Virginia Business’ 2022 Virginia CFO of the Year award winners represent large and small businesses and large and small nonprofits.
Small business|Cynthia Macturk, CFO Fahrenheit Advisors, Richmond
When Cynthia Macturk wants to consult with professional peers, she doesn’t have to go far.
“Here, I have an entire in-house network of wonderful CFOs,” says Macturk, chief financial officer of Fahrenheit Advisors in Richmond and the Virginia CFO of the Year winner in the small business category.
Fahrenheit, which had fewer than 90 employees at the end of 2021, now has nearly 130 consultants who work with business clients to provide help and expertise in areas such as finance, accounting, human resources and investment banking. About 50 of Fahrenheit’s consultants are CFOs, Macturk says.
Macturk joined a much smaller Fahrenheit in 2017. “I had used the company in the past … so I was familiar with their reputation,” she says. Still, the company’s growth during the past five years — it has more than tripled its consultant base and branched into new business areas — has been exciting.
She has worked with Fahrenheit’s leaders to manage that growth, a role she’s familiar with because she did the same thing earlier in her career when she was CFO for Monument Consulting, which grew steadily and was later sold to an Atlanta-based staffing company.
“I like to have a seat at the table,” she says, and Fahrenheit’s founders are happy to have her there.
“We were looking for someone to come in and put in a foundation for scalable growth and she has done that,” says Keith Middleton, co-managing partner and co-founder of Fahrenheit.
Macturk developed forecasting models that have been critical as the firm has grown. “That’s been a game changer,” he says.
In addition to her financial skills, Macturk “understands people,” Middleton says. “She’s an advocate for our employees … and lives our principles.”
The firm’s leaders joke that Macturk’s the general manager, Middleton says, because she knows the answer to almost any question. She oversees the company’s facilities and IT and has even stepped in to do some marketing work here and there. “She’s a good project manager and she definitely gives attention to details,” Middleton says.
For Macturk, the flexibility of working for a smaller company is gratifying: “I’m bringing with me the understanding of how an accounting department can run without being held back by corporate structure.”
She enjoys being part of the discussions about where Fahrenheit is headed, and what it’s going to try next. “It’s a very entrepreneurial spirit here, so we’re willing to try new things. … It’s okay if we fail.”
For instance, Fahrenheit sold its human resources advisory division to a competitor in 2016. Then, it turned around in 2020 and dove back into that area of business, and it has been “wildly successful,” Macturk says. “What I like here is that I’m able to weigh in on some of those decisions.”
As the financial nucleus for Fahrenheit, “my group is supporting all of the consultants in the field,” Macturk says. “We’re in the center of it.”
The pandemic, it seems, only intensified clients’ needs for temporary help and consulting guidance. “With this Great Resignation … they’ve turned to us to do some fractional or interim work.”
Macturk enjoys working with the rest of the Fahrenheit team. “Accounting can be very vanilla,” she says. “You do the same sort of things every month, or every quarter or every year.” But it’s much more interesting in a growing firm where the CFO can work with colleagues to solve problems and set up strategies for the future, she says.
Her career path started at Big Four accounting firm KPMG before she joined Capital One Financial Corp. as director of external reporting and then accounting manager. During her 11 years with Capital One, the company grew from about 1,700 employees to a Fortune 500 corporation with nearly 40,000 workers worldwide. She worked to establish an office in England and set up the credit card and banking company’s joint venture accounting in South Africa, all while managing more routine accounting duties at home.
“I really got to see the broader, bigger picture,” she says.
Read about Virginia Business’ 2022 CFO of the Year award winners:
The top trending stories on VirginiaBusiness.com from June 15 to July 14, 2022, were led by a surprise economic development announcement from a Danish toymaker known for its iconic and colorful interlocking plastic bricks.
1|Lego to build $1B factory in Chesterfield
The Lego Group plans to erect a $1 billion toy manufacturing plant in Chesterfield County’s Meadowville Technology Park, creating more than 1,760 jobs. (June 15)
2|Sentara taps new president and CEO
Sentara Health Plans President Dennis Matheis will succeed Howard Kern as Sentara Healthcare’s president and CEO on Sept. 1. (June 24)
3|Virginia ranks third in CNBC’s Top States for Business
After a record-breaking two consecutive years at No. 1, Virginia slipped to third place in CNBC’s 2022 America’s Top States for Business rankings, ceding the top spot to North Carolina. (July 13)
The Hard Rock Hotel & Casino Bristol opened in a temporary space in a former Belk department store. (July 8)
5|Dollar Tree overhauls C-suite
The Chesapeake-based Fortune 500 discount retailer shook up its top-tier leadership, moving to replace five executives, including the chief operating officer and chief financial officer. (June 28)
These are some of the state’s biggest economic development announcements in 2021 and 2022, expected to create at least 100 jobs each.
CENTRAL VIRGINIA
Chesterfield County: Lego Group, the manufacturer of the iconic brightly colored interlocking plastic toy bricks, announced in June it will build a $1 billion plant in Chesterfield County’s Meadowville Technology Park, a deal expected to create more than 1,760 jobs within 10 years. The Danish company’s plans include a 1.7 million-square-foot facility on the 340-acre site. Beginning in 2024, it expects to begin operations from a temporary building, initially hiring 500 workers.
Richmond: CoStar Group Inc. is expanding its footprint in Richmond with a $460 million campus on the James River, a project expected to create 2,000 jobs. The Washington, D.C.-
based commercial real estate data and analytics company also has purchased the former SunTrust office on the southern side
of the James for $20 million, where about
400 employees will be located.
EASTERN VIRGINIA
Accomack County: Rocket Lab USA Inc. selected Wallops Island for a launch site and manufacturing and assembly complex for its Neutron rocket, the company announced in February. The project, which will involve building of a 250,000-square-foot complex on 28 acres next to the NASA Wallops Flight Facility, is expected to create up to 250 jobs. The Neutron rocket is set to be operational in late 2024.
Norfolk: The 111-acre Lambert’s Point Docks is set to become a maritime operations and logistics center for the offshore wind, transportation and defense industries, creating more than 500 jobs and bringing in more than $100 million in capital investment. Norfolk Southern Railway Co. owns the land, which has been leased for the next 30 years by Virginia Beach-based Fairwinds Landing LLC, a special purpose company established in 2021.
Portsmouth: Siemens Gamesa Renewable Energy S.A., the Spanish wind energy company involved in Dominion Energy Inc.’s $9.8 billion offshore wind project in Virginia Beach, announced plans in October 2021 to build the first U.S. offshore wind blade factory at Portsmouth Marine Terminal. Siemens is investing $200 million to build the factory, which is expected to be completed in early 2023, creating 310 jobs.
NORTHERN VIRGINIA
Fairfax County: Qualtrics, a data analytics and experience management software company based in Seattle and Provo, Utah, is expanding its presence in Northern Virginia with a new location near the Reston Metro station, part of a development boom in the western part of Fairfax County. The company expects to create 400 jobs in Reston, it announced in December 2021, as Qualtrics closed its $1.13 billion purchase of Reston-based software company Clarabridge Inc.
Loudoun County: Hanley Energy, an Irish energy management company with its U.S. headquarters based in Loudoun, plans to expand its electrical division in Ashburn, creating an expected 343 jobs. Hanley announced the $8 million investment in June, about a year after it said it would base its U.S. headquarters in Virginia, bringing 170 jobs to the commonwealth.
Stafford County: Amazon.com Inc. continued its march across Virginia, with an announcement in November 2021 that it would build a cross-dock fulfillment center in Stafford County that would create an expected 500 jobs. The 630,000-square-foot plant is the first link of a supply chain where products from third-party vendors are sorted, repacked and sent to other Amazon distribution centers.
SHENANDOAH VALLEY
Augusta County: In February, Amazon announced another big fulfillment center project, this time in Fishersville. The 1 million-square-foot center is expected to create 500 jobs and open in spring 2023. Workers there will pick, pack and ship bulky or larger items like patio furniture, outdoor equipment and rugs, according to the governor’s office. Amazon employs about 27,000 people in Virginia and has more than 30 fulfillment centers and delivery stations in the state.
SOUTHERN VIRGINIA
Henry County: Schock GmbH, a German quartz composite sink manufacturer, announced in September 2021 it would invest $85 million into a new manufacturing facility that is expected to produce 355 jobs. Construction at the Patriot Centre Industrial Park is set to start in the first quarter of 2023.
Pittsylvania County: Tyson Foods Inc. broke ground in fall 2021 for its $300 million manufacturing facility in Pittsylvania County’s Cane Creek Centre just outside Danville. With completion scheduled in early 2023, the plant is expected to produce 376 full-time jobs. Tyson has long had a footprint in Virginia’s Eastern Shore and Henrico County.
SOUTHWEST VIRGINIA
Wythe County: Blue Star NBR LLC, a rubber and nitrile glove manufacturer, is investing $714 million to build a manufacturing facility in Wythe’s Progress Park. The company is expected to create 2,500 jobs by 2028 and establish six glove manufacturing plants total, with the first opening by March 2023. When it’s operating at full capacity, Blue Star expects to produce 20 billion gloves a year.
A member of the university’s first cohort of 40 undergraduate biomedicalengineering students who graduated in spring 2022, Thomas designed a dress and headpiece fitted with biosensors for a biotech couture fashion show.
She collaborated with another biomedical engineering student and two industrial engineering students to create fashions that displayed the model’s biosignals to the audience. Her water-inspired dress and headpiece moved rhythmically with the model’s brain waves by incorporating EEG sensors.
“That was a big passion project,” the Williamsburg native says. “As much as I love the technical side, I’m also creative and this combined high fashion with biomedical sensors.”
She initially planned to major in mechanical engineering, but the opportunity to flex her creative muscles drew Thomas to Virginia Tech’s newly-established biomedical engineering program in 2019. “It combined my love of making things and design with helping others,” she says. With her degree, Thomas is moving to Kalamazoo, Michigan, to join Stryker Instruments as a design engineer.
Integrating biological sciences with engineering design, biomedical engineering aims to enhance health care with engineering solutions for assessing, diagnosing and treating medical conditions.
Virginia Tech has partnered with Wake Forest University for nearly two decades on master’s and Ph.D. programs in biomedical engineering but determined there was strong demand for an undergraduate degree that emphasized foundational mechanics.
“This is an increasingly popular major, not just in the United States but internationally because of its connection to health care,” says Jennifer Wayne, head of the Virginia Tech’s biomedical engineering and mechanics department. “Virginia Tech has such a strong college of engineering. This degree gives us an opportunity to apply engineering principles to improve the delivery of health care since biomedical engineers work hand-in-hand with health care providers to solve problems or to make solutions better.”
Last summer, Thomas interned with Virginia Tech’s Carilion Clinic, where she designed circuitry and coding on a sleeve that can be worn by lymphedema patients to alleviate pain. “It’s a combination of vibration and compression,” she says. “We’re working on getting a full patent.”
The first cohort faced unprecedented challenges during COVID. “The students excelled and were able to perform research in faculty labs, internships and co-ops,” Wayne says.
Meanwhile, the program is growing, with 60 seniors, 80 juniors and 80 sophomores enrolled this fall. ”
Not long after D’Ivonne Holman became director of development for Northern Virginia family services nonprofit Britepaths in 2018, she signed up to participate in Leadership Fairfax, a leadership development organization focused on local and regional challenges in Fairfax County. Her boss, a Leadership Fairfax alum, encouraged her to apply.
She was accepted into Leadership Fairfax’s class of 2019 and joined a cohort of 50 classmates over the next 10 months for a series of discussions, workshops, field trips and trainings.
Holman acknowledges she had some reservations at first, but she quickly became a fan. Not only did she interact with people from across the county she might never have met otherwise, but she also got the chance to visit professionals at their workplaces and gain insights into health care, law enforcement and the justice system.
“We can’t operate unless we collaborate,” says Beth Rhinehart, president and CEO of the Bristol Virginia/Tennessee Chamber of Commerce, which sponsors the Executive Leadership Institute. Photo by Earl Niekirk
One memorable road trip brought the class to Richmond and the General Assembly, where they learned about Virginia’s legislative process. Another time, a chance comment during a discussion — “always assume good intent” — shifted the way she looks at leadership, she said.
Would Holman recommend programs like it? “It was great team building, it was great networking, it was very beneficial to me as a leader. … What I got out of it was leaps and bounds beyond what I had anticipated,” said Holman, now development director of the nonprofit Lamb Center, a Fairfax homeless shelter. “It was also more of a time commitment than I anticipated. But it absolutely was worth it.”
Over the past half-century, leadership development programs like Leadership Fairfax have sprung up around the state. Many are managed by local chambers of commerce; others are run through universities; some operate as standalone nonprofits.
Despite variations — some focus on civic leadership, others on business professionals, politicians or nonprofit leaders — the programs share common elements. They bring together class cohorts of business and community leaders to discuss and learn about important issues, with the aim of fostering connections that will last far beyond the time spent in the program.
While many participants join to strengthen their résumés, the programs themselves have loftier goals. They aim to create connections that can reach beyond the boundaries of class, race, gender and politics.
In these divided times, is that even possible?
Smells like twin spirit
It is if you ask the leaders of Bristol, Virginia. Or Bristol, Tennessee — the twin cities with the same names are famously divided down the middle of State Street, with Virginia on one side and Tennessee on the other.
In Bristol, “we have two of everything,” says Beth Rhinehart, president and CEO of Bristol’s Chamber of Commerce. Two state legislatures and two city governments. Two sets of state laws and city ordinances. Two public school systems. And so on.
“No matter what part of the country you go to, there’s always talks about regionalism,” Rhinehart observes. “That means on a very core, basic level that you’re collaborating for something bigger that’s more beneficial than the way you do it already. We have to do that in Bristol. … We can’t operate unless we collaborate.”
To help bridge those divides, the Bristol chamber created the Executive Leadership Institute. Participants, who pay $2,500 tuition, meet for a full day every month from September through May. The institute targets “more seasoned” leaders from the community, Rhinehart adds.
Participants may live in Tennessee but own businesses in Virginia, or vice versa. By building connections and learning how things get done across the region, and by whom, they gain insights into ways they can solve complicated cross-border problems. That includes complex and thorny ones like the Bristol, Virginia, landfill, which has been sending odiferous fumes wafting onto properties in Tennessee.
The city of Bristol, Tennessee, filed suit over the landfill in May, accusing its Virginia sister city of air and health violations. In June, following recommendations by the Department of Environmental Quality and a panel of experts, the city of Bristol, Virginia, announced a settlement, saying it would close the landfill by Sept. 12 and fix the odor emissions, an engineering project estimated to cost at least $15 million. The Virginia city also agreed to pay $250,000 in compensation to Bristol, Tennessee. But as of early July, it was still unclear how Bristol, Virginia, would dispose of its trash in the future.
“It’s not a quick solution but it’s a step toward a solution,” says Rhinehart, herself an alum of the Sorensen Institute, a leadership program based at the University of Virginia. “When you see something successfully demonstrate what can happen with collaboration and working across all different kinds of lines — perceived or real — it’s hard not to be an advocate for it.”
‘Swimming upstream’
The Sorensen Institute for Political Leadership launched in 1993, a time of political turmoil in Virginia. George Allen, a pugnacious Republican, won election for governor in a landslide that ended 12 years of Democratic leadership in the commonwealth.
Since then, the institute has pursued a straightforward goal: to connect Virginia’s civic leaders and help them find common ground, no matter how many other things may divide them. Well over 1,000 participants have graduated from the nonpartisan program, including state senators, county supervisors, city council members, local administrators and many more, including current Attorney General Jason Miyares and the directors of other leadership programs.
“There is an element of career development,” says Sorensen’s director, Larry Roberts. “There’s also a desire to understand what civic leadership means. These are people who are frustrated by the tone of politics.”
Roberts, who served as legal counsel to Gov. Tim Kaine and chief of staff under
Lt. Gov. Justin Fairfax, went through Sorensen in 2001. “I did not know about the various regions,” he recalls. “I spent most of my adult life in Northern Virginia. … To be able to visualize the settings and have professional contacts across Virginia was really helpful.”
Sorensen’s flagship Political Leaders program gathers one weekend a month, from March through December. Participants visit regions across Virginia, hearing from local experts. Topics include collaboration, civil discourse and building trust. (Other Sorensen programs, such as Emerging Leaders, are less time intensive.)
Recently, Roberts says, Sorensen has seen an increase in applicants “who want to know how government works,” including health care executives.
“We view it as our mission to help people navigate a divided society, and one where cooperation is not always rewarded,” Roberts says. “We see so much tribalism. People really value a place where they can get other perspectives.
“They’re not checking their political philosophies at the door,” he adds. “But not every issue has to be political. … Are we swimming upstream? Yes, I really do feel we are sometimes. But the vast majority of the public wants to see collaboration.”
Founded in 1980, LMR is among the most established leadership development organizations in Virginia. Its creation dates to a time of deep tension in the state capital. Reeling from the civil rights battles of the 1960s and ’70s, which led to legal conflicts over county boundaries and annexation, Richmond and its regional neighbors seemed to be at constant odds with each other.
The city’s chamber of commerce created the program to encourage civic discourse. LMR’s first class of 40 people drew from a wide range of professions, including a city council member, an architect, a corporate lawyer, and several business leaders.
While the issues LMR addresses have shifted as the community has evolved, LMR’s goal has not, says Myra Goodman Smith, LMR’s CEO and president. “It’s still a space for challenging, courageous conversations,” Smith explains.
LMR classes work to resolve “top-level challenges” submitted by community advocates and nonprofit organizations, such as the shortage of mental health facilities for people in crisis. As LMR class members learn about these issues, they are taught methods to help them work together to solve these problems across divides of race, class, culture, education and income.
“People will say that LMR has changed their lives,” Smith adds. “That’s the power of LMR: to have conversations with people who don’t agree with you and won’t agree with you. We don’t do debate — we do dialogue.”
Smith sees LMR’s influence everywhere in the region. LMR’s more than 2,000 alumni include members of Congress and the General Assembly as well as business, civic and nonprofit leaders. “Whenever I open the paper,” Smith says, “I see LMR graduates.”
Concrete results
Much the same can be said of Lead Virginia. Launched in 2004, with the strong support of then-Gov. Mark Warner, the Richmond-based organization works to build leadership across the commonwealth.
In its earliest years, Lead Virginia focused on local leaders. Since then, befitting Warner’s résumé as a CEO-turned-politician, Lead Virginia has shifted toward bringing together business and nonprofit leaders and high-level government administrators.
The program aims to make these leaders familiar with communities and people all over Virginia and, especially, with each other. Traveling to regions across Virginia, participants “build relationships” during the roughly seven-month program through shared tours, meals and experiences, says Susan Horne, Lead Virginia’s president and CEO since 2007.
And that can lead to concrete results, she adds. When she took part in the program in 2006, one of her classmates was the CEO of a large gas company. During a trip to Martinsville, the class saw firsthand the high unemployment rate in that part of the state. Inspired to act, the CEO brought a call center to the area, creating 200 jobs. He never would have known about that need if not for Lead Virginia, Horne says. “He saw it firsthand in our travels.”
Lead Virginia focuses on top-level management — “We are not an emerging leaders program,” Horne explains — and emphasizes the value of seeing and solving problems. “We’re not just telling a chamber of commerce story,” she says. “We want people to understand the good and the not-so-good.”
There are more than 800 Lead Virginia alumni. Horne has seen a positive impact from introducing participants to parts of the state they may have been unfamiliar with, while connecting leaders and teaching them the tools of civic engagement.
“I have a sense that there is a cultural shift happening in Virginia,” Horne says, “an appreciation for working across jurisdiction lines that benefit multiple areas.”
That shift may not always be visible in politics, she acknowledges, but “Virginia is in a better place today than we were before Lead Virginia.”
Local leadership
Like people, communities come in all ages, shapes and sizes. Leadership programs follow suit.
While programs like Lead Virginia focus on statewide issues, smaller programs do much the same on a local level. Take, for example, Smith Mountain Lake Leadership Academy.
Smith Mountain Lake, a fresh-water reservoir in the Roanoke region that was formed when Appalachian Power built the Smith Mountain Dam on the Roanoke River in the early 1960s, is a popular vacation and tourism spot. The 32-square-mile lake spans three counties — Bedford, Franklin and Pittsylvania — and its chamber of commerce has more than 700 business members.
To work across those county lines and the divides that could form between recent arrivals and longtime residents, the regional chamber created a leadership development program in 2020.
Andy Bruns, a former Roanoke regional newspaper publisher for Lee Enterprises Inc., was hired as CEO and president of the chamber soon afterward. He had participated in leadership programs in his former career and says, “Programs like this are extremely valuable for communities. I was so happy when they developed the one here.”
Tuition is $750 and includes monthly half-day sessions for a full year. Participants make site visits — to a local creamery or an alpaca farm, for example — and explore the challenges of a region where million-dollar lakefront properties sprawl alongside aging doublewide trailers.
“Smith Mountain Lake is an extremely wealthy pearl in the middle of a poverty pocket of Western Virginia,” Bruns says. “There’s got to be a way to connect the guys in the $7 million house with people down the road that are food-insecure.”
Classes take on projects to address such issues. “We know we’re not going to fix poverty, though sometimes really good ideas come out of those projects,” Bruns says. “But more importantly, people come to understand that these problems are very complex and take a whole lot of people to solve them.”
He adds, “If we can generate even a handful of people who are better educated about their community and have met the right people in order to engage in the community, we can make a difference.”
(L to R) Kassie Hall, David Wyman, Johnny Mitchell and Candy Bittner of the YMCA of Greater Richmond
(L to R) Debbie Yancey with Lachman Consultants, Dick Yancey and Beth Llewellyn of Brown Edwards
(L to R) Jennifer Davis, Colette Sheehy, Julie Richardson, Melody Bianchetto, Maddie Davis and Lily Roberts of University of Virginia with Kathleen Bianchetto (daughter of Melody Bianchetto)
2. (L to R) Phil Stone, Cherrill Stone, Mary Pope Hutson and Claire Griffith of Sweet Briar College
Truist Virginia Region President Thomas Ransom and his wife, Christy Ransom
L to R) Russell Walker, Pat Burke, Olesya Sidorkina, P.J. Ross and Tim Whitney of Hitt Contracting Inc.
(L to R) Virginia Business Editor Richard Foster; Dan Bryant, Altria Group Inc.; David Argabright, Feeding Southwest Virginia; Hossein Sadid, Virginia Museum of Fine Arts; Cynthia Macturk, Fahrenheit Advisors; and Virginia Business Publisher Bernie Niemeier
Virginia Business held its 17th annual Virginia CFO Awards banquet at The Jefferson Hotel in Richmond on June 16. Sponsored by Truist and Brown Edwards, the event honored 51 CFOs from around the commonwealth, nominated in four award categories, representing a variety of for-profit businesses, nonprofits and government agencies. (See Pages 59-64 for the full list of nominees and finalists, with profiles of each of the category winners.) Photos by Rick DeBerry.
Northern Virginia economic development officials are working with Virginia’s two public historically Black colleges and universities (HBCUs) to establish a joint satellite campus in the region that officials say would fill a gap in higher-ed offerings in Virginia’s largest population center.
The presidents of Virginia State University and Norfolk State University have been talking with members of the Northern Virginia Regional Commission about the project since June 2021. The schools are expected to start serious discussions about potential locations with the Northern Virginia Economic Development Alliance this fall, says Fairfax County Economic Development Authority President and CEO Victor Hoskins.
More than one of the area’s 10 jurisdictions has expressed interest in assisting the campus with permitting and financial investment, says Hoskins. The campus will likely be a joint venture between the two schools, and could be co-located with another university that already operates a Northern Virginia campus.
NVRC Chair and Dumfries Town Councilwoman Cydny Neville — a VSU alumna — spearheaded the effort after noticing friends crossing state lines to attend HBCUs because Virginia does not have one north of Richmond.
She and NVRC Executive Director Robert Lazaro say access to public transportation will be important for the campus. The universities also will need to determine which degree programs will be needed, how many students such a campus could hold and other operational aspects.
The effort comes at a time when Northern Virginia is a booming market for higher ed. The University of Virginia, George Mason University and Virginia Tech have invested in satellite campuses in the region. Since Amazon announced it would build its HQ2 headquarters in Arlington, Hoskins says, 18 schools from across the country have expressed interest in establishing outposts in the region.
Neville and Lazaro say VSU and NSU could make degree completion more accessible for a large part of the region’s population. Both schools’ annual in-state tuition — about $9,600, not including room and board — is among the lowest in the state.
Affordability — along with the supportive environment that many Black students seek from HBCUs — could help more first-generation and lower-income students access the wealth-building potential of a college degree, Neville says.
“This would be a major paradigm shift for the educational attainability of the people in this region,” she says.
The $350 million Atlantic Parksurf park development planned for Virginia Beach‘s Oceanfront will start construction in October or early November, developers told Virginia Business this week. Virginia Beach-based Venture Realty Group also shared new renderings of the project, which Venture has been co-developing with music icon and Virginia Beach native Pharrell Williams.
In planning stages since at least 2017, Atlantic Park is scheduled to be completed in summer 2024, said Donna MacMillan-Whitaker, co-founder and managing partner of Venture Realty Group.
The 10-acre park will be developed in two phases. The first phase calls for 120,000 square feet of mixed-use retail — restaurants, shops and admissions attractions — and 310,000 square feet of residential (310 apartments) plus 15,000 square feet of office space. It also includes an entertainment venue and a 2-acre wave lagoon. Atlantic Park’s second construction phase will be similar to its first, MacMillan-Whitaker said, and will take about 15 months after delivery of the first phase. Not many details have been publicly released yet.
Perhaps the main attraction in addition to the wave pool will be the park’s planned entertainment venue, harking back to the property’s roots as the site of The Dome, a geodesic dome concert venue and civic center that was demolished in 1994. Acts such as The Rolling Stones, Ray Charles, and The Monkees were among the musicians that rocked the house in The Dome’s heyday. Atlantic Park’s plans call for a 70,000-square foot music venue, operated by Los Angeles-based Oak View Group LLC and Live Nation.
At full capacity, with indoor and outdoor seating — when a convertible door is opened — it will seat 5,000. When it’s closed, it will seat 3,500 patrons inside. A door in the back of the venue will roll up, making it indoor/outdoor-friendly. Douglas Higgons, senior vice president with Oak View Group, said there are only about a half dozen or so similarly sized venues with indoor/outdoor capabilities around the country. The venue’s indoor area will be air-conditioned, even when the door is open for outdoor events.
“Our goal is to activate the venue and have it be as busy as possible and have as many people experience it as can be,” Higgons said.
He expects the venue to be active 150 to 200 days or nights per year, with music events making up the majority of those, though it will also be available for private and community events.
Construction crews will break ground on the entertainment venue this fall, at the same time as the rest of the Atlantic Park project, and expect to have it up and running in the second quarter of 2024, Higgons said.
At least for now, the venue is being called The Dome in a nod to the site’s storied musical past. Said Higgons: “Certainly we’re going to try to bring some of that history and make it come alive in this venue.”
But one of Atlantic Park’s biggest draws, and most unique, will be its manmade wave pool.
The surf lagoon will include wave-making technology from Wavegarden, an engineering company based in northern Spain, and will generate about 1,000 waves per hour.
Financing for Atlantic Park is contingent on final construction plans and approval by the city, which is “imminent,” MacMillan-Whitaker said.
Virginia Beach has $114 million programmed for the entertainment venue, offsite infrastructure, streetscapes and parking, with the funding from the tourism improvement program fund, according to a Virginia Beach spokeswoman. The total project cost could exceed $350 million, due to inflation and higher construction costs, MacMillan-Whitaker said.
The project is designed to draw in visitors throughout the year. MacMillan-Whitaker said the development team hopes to capture some of the artsy essence from the popular nearby ViBe Creative District.
“Between the surf park and music venue and residential and retail and restaurants, I know it’s totally going to transform that part of the Oceanfront and really bring it back to life,” Higgons said.
This is in addition to the 92 jobs promised in its operations at Cane Creek Centre, a $42 million investment in what is promoted as the world’s largest indoor vertical farm. The company, a certified B Corporation that is one of the leading producers of salad greens, said it is expanding to meet increased customer demand. Greens grown there will primarily go to grocery stores in the mid-Atlantic and Southeast markets, within a day’s drive of Pittsylvania.
“Virginia continues to be the premier location for companies using technology and innovation to become leaders in their industry by generating massive benefits to consumers and investors,” Gov. Glenn Youngkin said in a statement. “I want to thank AeroFarms for their continued commitment to the commonwealth and commend Danville-Pittsylvania County for their cooperative and highly effective approach to economic development that will create new jobs and economic opportunities for Virginians.”
Virginia competed with other states for the project, Youngkin’s office said. To attract the project, the Virginia Department of Agriculture and Consumer Services worked with the Virginia Economic Development Partnership and Pittsylvania County. Youngkin additionally approved a $33,000 grant from the Governor’s Agriculture and Forestry Industries Development Fund, which the county will match with local funds. AeroFarms also is eligible to receive state benefits from the Virginia Enterprise Zone Job Creation Grant program.
FNB Corp., parent company of First National Bank, announced Wednesday it will expand its presence in Virginia, particularly in the Northern Virginia area.
According to a news release, FNB expects to add four branches in Reston and Arlington by 2024, in addition to seven currently operating in the greater Washington, D.C., area. Also, FNB plans to expand its commercial banking operations with a new loan origination center in Richmond, as well as hiring more bankers to expand its lending services in Richmond, Charlottesville, Norfolk, Virginia Beach and Newport News. The bank has a long history in Richmond; a former First National Bank skyscraper in downtown Richmond, built in 1912, was converted into luxury apartments in 2013 and is known as First National Apartments.
John Wesley “Wes” York has been hired as senior vice president of commercial banking to lead growth in Richmond, FNB also announced. He previously was a senior vice president and commercial banking team leader at SouthState Bank, and is a graduate of Randolph-Macon College and the Kogod School of Business, with an MBA and a bachelor’s degree in business and economics.
Headquartered in Pittsburgh, FNB operates in seven states and Washington, D.C., and it has total assets of $42 billion and more than 340 branches across Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia.
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