked to Stack Infrastructure, a major data center developer and operator. The deal would allow the company to buy 2,990 acres for $238,000 per acre, totaling about $737.8 million. The project could bring up to $73.5 billion in investment over 30 years and create as many as 2,050 jobs, officials say. (VirginiaBusiness.com)

Southern Virginia patients facing life-threatening emergencies can now be transported to facilities offering advanced, specialized care with greater speed. In February, VCU Health’s LifeEvac opened a helicopter base, called LifeEvac 5, at VCU Health Community Memorial Hospital in South Hill — a move the health system believes will significantly reduce emergency transport times. Previously, it took about 25 to 30 minutes for a helicopter to reach the region. Transport times will be cut in half by having a base at Community Memorial Hospital, according to a county official. (VirginiaBusiness.com)

SOUTHWEST VIRGINIA

The Buchanan County Board of Supervisors voted 5-2 in early February to tentatively approve $3.4 million to help stabilize the struggling Appalachian School of Law in Grundy. Funding was provided to the county’s Industrial Development Authority, which, if it and the law school approve the deal, will allocate the funds to ASL. Supervisor Trey Adkins said the aid could preserve 41 jobs and protect the school’s economic impact on local businesses. Supervisor Craig Stiltner wanted the school to secure more donations rather than ask the county for funding. The school had 184 students as of December 2025 but needs about 300 to be sustainable. (Cardinal News)

The Coeburn Economic Development Authority has awarded a $2,500 grant to The Health Wagon to deploy Starlink satellite internet, helping ensure connectivity for its mobile health care services in Southwest Virginia, The Coalfield Progress reported in early March. Reliable connectivity is essential for providers to access electronic medical records, conduct telehealth visits, coordinate prescriptions and connect patients with specialists, according to news reports of the grant. Health Wagon CEO Dr. Teresa Tyson said the funding also benefits families by providing internet access useful for education and telework. (The Coalfield Progress)

Friends of Southwest Virginia announced in March it had received a $127,000 grant from the Virginia Tobacco Region Revitalization Commission to support a regional initiative focused on creative economy development and outdoor recreation business recruitment. The funding provides matching support to leverage nearly $1.1 million from the Appalachian Regional Commission. The project will include a comprehensive asset inventory and economic impact study of the region’s creative economy, including outdoor recreation, arts, music and cultural heritage industries. It will also support developing a 10-year master plan and a regional dashboard providing information on visitation, spending, job creation and investment. (News release)

Speyside Bourbon Cooperage’s Virginia entity will lay off 52 employees at its Atkins facility on April 23 due to slowdowns in the bourbon industry, according to a notice to the state dated Feb. 23. The company plans to end production at the Smyth County operation. Laid-off workers may be recalled “as business needs warrant based on department, by seniority,” the letter said. A year ago, Speyside Bourbon announced plans to lay off 75 employees at the Atkins facility. Speyside Bourbon Cooperage is a division of Speyside Cooperage, which was founded in 1947 in Scotland. (VirginiaBusiness.com)

In 2025, the Virginia Coalfield Economic Development Authority approved 59 loans and grants totaling $18.76 million for projects in Southwest Virginia’s coalfield region, according to its annual report filed with the state in early March. The projects are expected to help create and retain 584 full-time and 124 part-time jobs and generate about $180 million in private investment. Thirty-three projects and 26 startups received support. Important projects announced during the year include a modular housing production facility in Russell County for Appalachian Highlands Housing Partners, projecting 89 new full-time jobs, and a West River Conveyors expansion in Buchanan County, creating and retaining 56 jobs. (News release)

Dickenson County officials in early February announced a major milestone toward opening the Wildwood Recovery Center after the Virginia Department of Behavioral Health and Developmental Services approved a conditional license for the 112-bed residential drug treatment facility for men in Clintwood. Officials hope the center, which has been completed for more than a year, can address high overdose rates in Southwest Virginia and expand access to local treatment. Momentum Management Solutions operates the facility, which hopes to begin accepting patients in the second half of the year. Once fully operational, the center plans to employ about 50 people. (Cardinal News)