For the Record: August 2025

Central Virginia 

In late June, Bow Tie Partners unveiled its $5 million overhaul of BTM Movieland at Boulevard Square, which opened in 2009 inside a 53,000-square-foot former locomotive factory near Richmond’s Scott’s Addition neighborhood. The new attractions from the renovation projects are open, including two new large-format auditoriums, reclining seats throughout the auditoriums, an expanded kitchen and an arcade area. The large-format theaters have 50-foot-wide screens and a new Dolby Atmos sound system. Richmond’s only first-run movie theater within city limits, Movieland also relocated its bar to build a larger one and added a lounge space. (Richmond Times-Dispatch)

Denver-based data center developer EdgeCore Digital Infrastructure has purchased 697 acres in Louisa County to build a 3.9 million-square-foot data center campus capable of supporting more than 1.1 gigawatts of power, with a total expected investment of $17 billion, according to a June 25 announcement. The campus will be developed in multiple phases over the course of several years, with size depending on customer demand. EdgeCore purchased the land for $42 million, according to a June 24 announcement by the county. (VirginiaBusiness.com)

Google signed an agreement to buy electricity from Commonwealth Fusion Systems‘ planned Chesterfield County facility — expected to be the world’s first grid-scale commercial fusion power plant. The Massachusetts-based fusion energy company announced in December 2024 its plans to build the 400-megawatt facility, dubbed ARC, in Chesterfield. The power plant will likely cost more than $2.5 billion, according to Chesterfield’s economic development director, Garrett Hart. CFS expects ARC to begin generating carbon-free power for the grid in the early 2030s. Google signed a power purchase agreement for 200 megawatts (half the facility’s expected electric power output), according to a June 30 announcement. (VirginiaBusiness.com)

On June 27, University of Virginia President James E. “Jim” Ryan wrote that he was resigning his post at the state’s flagship university due to pressure from the federal government. Ryan’s sudden departure was the culmination of mounting pressure at universities nationwide from the Trump administration to dissolve diversity, equity and inclusion (DEI) initiatives or risk losing federal funding. On June 26, The New York Times reported it learned through three sources that the Justice Department demanded Ryan resign as a condition of settling a civil rights investigation into U.Va.’s DEI initiatives. Ryan will return as a professor to teach at the schools of law and education. (VirginiaBusiness.com; The Daily Progress)

UVA Health announced June 26 that two anonymous donors have given $25 million estate gifts to support the University of Virginia’s Paul and Diane Manning Institute of Biotechnology, funds that will go toward developing cures for cancer and neurodegenerative diseases like Alzheimer’s. Mark Esser, the Manning Institute’s head and chief scientific officer, said the two gifts are unrestricted and will help move medical research to the market stage, when patients can benefit from new treatments. The Manning Institute was launched in 2023 with a $100 million gift from Paul and Diane Manning, Charlottesville-area philanthropists, along with $150 million from U.Va. and $100 million from the state. (VirginiaBusiness.com)

Virginia State University started construction on two buildings and held a ribbon-cutting for a third
in late June. The Ettrick university is building a $75 million residence hall and a $26 million admissions building. It’s putting the final touches on the $134 million Alfred W. Harris Academic Commons, which will be both an academic facility and a student commons. The 110,000-square-foot dormitory will have 450 beds and is expected to be finished in spring 2026. The 30,000-square-foot admissions building will have a conference space, a media center and a balcony overlooking the football stadium. (Richmond Times-Dispatch)

Eastern Virginia

Virginia Beach-based Acoustical Sheetmetal Co. announced that it will invest $45.8 million to expand its operations, with plans to add 350 jobs, Gov. Glenn Youngkin announced in June. Acoustical Sheetmetal is a manufacturer of steel and aluminum enclosures for the power generation industry, providing on-site power integration for large-scale data centers. It plans to build an additional 250,000-square-foot building and add significant machinery on 21.1 acres of land it purchased at the Virginia Beach Innovation Park from the City of Virginia Beach. Once construction is complete, ASC will have more than 550,000 square feet of production space. (Virginia Business)

Following an outcry from hundreds of residents, Chesapeake City Council unanimously voted in June to deny a rezoning request that would have allowed the construction of Hampton Roads’ first major data center. Developer Doug Fuller, president of Emerald Lakes Estates, sought to construct a 350,000-square-foot data center on a 22.6-acre property in Chesapeake’s Great Bridge area. Some council members cited objections to the center’s proposed location, which would be near residential properties, echoing concerns raised by many citizens. Fuller said he is considering alternative sites for the project. (Virginia Business)

Sentara Health and Virginia Wesleyan University plan to establish a new health sciences degree program at the Virginia Beach private college, according to a June announcement. The Norfolk health system and VWU signed a letter of intent to create the Sentara College of Health Sciences of Virginia Wesleyan University. The announcement comes after Sentara said in April it would end its degree programs at the Sentara College of Health Sciences in Chesapeake, instead transitioning those programs to state and regional universities. Details of the proposed collaboration between Sentara and VWU are still being worked out. (Virginia Business)

Smithfield Foods — the nation’s largest pork producer — announced in June that it plans to bring about 115 jobs to Virginia’s Tidewater region over the coming months. The Smithfield-based company is relocating the positions from regional offices in the Midwest to the company’s headquarters in Smithfield. Positions include finance, procurement, human resources, IT and other support functions. A company spokesperson said the relocation of employees is expected to occur by the end of next year. The publicly traded company employs about 33,000 people nationwide. (Virginia Business)

PEOPLE

Martin Sjolund became PRA Group‘s president and CEO on June 17, succeeding Vikram “Vik” Atal at the Norfolk-based global debt purchasing and collection company. Sjolund was previously president of PRA Group Europe. According to a PRA spokesperson, Sjolund will split his time between London and Norfolk. Atal plans to serve as a senior adviser through the end of the year. Sjolund served as PRA’s Europe president since 2018, overseeing 15 markets in Europe, Canada and Australia, where PRA has nearly $3 billion in portfolio investments. Sjolund graduated from the University of Chicago’s business school and Georgetown University. (Virginia Business)

Susan Bradford Tarley, a Williamsburg attorney and partner at Tarley Robinson, was chosen as the 2025-26 president-elect of the Virginia State Bar on June 13 during the organization’s annual meeting in Virginia Beach. Tarley focuses her practice on real estate, business matters and creditors’ rights. She has also been an adjunct professor at William & Mary Law School and a substitute judge for the Ninth Judicial Circuit. Tarley was among Virginia Lawyers Weekly’s inaugural Leaders in the Law class in 2006 and was a 2023 inductee into the Virginia Lawyers Hall of Fame. (Virginia Lawyers Weekly)

Northern Virginia

Casa del Fuego Family Office and Trust, an investment and asset management firm, acquired Tysons-based Digital Global Systems for $5 billion in an all-stock deal in June. DGS, which provides technology to optimize radio frequency signals, will operate independently as a subsidiary with its leadership team unchanged. Casa del Fuego is an investment entity led by Oliver Patterson, a Canadian entrepreneur and founder of esports businesses Meta Game and Shockwave Holdings. The firm has more than $30 billion in assets under management, including Oeno Group, a high-end line of wine and whiskeys. (VirginiaBusiness.com)

There are at least 33 companies scouring the Northern Virginia office market for 50,000 square feet or more, according to CBRE‘s second-quarter office report, but their options are severely limited regionwide and there’s literally nothing under construction that would fit their requirements. Across all of Northern Virginia, Kite Realty Corp.’s 35,000-square-foot boutique office at One Loudoun is the only project currently underway. The construction pipeline is at 30-year lows, if not more than 30 years. (Washington Business Journal)

The CIA purchased a 10-story office in Chantilly for $246.4 million in late May from Peterson Cos., according to Fairfax County tax records. However, the agency has yet to reveal its plans for the building, known as Dulles Discovery 2. A 434,000-square-foot Class A office building constructed in 2010, the building is at Air and Space Museum Parkway. According to Peterson, the CIA had already been leasing the building for office space, and the building was built to serve the intelligence agency’s needs. (VirginiaBusiness.com)

In July, the U.S. Department of Education’s Office for Civil Rights announced it is investigating George Mason University for racial discrimination. According to the DOE, several professors alleged in a complaint that the university has favored employees of underrepresented races in hiring and promotions. President Gregory Washington is specifically mentioned in the complaint, saying he has directed the university to consider race and diversity in employment decisions. (VirginiaBusiness.com)

The European Union’s antitrust watchdog organization announced in late June that it has opened an in-depth investigation into McLean candy and pet care giant Mars‘ proposed $35.9 billion acquisition of Kellanova, the producer of Cheez-It, Pop-Tarts, Pringles and Eggo. The European Commission said it is concerned about Mars’ increased bargaining power leading to higher prices for consumers. The commission has 90 working days to conduct its probe and decide whether to approve the deal on Oct. 31. This will mean a delay for the closing of the acquisition, which was previously scheduled for August. Meanwhile, the U.S. Federal Trade Commission cleared the deal following an antitrust review (VirginiaBusiness.com)

McLean-based federal contractor and IT services company 22nd Century Technologies plans to invest $1 million to expand its headquarters in Fairfax County and offices across Virginia, adding 880 jobs, it announced in late June. Founded in 1997, 22nd Century operates in 14 regional offices nationwide and has more than 6,000 employees. It has multiyear contracts with federal agencies, state governments and local governments. Since moving to Northern Virginia in 2008, the company has grown from a $6 million business to more than $600 million, CEO Anil Sharma says. (VirginiaBusiness.com)

Roanoke/ Lynchburg/ New River Valley

Carilion Clinic has nearly reached its $100 million goal to build a six-story cancer center in Roanoke. During Roanoke’s annual Freedom Festival July 3, Carilion launched the public phase of its “Reaching Far, Caring Close” campaign. The Roanoke-based health system announced it has raised $96 million for the planned 257,000-square-foot cancer center, but the health system is now asking for the public’s help to close the final $4 million gap. Carilion broke ground on the new center in October 2024, and it is on track for completion in October 2027. (VirginiaBusiness.com)

Google has purchased a 312-acre parcel for $14.06 million at Botetourt County’s Botetourt Center at Greenfield industrial park for data center development, county officials announced in June. Additionally, the Menlo Park, California-based Big Tech company has pledged to give $4 million over the next five years to support community projects in Botetourt, which encompasses Roanoke suburbs and rural farmland. Botetourt County Administrator Gary Larrowe could not provide the number of jobs the project will create or a timeline for the construction. Representatives from Google will make a separate announcement about the project later, according to the county. (VirginiaBusiness.com)

Illinois-based Packaging Corporation of America announced July 1 that it has entered into a definitive agreement to purchase the containerboard business of Ohio-based Greif for $1.8 billion. The containerboard business includes two mills, one of which is in Amherst County. Greif is one of the largest private employers in Amherst, with nearly 300 employees. The transaction is expected to close by the end of PCA’s third quarter, subject to customary conditions and regulatory approvals. (The News & Advance; WSET-TV ABC 13)

For overseeing illegal prescriptions of drugs, overbilling and rampant health care fraud, the former chief operating officer of five pain clinics was sentenced July 7 to three years in prison. Jennifer Ann Adams had “full knowledge” of what was happening at the practice, U.S. District Judge Elizabeth Dillon said in imposing the sentence. L5 Medical Holdings, a now-defunct company that did business as Pain Care Centers in Blacksburg, Christiansburg, Lynchburg, Madison Heights and Woodlawn, “valued deceiving the government and patients to make a quick buck for its upper management more than providing genuine and helpful medical care for those in need,” prosecutors said. (The Roanoke Times)

A recent fire department report on the two-alarm blaze that destroyed a custom van company at Roanoke’s Riverdale development this spring says that the valve connecting the sprinkler system’s water supply had been turned off. Workers at Riverdale had turned off all the valves at some point “because the historic system was broken and inoperable,” according to a statement from Riverdale Southeast LLC. Because the fire suppression system was inoperable at the time of the fire, the owners of Noke Van Co. said they’re fighting with several insurance companies to be compensated for millions of dollars in lost inventory and equipment. (Cardinal News)

There is just no more room at the 15-year-old Virginia Tech Carilion School of Medicine. A new headquarters under formal consideration would change that and solve a space issue for the Fralin Biomedical Research Institute, which shares the same building located off Reserve Avenue. Officials said the solution could be building a new medical school complex and giving the school’s current space to Fralin researchers after renovations, for a combined estimated cost of $165 million. Tech divulged the concept last year. But it wasn’t until May 5 that it filed a preliminary proposal with the city. (Roanoke Rambler)

Shenandoah Valley

The Frederick County Board of Supervisors in June voted by consensus to reject further study of two proposed data center projects: the 644-acre Meadow Brook Technology Park, which was to be located on farmland just south of Stephens City, and the 105-acre Winchester Gateway 2, which was to be located at the intersection of Virginia State Route 37 and Middle Road south of Winchester. Concerns were raised about the proposed centers’ water usage and locations. Frederick Supervisor Judith McCann-Slaughter said the board should make up its mind about data centers so the county’s economic development authority doesn’t keep trying to attract them for no reason. (The Winchester Star)

President Donald Trump on July 1 nominated former Virginia House of Delegates Speaker Todd Gilbert of Shenandoah County to serve as U.S. attorney for the Western District of Virginia, the top prosecutor role for the western side of the state. A former assistant commonwealth’s attorney, Gilbert eventually rose through the ranks to become the Virginia House Speaker and then minority leader before stepping down in May in anticipation of the nomination. If confirmed by the U.S. Senate, he must resign as a state legislator, prompting a special election to fill his seat. (Cardinal News)

Plein Smith Ventures has pulled out of a $6.2 million contract to purchase 149 acres of property in the Happy Creek Technology Park from the Front Royal-Warren County Economic Development Authority. The company informed the EDA on June 20. The property had been under contract since May 2024, but Plein Smith had concerns about a covenant the EDA placed on the property, which the town had stake in, related to the future extension of Progress Drive. EDA Board of Directors Chairman Robert MacDougall says Plein Smith indicated it still has interest in the property. (The Northern Virginia Daily)

Winchester Acquisition Partners, headed by investor John Wesley Gray Jr., in June broke ground on Cedar Valley Square, a mixed-use development occupying 19.6 acres in the 2200 block of Valley Avenue. Located at the former Ward Plaza shopping center, the project will feature 453 apartments, condominiums and townhouses. It will also have retail stores, offices, parking lots and a four-story, 376-stall parking garage that will be available for public use. Publix, a full-service grocery store, is the only commercial tenant announced for Cedar Valley Square so far. Publix signed a lease for a 50,325-square-foot facility projected to open late next year. (The Winchester Star)

PEOPLE 

On July 1, James C. Schmidt became James Madison University‘s new president. The former chancellor of the University of Wisconsin-Eau Claire was appointed to the position by JMU’s board of visitors in March. He has worked in higher education for more than 30 years. He succeeds interim president Charlie King, who had served in the role since July 1, 2024. King, who had been JMU’s chief financial officer, came out of retirement to serve as interim president after Jonathan Alger left JMU’s presidency after a dozen years to lead American University.  (News release, Virginia Business)

United Bank announced on July 1 that it had promoted Peter Warren to president of its Winchester market, which has eight branch locations, and covers Frederick, Clark, Shenandoah and Warren counties and Winchester. Warren succeeds former market president Harry Smith, who retired after 10 years with United Bank. Warren has 17 years of banking experience and holds a bachelor’s degree in business management from Virginia Wesleyan University. (News release)

Southwest Virginia

Appalachian Power canceled its plans to build a battery energy storage system on two sites in Grayson and Smyth counties, citing factors including storm damage brought by Hurricane Helene last year. State regulators last year approved Applachian’s plan to build the system to serve around 2,790 customers on the utility’s Glade-Whitetop circuit. It would have stored electricity drawn from the grid and deployed it during high-demand periods and outages. Appalachian spokesperson Ashley Workman said in late June the utility will instead focus on relocating power lines in two areas and will implement technology to automatically pinpoint outage locations and reroute electricity as needed. (Cardinal News)

A state judge agreed with the city of Bristol, Virginia, and its industrial development authority, rejecting a church’s bid to acquire the former Cabela’s building at The Falls commercial center in a final order issued on June 27. Circuit Judge Sage B. Johnson ruled that operating a church on the property “is impermissible under the easements, covenants and conditions for Phase I of The Falls development.” Simple Rhythms Church attempted to acquire the 85,000-square-foot building last year for $5 million to establish a church there. (Bristol Herald Courier)

Emory & Henry University was placed on probation by its accreditor, Southern Association of Colleges and Schools Commission on Colleges, in June due to concerns about its fiscal responsibility. The private institution remains accredited but is on “probation for good cause” for the following 12 months. The association started monitoring Emory & Henry two years ago after detecting compliance issues at the university, according to documents released in late June. The school was placed on probation because it was still out of compliance with a financial responsibility requirement of accreditation that states that “the institution manages its financial resources and operates in a fiscally responsible manner.” (Cardinal News)

The Kroger in Abingdon is one of at least two Virginia Kroger stores that will be among the 60 locations the Cincinnati-based company plans to shutter over 18 months to improve efficiency and profitability. Kroger announced the plan during a corporate earnings call June 20. A news release distributed that day by United Food & Commercial Workers Local 400 noted that in addition to a Charlottesville store, a location at 466 S. Cummings St. in Abingdon will close Sept. 19. Mike Cochran, Abingdon’s town manager, said he was notified June 20 that the store is closing. (VirginiaBusiness.com)

Two state grants will support work to bring one of the nation’s first advanced nuclear reactors — compact, factory-built systems designed for rapid deployment — to Southwest Virginia. With a $100,000 grant from the Virginia Clean Energy Innovation Bank and a $97,500 grant GO Virginia grant, Wise County, the University of Virginia’s College at Wise and the Virginia Innovative Nuclear Hub will lead the effort to prepare the region to apply for private investment and federal funding. The LENOWISCO Planning District Commission will manage the initiative on behalf of Wise County, and VIN Hub will oversee technical planning and strategic coordination. (News release)

White Rock Truss & Components, a company that manufactures yellow pine trusses for residential and commercial use, will invest $1.5 million to expand their operations in Lee County, Gov. Glenn Youngkin announced June 30. The company’s expansion is expected to create 27 jobs and will entail building a lumber shed and upgrading saw equipment to double production. Established in Lee County in 2005, White Rock Truss & Components manufactures construction products like trusses and engineered lumber, which it supplies to home construction companies and home improvement retailers. (News release)