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Norfolk casino developers select construction management team

A joint venture between -based S.B. Ballard Construction and Mississippi-based — the companies that built Rivers Portsmouth — will lead construction of the $750 million resort.

The casino development partners, and the , announced the selection of Yates/Ballard as construction manager Tuesday.

“These two outstanding companies are the ideal team to lead construction of our resort on the waterfront,” Uri Clinton, Boyd Gaming executive vice president and general counsel, said in a statement. “S.B. Ballard’s proven track record in this region and extensive network of subcontractors will allow us to successfully meet our development timeline, while Yates’ unparalleled experience in casino development will help us deliver a truly market-leading resort experience.”

Norfolk native Stephen B. Ballard founded S.B. Ballard Construction more than four decades ago and is its CEO. The company provides construction management, design-build, public-private partnerships and other construction services to clients in the mid-Atlantic and Southeast regions. Its other notable projects include the Half Moone Cruise and Celebration Center in Norfolk and the ‘s arrivals parking garage.

“We are excited to join the Norfolk casino team and to help deliver a truly special project for the entire Hampton Roads community,” Ballard said in a statement.

Established in 1964, Yates is a privately held contractor with experience in gaming and hospitality projects. The firm has led casino development projects including the Borgata Hotel Casino & Spa in Atlantic City, New Jersey; the Beau Rivage Resort & Casino in Biloxi, Mississippi; and the Seminole Hard Rock Hotel & Casino Hollywood in Florida. The company previously worked with Boyd on the Treasure Chest Casino in Kenner, Louisiana, which opened in June 2024.

Yates CEO William G. Yates III said in a statement, “Time and again, Yates has seen the tremendous positive impact that a market-leading gaming resort can have on a community, and we are ready to bring that track record of success to Norfolk.”

Norfolk City Council approved a development agreement between the city, the Pamunkey Indian Tribe and Boyd Gaming in September 2024, after an earlier partnership between the tribe and Tennessee investor Jon Yarbrough faltered. The new team scrapped the original HeadWaters Resort & Casino name and held a groundbreaking ceremony for the Norfolk casino Oct. 30, 2024.

Boyd anticipates opening a temporary facility “late this year,” according to a news release, with the permanent casino resort opening in late 2027. The developers must have at least a temporary casino built and licensed by the Virginia State Lottery by November to meet the state deadline to retain the right to build a casino under the city’s 2020 casino referendum vote.

The permanent resort is set have 1,500 slot machines, 50 table games, a 200-room hotel and eight and beverage outlets.

The Pamunkey Indian Tribe initially announced in September 2021 that it had selected construction firms Newport News-based W.M. Jordan and -based Suffolk Construction.

Founded in 1975, Boyd Gaming operates 28 gaming properties in 10 states. The company also is a 5% equity owner in FanDuel Group, a sports betting operator.

Virginia currently has three casinos: the Hard Rock Hotel & Casino Bristol, the Rivers Casino Portsmouth and the Caesars Virginia in Danville. Another will be coming in Petersburg, after more than 80% of the city’s voters said yes to its casino referendum in November 2024.

Norfolk airport adding JetBlue service in April

JetBlue will start service from on April 30, offering seasonal daily nonstop to ‘s Logan , airport officials announced Wednesday.

The will be the ninth commercial carrier at Norfolk’s airport, and its 140-seat Airbus A220 aircraft will depart Norfolk at 6 p.m., arriving at 7:29 p.m. in Boston daily between April 30 and Oct. 25. Returning flights will leave Boston at 3:30 p.m. and arrive in Norfolk at 5:05 p.m.

“I’m regularly asked when we’ll be adding to Norfolk International Airport, which speaks volumes about the airline’s strong reputation and customer loyalty,” Norfolk Airport Authority President and CEO Mark Perryman said in a statement. “I’m excited to soon become a ‘Blue City’ and am confident this long-awaited partnership will be well-received by travelers here, as well as among New Englanders seeking to spend time in coastal Virginia and the Outer Banks beginning later this year.”

JetBlue plans to expand its routes to and from Boston this year, including the addition of daily seasonal service to Wilmington, North Carolina; Islip, New York, and Norfolk starting April 30.

Norfolk International Airport announced Monday that it recorded a third consecutive year of record-breaking passenger traffic last year, with 4.86 million passengers in 2024, up from 4.55 million in 2023. Allegiant, American, Breeze, Delta, Frontier, Southwest, Spirit and United currently offer service from the airport.

CFPB sues Capital One, claiming bank avoided paying $2B in interest

The has sued and its holding company, , alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday.

Capital One, the alleges, promised customers that its flagship 360 account provided one of the nation’s “best” and “highest” , but the bank froze the interest rate at a low level while rates rose nationwide.

Specifically, the CFPB alleges that Capital One misled consumers about “high interest” accounts, claiming Capital One Financial illegally deceived consumers and that Capital One N.A. — a national bank and wholly owned subsidiary of Capital One Financial — violated the Truth in Savings Act by falsely representing the 360 Savings accounts as providing a variable interest rate that was “one of the nation’s” “top,” “best” and “highest” and that customers would earn much more interest than with the average savings account.

Second, the CFPB alleges that Capital One “kept consumers in the dark to maintain a two-tier system,” misrepresenting to existing customers that its 360 Savings accounts would be the bank’s only high-interest savings product, despite introducing the newer 360 Performance Savings account, which had the same terms, conditions and features but a higher interest rate than 360 Savings.

While attracting new customers with 360 Performance Savings accounts and not paying existing 360 Savings customers the higher interest income they were promised, Capital One avoided paying customers more than $2 billion, the CFPB claims.

In response, Capital One noted the timing of the federal lawsuit, which comes less than a week before President-elect Donald Trump takes office Jan. 20, with new leadership and focuses at CFPB expected.

“We are deeply disappointed to see the CFPB continue its recent pattern of filing eleventh-hour lawsuits ahead of a change in administration,” the company said in a statement. “We strongly disagree with their claims and will vigorously defend ourselves in court.”

In November 2024, Elon Musk wrote in a post on the social media platform X, formerly Twitter, “Delete CFPB. There are too many duplicate regulatory agencies.” Owner of X and Tesla, Musk is one of two co-leaders of Trump’s Department of Government Efficiency.

“Capital One is proud of its unique and industry-leading 360 suite of products,” the Capital One statement continued, “all of which offer great rates, carry no fees and no minimums, and have always been available in just minutes to all new and existing customers without any of the usual industry restrictions.”

CFPB Director Rohit Chopra said in a statement: “The CFPB is suing Capital One for cheating families out of billions of dollars on their savings account. Banks should not be baiting people with promises they can’t live up to.”

Capital One disclosed the CFPB investigation in an October 2024 filing.

Details of the allegations

In 2012, Capital One acquired online bank ING Direct USA for $6.3 billion in cash and approximately 54 million Capital One shares. The included its savings account product ING Direct, which, according to the CFPB, was known for having higher-than-average interest rates. In 2013, Capital One rebranded the product as 360 Savings and began offering it to the general public.

When Capital One launched 360 Performance Savings in September 2019, the company set the product’s interest rate at 1.90%, while the 360 Savings product’s interest rate was 1%, according to the CFPB complaint. Between late 2019 and late 2020, Capital One dropped the 360 Performance Savings rate to 0.40% and the 360 Savings rate to 0.30%.

From December 2020 to at least August 2024, Capital One froze the 360 Savings account rate at 0.30%, according to the CFPB, but began increasing the 360 Performance Savings account rate in early 2022. The interest rate for the latter product increased from 0.4% in April 2022 to 3.3% in January 2023 and then 4.35% in January 2024, according to the CFPB news release.

Related to the second allegation, the CFPB claims that Capital One obscured that the 360 Performance Savings accounts existed as a separate product with a higher rate from 360 Savings accountholders, by eliminating nearly all references to the 360 Savings account product on its website and replacing them with references to the 360 Performance Savings account product and forbidding employees from proactively telling 360 Savings accountholders about 360 Performance Savings accounts.

In the provided statement, a Capital One spokesperson said, “Our flagship 360 Performance Savings product was marketed widely, including on national television, with the simplest and most transparent terms in the industry. It’s why we’ve been ranked No. 1 by JD Power in Overall Customer Satisfaction among all national banks for five years in a row.”

According to a news release, “The CFPB seeks to stop Capital One’s unlawful conduct, provide redress for harmed consumers and impose civil money penalties, which would be paid into the CFPB’s victims relief fund.”

The CFPB filed a demand for jury trial with its complaint filed Tuesday in the U.S. District Court for the Eastern District of Virginia.

Additional context

Capital One 360 Savings accountholders filed a class action lawsuit against Capital One in the same court in July 2023, and claims were consolidated in June 2024, according to Forbes. A jury trial is scheduled for July, although Capital One has filed to dismiss the complaint.

Capital One has proposed acquiring Discover Financial Services for $35.3 billion, and the acquisition is pending stockholders’ votes.

Jaret Seiberg, an analyst with TD Cowen’s Washington Research Group, wrote in a policy note, “The CFPB today sued Capital One for failing to maintain a higher interest rate on its 360 Savings accounts. This dispute was well known. We do not see it impacting the Discover acquisition.”

As of 12:16 p.m., Capital One shares were trading for $181.94, up from $182.45 at market open.

Capital One Financial, along with its subsidiaries, had $353.6 billion in deposits and $486.4 billion in total assets as of Sept. 30, 2024.

Fed approves Atlantic Union-Sandy Spring bank acquisition

Richmond-based is one step closer to completing its $1.6 billion purchase of Maryland’s .

The Federal Reserve Bank of , acting on delegated authority from the Board of Governors of the Federal Reserve System, has approved the , the parent companies of the two banks announced Tuesday.

Atlantic Union and Sandy Spring announced Oct. 21, 2024, that their parent companies had entered into a definitive merger agreement with an all-stock transaction.

The mergers remain subject to the approval of the , the Maryland Office of Financial Regulation, the shareholders of Atlantic Union and the stockholders of Sandy Spring, as well as other closing conditions. The transaction is expected to be completed by the end of the third quarter in 2025, the banks said at the time of the deal’s announcement.

Special meetings of Atlantic Union’s shareholders and Sandy Spring’s stockholders are scheduled Feb. 5.

Under the terms of the merger agreement, each outstanding share of Sandy Spring common stock will be converted into the right to receive 0.9 shares of Atlantic Union common stock.

Based in Olney, Maryland, Sandy Spring had $14.4 billion in assets, $11.7 billion in total deposits and $11.5 billion in total loans, as of Sept. 30, 2024. It has 53 branch offices in Maryland and Northern Virginia.

Atlantic Union Bank had $24.8 billion in assets, $20.3 billion in total deposits and $18 billion in total loans, as of Sept. 30, 2024. It has 129 branches throughout Virginia and in portions of Maryland and North Carolina.

Sandy Spring also has two wealth management subsidiaries, Rembert Pendleton Jackson and West Financial Services, that will be part of the and will approximately double Atlantic Union’s wealth management business, increasing its assets under management by more than $6.5 billion.

Upon completion of the deal, Richmond-based Atlantic Union will have total deposits of $32 billion and gross loans of $29.8 billion, according to the October announcement.

will release fourth quarter and full year 2024 financial results Jan. 23.

Monday’s announcement follows Atlantic Union’s acquisition of Danville’s , which was completed in April 2024.

Daniel J. Schrider, Sandy Spring’s chair, president and CEO, and two other Sandy Spring board members will join Atlantic Union’s board upon closing of the transaction.

Riverdale, Roanoke foundry projects progress with zoning votes

Two ambitious mixed-use readaptation projects are one step closer to rezoning under the city’s new “urban center” designation, which aims to create more pedestrian-friendly development.

Developer Ed Walker’s Riverdale, a 126-acre multiuse project proposed on the site of Roanoke’s former American Viscose rayon plant, and another Roanoke-area developer’s “north of $40 million” mixed-use project, proposed at the site of a shuttered foundry, received the endorsement of the City of Roanoke Planning Commission on Monday.

Voting unanimously, commissioners recommended that the Roanoke City Council approve developer ‘ request to rezone about 9 acres from heavy and light industrial use to an “urban center district” designation, which allows retail, office, residential and light industrial uses in a “concentrated pedestrian-friendly area.” Walker’s project received five votes to recommend the rezoning, with member Adetoye Oshoniyi recusing himself.

Walker forged an agreement with the city in 2023, in which the EDA loaned Walker $10 million for Riverdale, which will include historic rehab and new construction and is expected to offer residences, offices, retailers and eateries. If the project’s developers invest at least $50 million in the project through 2040, the city’s loan will be forgiven under the agreement.

In February 2024, Roanoke City Council approved a rezoning of six parcels from light industrial to downtown for Riverdale, but in August 2024, the city council OKed the creation of an urban center district as part of a zoning reboot, leading to Monday’s votes.

A newcomer to Virginia, Kaknes moved from York Harbor, Maine, to the Star City because his granddaughter lives here, he told the commissioners Monday.

“I got to Roanoke, and I was immediately surprised at how much it reminded me of New England,” said Kaknes, who sold his Massachusetts landscape supply company about six years ago and retired.

What’s more, Kaknes said he was impressed by how Roanoke “was reinventing itself, away from the old industrial heritage” into an outdoors mecca. He noticed the former Walker Machine and Foundry while on regular walks on the Roanoke River Greenway, which offers more than 10 miles of paved trail within the city limits.

The foundry closed in 2019 after about a century of operations, and Kaknes said he and his company — dubbed — would build a mixed-use development offering residences and a restaurant built in the original machine shop, as well as pickleball courts, shuffleboard, cornhole, bicycling and access to the Roanoke River.

According to the developer’s application, he would maintain the majority of the existing structures on the land, using the buildings “for historic context so these buildings can tell the story of the history of the site.”

Kaknes said he expects the project’s first phase — including retail and entertainment, but not residential use — would cost about $6 million. He added that the property under discussion Monday is adjacent to 10 parcels across Bridge Street that he hopes to use to build single and duplex housing units in the future.

Commission member Kevin Berry praised Kaknes’ effort to create a neighborhood where residents can walk to a restaurant and other amenities. “It reduces the amount of traffic you have to deal with [and] reduces the amount of parking issues.”

Riverdale is expected to be redeveloped over decades. According to materials presented Monday,  the first phase of will include a 260-unit apartment complex, an 85-unit adaptive reuse project and other uses.

In October 2024, ArtSpace, a Minnesota-based ​​nonprofit real estate developer for the arts, announced it had officially selected Riverdale as the site of its first project in Virginia. The organization plans to build between 60 and 80 affordable apartments and studio spaces on the site. 

Amentum lands Air Force contract worth almost $448M

Amentum Services has won a $447.9 million Air Forces Central Command contract, the -based announced Thursday.

Under the Air Forces Central Command Global Prepositioned Materiel Services contract, will provide and update prepositioned storage and maintenance solutions for the Ninth .

“This win demonstrates our expertise in delivering smart asset management solutions that maximize efficiency, extend asset lifecycles and drive measurable value for customers,” Karl Spinnenweber, president of Amentum Mission Solutions business group, said in a statement.

According to an October 2024 award notice on SAM.gov, the contract includes storage, maintenance, outload, reconstitution of GPMS assets and exercise and contingency logistics support. Work will be performed at Shaw Air Force Base in South Carolina, as well as in Kuwait, Oman, Qatar and the United Arab Emirates.

Amentum has 53,000 employees in about 80 countries across all seven continents. The company was founded as a spinout of AECOM’s Management Services Group in 2020 and moved its headquarters from Germantown, Maryland, to Chantilly in 2023.

Main Street Homes: A Central Virginia Top Homebuilder for 25+ Years Transitions to 100% Employee Ownership

Richmond, VA – January 12, 2025 – Main Street Homes, a leading homebuilder in Central Virginia, is proud to announce that it is now 100% employee-owned through its Employee Stock Ownership Plan (ESOP). This exciting milestone underscores the company’s unwavering commitment to its employees, partners, and the community it serves. With this move, Main Street Homes joins an elite group of companies nationwide that embrace employee ownership as a strategy for long-term growth and success.

Founded by Vernon McClure in 1996, Main Street Homes has been guided by a singular goal: to build new homes with quality, value, and style. Main Street Homes has continuously evolved while staying true to its core purpose: “Building Value in Our Community.” The transition to an employee-owned structure ensures the company remains locally owned, independent, and dedicated to what matters most: its people, customers, and partners.

“We are incredibly excited about this new chapter for Main Street Homes,” said Vernon McClure, President of Main Street Homes. “Our entire team will have a direct stake in the company’s success. This will strengthen our foundation as we continue to focus on developing new home communities, delivering high-quality new construction homes, and the customer service that our customers have come to expect.”

McClure continues, “I’m here to stay because I love this industry and building homes. The ESOP provides a clear, long-term strategy for our next decade of growth and stability.” Main Street Homes employees now have an ownership interest in the company, empowering them to contribute directly to its future success and sustainability.

Main Street Homes invites customers, trade and business partners, realtors, and the community to join in celebrating this significant milestone. Together, we look forward to building even more high-quality homes and thriving communities in Central Virginia.

For more information about Main Street Homes and its Employee Stock Ownership Plan, please contact:
Vernon McClure
President, Main Street Homes of Va, Inc.
GoMSH.com
(804) 794-3138

About Main Street Homes
Since 1996, Main Street Homes has built over 5,000 single-family and townhomes, establishing itself as a leading homebuilder in Central Virginia. Guided by the mission of “Building Value in Our Community,” the company provides exceptional-quality homes while fostering lasting relationships with its customers, employees, and partners. Main Street Homes invites homebuyers to experience the homebuilding process in a stress-free environment while having fun with knowledgeable professionals who guide them every step of the way.

 

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Cushman & Wakefield | Thalhimer names new Va. Beach leader

Geoff Poston is taking over leadership of the office of , according to a Wednesday announcement by the Glen Allen-headquartered real estate firm.

As managing broker, Poston replaces , who has led Thalhimer’s overall Hampton Roads operation since 2014. Rouzie, an executive vice president at the firm, will remain on the company’s board and executive leadership team, while also serving as managing broker of the company’s Newport News office.

A man with a beard wearing a dark suit and purple tie.
Chris Rouzie is an executive vice president at | Thalhimer. Photo courtesy Cushman & Wakefield | Thalhimer

Rouzie, who graduated from the University of with a degree in business management administration, specializes in retail site selection and leasing for Hampton Roads’ retailers and developers.

“Chris Rouzie took Thalhimer to new heights in Hampton Roads,” Lee Warfield, president and CEO of Cushman & Wakefield | Thalhimer, said in a statement. “He will continue to lead the way as a top producer and valued member of our senior leadership team.”

Poston joined Cushman & Wakefield | Thalhimer in 2010 and leads the company’s Hampton Roads Industrial Group. During his tenure, Poston transitioned the industrial team to serve more institutional clients as well as clients occupying port-related properties.

Poston, who has a bachelor’s in history from Old Dominion University, is a 2020 graduate of LEAD Hampton Roads and president of the Virginia chapter of the Society of Industrial and Office Realtors.

“Geoff is a proven producer who has made a substantial impact on the Hampton Roads real estate market,” Rouzie said in a statement.

Founded in 1913, Cushman & Wakefield | Thalhimer has offices across the state and has nearly 100 broker professionals and more than 450 associates. In 2023, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.7 billion.

New York investment firm purchases Short Pump Station for $54.96M

Nuveen Real Estate, a New York investment management firm, purchased Station in western from , 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’s is the anchor tenant of the 91,369-square-foot shopping center at 11301 W. Broad St. in Glen Allen, which also includes Ulta and stores. Short Pump Station attracts 2.3 million visits a year, according to Wafra.

“Short Pump Station aligns perfectly with our grocery-anchored neighborhood retail strategy, in the growing and dynamic Short Pump submarket.” Ryan Boan, U.S. head of retail transactions at , said in a statement.

Wafra purchased Short Pump Station in 2021 from a joint venture between BayNorth Capital, a -based real estate private equity firm, and AmCap, a Connecticut real estate firm that invests in grocery-anchored retail properties, for $46.7 million. The property was built in 2008.

“The Short Pump investment resulted in an excellent outcome for our investors,” David Hamm, head of real estate at Wafra, stated in a news release.

John Owendoff of and Catharine Spangler of advised Wafra on the .

Cushman & Wakefield | Thalhimer will continue leasing and managing Short Pump Station. 

Boston private equity firm to acquire Sauer Brands

Duke’s Mayo and its parent company, ‘s , will change hands in a deal between -based private equity firm and North Carolina’s , which purchased Sauer a little over five years ago.

Terms of the pending , which was announced Monday, were not disclosed. Sauer, a family-owned company for more than 130 years until its 2019 purchase by Falfurrias, owns , Mateo’s Gourmet Salsa, Kernel Season’s and Sauer brand spices. In a 2024 report by Reuters, Sauer Brands’ value, including debt, was estimated at more than $1 billion.

“Sauer Brands has established itself as a standout player in the highly attractive condiments and seasonings categories. Despite its long history, we believe that the company is still in the early innings of growth,” Tricia Glynn, a managing partner at Advent International, said in a statement. “It’s easy to see why consumers have long been drawn to Duke’s differentiated taste profile and we are excited to share this well-loved brand with a growing consumer base. We believe that Advent’s extensive experience investing in growth consumer brands at scale will enable us to partner with Sauer Brands on an ambitious growth strategy, and we’re thrilled to welcome the company to our portfolio.”

Sauer still manufactures spices in its Richmond facility and has other plants in South Carolina, Kansas and California.

Advent, founded in 1984, oversees more than $88.8 billion in assets under management and has made more than 420 investments in 43 countries. In the sector, Advent has invested in Sovos Brands, Grupo CRM, IRCA and DFM Foods.

Duke’s mayonnaise, a mainstay in the South, raised its profile during its time under Falfurrias’ management, particularly by sponsoring the annual Duke’s Mayo Bowl football game in Charlotte, North Carolina, where the winning coach gets mayonnaise instead of Gatorade dumped on his head. According to this week’s announcement, Duke’s is the fastest growing scaled brand of mayonnaise in the country.

Morgan Stanley is serving as lead financial adviser for the deal and McGuireWoods is serving as legal adviser to Sauer Brands. William Blair & Co. is serving as co-financial advisor to Sauer Brands. Centerview Partners is serving as financial adviser, and Weil, Gotshal & Manges is serving as legal adviser to Advent. McGuireWoods is also serving as legal adviser to Falfurrias.