Chantilly-based technology company Corbett Technology Solutions Inc. (CTSI) has acquired New York-based fire alarm company Firecom, CTSI announced Tuesday.
Financial terms of the transaction were not disclosed.
CTSI is a portfolio company of Chicago-based private equity firm Wind Point Partners. The Firecom deal is CTSI’s 10th acquisition since it was purchased by Wind Point in June 2020.
Founded in 1963 and based in New York’s Queens borough, Firecom bills itself as New York City’s largest provider of fire alarms, servicing more than 800 high-rise buildings in the city.
“We are very pleased to add Firecom and their best-in-class customer service to the CTSI family,” CTSI President and CEO Joe Oliveri said in a statement. “Firecom is a fantastic addition to our fire business unit, enhancing our ability to service large and complex fire alarm and life safety systems, while enabling Firecom existing customers to take advantage of our world-class central station, security, audiovisual, cybersecurity and other low voltage solutions.”
Founded in 1969, CTSI provides audiovisual, communications, collaboration and security solutions for enterprise, government, health care and educational customers.
“We are excited to open the temporary casino in Bristol,”Hard Rock International Inc. Chief Operating Officer Jon Lucas said in a statement. “Hard Rock’s rich and storied music legacy is a perfect fit for Bristol, the ‘Birthplace of Country Music.’”
The casino’s temporary space in the former Belk store of the Bristol Mall has 30,000 square feet with 870 slots, 21 tables and a sportsbook. Hard Rock Bristol was the first casino to receive a Virginia Lottery Board license, issued on April 27.
The temporary space is expected to create 600 jobs, while the permanent, 90,000-square-foot resort set to open in July 2024 should generate about 1,200 to 1,500 jobs.
The permanent casino will include a 3,200-seat performance venue and a 20,000-person capacity outdoor entertainment venue. The casino will be open 24/7, and the current space also features restaurants: Mr. Lucky’s, Brick’d and the Bristol Bar.
The Hard Rock casino’s local co-developers, Jim McGlothlin, chairman of The United Co., and Par Ventures LLC President Clyde Stacy, were instrumental in changing state gambling laws to allow casinos in economically challenged Virginia cities.
“We are so thankful to reach this significant project milestone, in opening the temporary casino,” McGlothlin and Stacy said in a joint statement. “‘Bristol Casino – Future Home of Hard Rock’ is something of which Bristolians can be very proud. We are glad that the project is having an immediate impact in boosting Bristol’s economy, by bringing at least 600 new, good-paying jobs to the city. This is only a start, as the project will generate even more jobs when the permanent casino opens.”
The United Co. Chairman Jim McGlothlin (left) addresses Hard Rock International Inc. COO Jon Lucas at the temporary casino’s grand opening. Photo courtesy Hard Rock International
Three other casinos are preparing to open in Portsmouth, Norfolk and Danville.
The $300 million Rivers Casino Portsmouth is on track to become the first Virginia casino to open a permanent location in January 2023. Rush Street Gaming, the casino’s owner, plans to hire 1,300 permanent employees. Rivers Casino Portsmouth started construction in December 2021, with Virginia Beach-based S.B. Ballard Construction Co. and Philadelphia-based Yates Construction as general contractors.
In Norfolk, the Pamunkey Indian Tribe’s rival HeadWaters Resort & Casino is on schedule to open in 2024 next to Harbor Park, casino spokesperson Jay Smith said in April, adding he doesn’t have a timeline for its construction to start. Norfolk’s city government is pondering allowing the HeadWaters casino to open a temporary facility, which Smith said could help develop customers and allow the city to draw tax revenue sooner. The temporary venue received an OK from city planners in May, but still requires city council approval.
Caesars Entertainment’s Danville resort casino is set to be complete in late 2023. Caesars Virginia named Baltimore-based Whiting-Turner as the general contractor in April.
The Danville resort will have a 500-guestroom hotel, a casino with more than 1,400 slot machines and table games, a Caesars sportsbook and a World Series of Poker-branded poker room. It will also include 40,000 square feet of meeting and convention space and a 2,500-person entertainment venue, along with bars and restaurants.
Northrop Grumman has received a $338 million contract from the Navy for continued integration and development of the Marine Corps‘ H-1 helicopter fleet’s avionics systems and weapons.
Under the contract, the Falls Church-based Fortune 500 aerospace, defense and technology contractor will research alternatives to and investigate and document new capabilities and anomalies of H-1 avionics and weapons; develop, integrate and test systems; and identify maintenance and equipment to support the systems, the Pentagon said in a July 1 announcement.
The H-1 fleet includes the AH-1Z Viper and UH-1Y Venom light attack helicopters. The H-1 fleet began using Northrop Grumman mission computers in 1997, according to Lindsay McEwen, vice president of navigation, targeting and survivability for Northrop Grumman. The contractor provides the digital cockpit and mission computer to the airframes, and recently integrated the Link 16 network, allowing crews to share data and communicate with other aircraft and users on military networks, as well as the Joint Air-to-Ground Missile.
Work is expected to be complete by June 2027. Funds under the award will be obligated as individual orders are made, the announcement said. The contract, which is cost-plus-fixed-fee, firm-fixed-price and cost reimbursable indefinite-delivery/indefinite-quantity, was not competitively bid.
Russell, who heads Pamplin’s Department of Business Information Technology, succeeds Robert Sumichrast, who has retired. Russell will serve while the college conducts an international search for a new dean.
In May, Tech hosted in-person and virtual forums with three finalists for the position, including Mark Ferguson, senior associate dean for academics and research at the University of South Carolina’s Darla Moore School of Business; Anthony Ross, associate dean for research and doctoral programs at the University of Missouri’s Trulaske College of Business; and Lara Khansa, Pamplin’s associate dean for undergraduate research. A fourth candidate, Brian Butler, senior associate dean at the University of Maryland’s College of Information Studies, withdrew his name from consideration.
Ferguson told Virginia Business in an email Wednesday that he had not heard “directly” from Tech since interviewing with the university but had seen the news about the interim hire on its website and assumed it meant the search would continue. Butler wrote in an email that he accepted an offer from the University of Alabama to lead its College of Communication and Information Sciences.
David Geurin, a spokesperson for Tech, said in an email that the search remains in progress and a finalist hasn’t been selected. Geurin declined to comment on the status of specific candidates but said the university hopes to conclude its search for a permanent business school dean by the end of this year.
Russell joined Virginia Tech as an assistant professor in 1983 and has headed the business IT department since 2017, according to a news release. Her research and teaching focuses on operations and supply chain management, service operations and security, privacy and trust. She also examines issues in quality in supply chain management with an emphasis on humanitarian and health care operations.
Russell earned her Ph.D. and bachelor’s of science degrees from Virginia Tech and an MBA from Old Dominion University. She has also earned certifications from the Association for Supply Chain Management in production and inventory management, and she is a certified supply chain professional. A past president of the Southwest Virginia chapter of American Production and Inventory Control Society and the APICS Foundation, Russell has been honored by Pamplin for excellence in teaching as well as for her efforts to build diversity. In 2016, she received the Gryna Award from the American Society for Quality for her research in health care quality.
“Through her collaborative work in the Pamplin College of Business and with faculty and department heads across the campus, Robin has earned the respect and admiration of her colleagues and is well-positioned to effectively lead the college during this transition,” Tech Executive Vice President and Provost Cyril Clarke said in a statement. “Her knowledge of and contributions to Pamplin’s strategic priorities and how those priorities advance the university’s strategic vision for the future is critically important. Robin has my full confidence and support, and I look forward to having her as part of my leadership team.”
The Virginia Department of Energy will receive $22.7 million in federal funding toward redeveloping abandoned mine lands across the commonwealth, Gov. Glenn Youngkin announced Wednesday.
The funding is aimed at redeveloping the sites so that they can be used to attract new development and job opportunities to the region. Handled through Virginia’s Abandoned Mine Lands program, funded projects involve mitigating safety hazards and environmental issues on the sites that resulted from coal mining prior to the implementation of the Federal Mine Safety and Health Act of 1977.
In March, Virginia Energy sought companies with three or more years of mining and reclamation experience to bid on remediation work at abandoned mine sites. Virginia has thousands of such sites awaiting reclamation, according to Youngkin’s office, and previous funding limited the number of projects that could be addressed in a grant year. The program has been getting about $4 million annually, creating more than 1,000 jobs since 2017, according to the state.
“We are excited to get to work and assist in getting others back to work with this announcement of federal funds,” Youngkin said. “Creating jobs in coal-impacted communities is a priority and through the reclamation and repurposing of these mined lands, we hope to see … additional economic activity for properties that can become suitable for development.”
“Southwest Virginia has a ready workforce to complete the numerous infrastructure projects in Virginia,” Secretary of Commerce and Trade Caren Merrick said in a statement. “Our agency prides itself on economic development in this region and we will aid in continued job increases over the next 15 years with this specific funding.”
Virginia offered funding for these projects previously in 2021.
“There are thousands of features posing safety and environmental harm due to historic mining in Southwest Virginia and other areas of the state where coal was once extracted,” Virginia Energy Director John Warren said in a statement. “These funds will allow us to reclaim and repurpose just over 80% of the current inventory Virginia Energy has gathered since our AML program began in 1981.”
“Our AML team finally gets to complete projects and tasks that have been on our wish list for years,” Virginia Energy Deputy Director Will Clear said in a statement. “The impact this work will have on our region will be so significant for a growing economy and for community enhancement.”
The university announced the hire July 1. Mooradian has been dean of the University of Louisville’s College of Business since 2017 but previously spent 27 years as a professor at William & Mary, all of them within its business school, including in the role of associate dean for faculty and academic affairs from 2014 to 2017. Mooradian will start his new role Aug. 15. He is replacing Lawrence B. Pulley, who is retiring after 24 years as dean. Mooradian was hired following a national search.
William & Mary President Katherine A. Rowe said Mooradian’s hire will help the college reach goals laid out under Vision 2026, a five-year strategic plan to raise the school’s profile.
“An experienced leader and scholar, Dr. Mooradian has a deep appreciation for William & Mary’s learning mission. We are delighted to welcome him back,” Rowe said in a statement. “Under Vision 2026, W&M will graduate principled, data-savvy professionals who are prepared to thrive in every stage of their careers. Todd Mooradian will advance these goals of curricular innovation with dedication and verve.”
At Louisville, Mooradian led the launch and development of a master’s of science degree in business analytics, an onlineMBA and a bachelor’s of business administration and also oversaw the development of stackable, non-degree credentials focused on economic clusters important to the city, according to a news release. He also increased annual giving and advanced alumni engagement, hired the college’s first diversity, equity and inclusion program coordinator and launched a dual enrollment program offering business foundation classes in the city’s public high schools.
In his previous role at William & Mary, Mooradian worked on the launch of an online MBA and a master’s of science degree in business analytics. As a faculty member, he served as president of the college’s faculty assembly and chair of the Mason School’s faculty affairs committee. His research focuses on the psychology behind consumer satisfaction, loyalty and branding.
Mooradian received a Ph.D. from the University of Massachusetts, an MBA from Wake Forest University and a bachelor’s in business administration from the University of New Hampshire.
Mooradian’s wife, Paula, received an MBA from William & Mary in 1992 and previously worked with its athletics and alumni association.
“My wife and I are beyond excited to be returning to William & Mary,” Todd Mooradian said. “William & Mary was never a job. It has always been a passion. This is a return to an institution that is woven into who we are. But, more than any return to home, my move to William & Mary now is all about the future, joining with its current leadership, and contributing to its great momentum as a leading university.”
Australian online auto sales forum Carsales.com Ltd. plans to acquire the remaining 51% of Norfolk-based Trader Interactive from Eurozeo and Goldman Sachs Asset Management for $839.14 million, the companies announced this week.
Carsales.com bought 49% of Trader Interactive in August 2021 for $624 million and will now own the company in its entirety, funding the latest transaction through a combination of equity and debt. The deal is expected to close in the third quarter.
An announcement of the deal placed the Norfolk startup‘s enterprise value at $1.87 billion, well above the unicorn threshold.
Founded in 2010, Trader Interactive runs marketplaces for buyers, sellers and renters of powersports and recreational vehicles, aircraft, marine and commercial vehicles, and heavy equipment. Through brands such as Cycle Trader, RV Trader, Commercial Truck Trader and Equipment Trader, it reaches more than 13 million unique monthly users and hosts more than 9,500 dealers. The company has more than 380 employees.
“The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities,” Carsales.com Managing Director and CEOCameron McIntyre said in a statement. “Culturally, there is strong alignment between the Carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives.”
Carsales.com was founded in 1997 and operates the largest online platform in Australia for automotive, motorcycle and marine classifieds listings.
“I’ve worked with the Carsales leadership team over the last 12 months and I have been extremely impressed. We can see how compatible we are from a culture and strategy perspective” Trader Interactive CEO Lori Stacy said in a statement. “The backing of Carsales, along with their domain expertise from their worldwide marketplace portfolio, will enable us to accelerate innovation across all of our verticals, while refining and improving both the buying and selling experiences for our consumers and dealers alike.”
Richmond-based UNOS, the United Network for Organ Sharing, will begin seeking a new chief executive at the end of September, the nonprofit announced Tuesday.
CEOBrian Shepard will leave after nearly a decade with the UNOS, which administers the nation’s organ procurement and transplantation network. UNOS’s chief operating officer, Maureen McBride, will serve as interim CEO beginning Oct. 1 while UNOS conducts a national search for Shepard’s successor.
Shepard joined UNOS in 2010 and became CEO in 2013, having served as acting CEO since late 2012. Before that, Shepard worked in high-level positions in Virginia state government, including as director of policy in Gov. Tim Kaine’s administration. The Virginia native holds a history degree from Virginia Tech and an MBA from the University of Virginia.
McBride has been with the group since 1995 and served as director of research until 2014, when she became chief operating officer.
UNOS has a big year in 2021, conducting more than 41,000 transplants, setting a global record. It broke the record set in 2020, when it performed more than 33,000 live-saving transplants.
“As UNOS CEO, Brian was a constant and courageous advocate for increasing equity in our national donation and transplantation system,” Jerry McCauley, incoming president of the UNOS board of directors, said in a statement. “His leadership has resulted in marked improvements in access to transplant for patients of color and those who have been historically marginalized. I am proud to have worked alongside Brian as a member of the UNOS board and am excited to build upon the foundation he has laid to further advance our mission and save even more lives.”
Mike Pauley started learning poker from his grandfather around age 8 and traveled around the nation playing competitively during his early 20s. When he learned that the Hard Rock Hotel & Casino Bristol was hiring casino dealers, he applied online.
“I had thought about having a career somewhere, but I didn’t want to move away from here,” he says. But then Bristol, Virginia, residents voted in November 2020 to allow a casino to operate in the city. “And I thought, ‘This is the opportunity I’ve been waiting on.’”
Pauley, who lives in Kingsport, Tennessee, is among the Hard Rock dealer training school’s first 39-person class preparing for the casino’s July 8 opening in a 30,000-square-foot temporary space in the former Bristol Mall Belk store. It’s expected to create 600 jobs, while the permanent, 90,000-square-foot resort set to open in July 2024 should generate about 1,200 to 1,500 jobs. As of mid-May, Hard Rock had hired about 400 people for the temporary casino.
Students in the casino’s first poker dealers class began learning craps on April 25 and will learn simpler games like blackjack and baccarat during their 12-week trainings. A second group of about 80 dealer trainees began learning roulette in an eight-week course on May 19 and were set to learn table games by mid- to late June. The school has 53 students from Tennessee, 31 from Virginia and two from North Carolina.
Hard Rock Bristol dealer pay starts at $5.25 an hour. Depending on the market, dealers can make from $20 to $50 an hour in tips, says Mike Spatz, the casino’s vice president of gaming operations. Hard Rock also provides medical benefits and 401(k) plans for dealers.
Shift manager and trainer Steve Vacca moved from the Seminole Hard Rock Hotel & Casino Hollywood in Florida to Bristol, Virginia.
“When you’re working in a bigger property,” Vacca says, “sometimes there’s not a lot of room for advancement because everything is pretty much carved out.”
The temporary casino will have 21 table games, but the permanent one should have about 55 tables, “so obviously a lot of people are going to move up the ranks.”
Says Pauley: “We were excited that [Hard Rock] came to Virginia and gives us this opportunity to have a good job with something we like, and I couldn’t really turn it down.”
As the long-delayed phase two opening of Metro‘s Silver Line extension is set for later this year in western Fairfax and Loudoun counties, a development boom is following on the train’s wheels.
Reston and Herndon, as well as eastern Loudoun, have already attracted big corporate tenants to millions of square feet of office space, retail and residential properties freshly built and under construction along the Dulles Toll Road corridor.
It’s hardly a surprise, given the moves by large technology corporations and others to locate offices in western Fairfax. Of the nine Fortune 500 companies headquartered in the county, three are in Reston and one is in Herndon. The two areas hold more than
35 million square feet of office space, nearly a third of all the office space in the county.
Google LLC, Amazon Web Services Inc., Spotify, Qualtrics, SolarWinds Corp. and Neustar, a global information services company, all have presences in the area, and tenants at Reston Town Center include Fannie Mae, Meta Platforms Inc. (formerly Facebook) and Microsoft Corp. Federal contractor Peraton Inc. and seafood and chicken purveyor StarKist Co. are newcomers to the mixed-use development.
“They want a place where they can go to lunch,” explains Victor Hoskins, president and CEO of the county Economic Development Authority. “They want to be able to go to the gym. They want to be able to go for a walk. They want to be able to bike to work if they want to.
“I think that combination is really attractive to the companies, and then they augment that with a lot of residential. So, there are a lot more people there. There’s actually energy there. Ten years of growth has really transformed the area.”
Chris Clemente is president of Comstock Holding Cos., the primary developer of the Reston Station and Loudoun Station developments along Metro’s Silver Line. Photo by Stephen Gosling
Back on track
For Fairfax County residents and commuters, the 23-mile, 11-station Silver Line Metrorail route connecting to Washington Dulles International Airport has been a long time coming. Phase one of the project, which was taken over by the Metropolitan Washington Airports Authority in 2006, was completed in 2014, and after several delays, the second and final phase is expected to be completed late this year, says Marcia McAllister, a spokeswoman for the project.
Since 2014, four stations in Tysons and the Wiehle-Reston East Station, where the multiuse Reston Station development is based, have been in operation. The second phase will include six more stations at Reston Town Center, Herndon, the airport and eastern Loudoun.
In the town of Herndon, Metro-adjacent development’s focus is on high-density mixed-use projects, including the redevelopment of eight suburban office buildings, says Dennis Holste, the town’s economic development manager.
In anticipation of the opening of the new Metro station, the town has developed cycling lanes and bus bays and performed several road-widening projects. “We’re trying to set the infrastructure in place,” Holste says.
In downtown Herndon, about a mile from the Metro station, the town and a developer, Comstock Holding Cos. Inc.,formed a public-private partnership to develop 273 apartments, 17,000 square feet of retail space, an 18,000-square-foot arts center and a parking garage, Holste says. Also in the works is a plaza that will connect the station to Herndon Parkway.
Herndon has 5 million square feet of office space in the area and is seeing additional investment in downtown, where Aslin Beer Co. has opened a tasting room, he says. The results are akin to the goals of the late developer Robert E. Simon Jr., who founded Reston — named with his initials followed by “ton” — in 1964 as a high-density planned community where people could “live, work and play.”
The executive director of Reston Community Center, Leila Gordon, says that by the 1980s and into the 21st century, many Reston residents were looking to buy homes, raise families and have a “more typical suburban experience.” Between that cultural wave and the Reston project losing funding in the late ’60s, the community drifted from Simon’s original idea.
But now, Gordon notes, many of the community’s newer residents want a more urban lifestyle and are living closer to public transportation. Gordon says the community center has seen a shift in programming needs since the first phase of the Silver Line opened. About 30 years ago, the center began holding 24 concert and performance events each summer. Now, in cooperation with Reston Town Center, it schedules more than 100 events from May through October.
“I think we’re going to see less of the kind of soccer mom behavior of the ’80s and ’90s and more of the urban feeling for the kinds of things people do with their spare time,” Gordon says.
Nonetheless, Mike Batt, director of the Fairfax County EDA’s Talent Initiative Program, says the community has maintained its welcoming culture and been smart about development. “They’re keeping the growth right at the Metro stops that are opening,” he says. “All the established neighborhoods are still tree-lined.”
Major growth in Reston
Opened in 1990, Reston Town Center now has more than 2,000 homes, more than 50 retailers and 30 restaurants. It also has 5.1 million square feet of office space, including two new towers, one of which is 28 stories tall, according to the town center’s developer, Massachusetts-based Boston Properties Inc.
Jake Stroman, executive vice president and co-head of the D.C. region for Boston Properties, says that Fannie Mae and Volkswagen Group of America Inc. are leasing about 85% of the office space in the two towers.
The developer also expects to spend $2.5 billion to $3 billion on its expansion of Reston Town Center next to the incoming Metro station, Stroman says. The two-phase project includes a 508-unit, 39-story apartment tower under construction now that will contain about 12,000 square feet of retail and roughly 78,000 square feet of office space. In the next few years, the company plans to develop another 700,000 to 800,000 square feet of office space.
Sapna Yathiraj, marketing director for Boston Properties, says the company is renovating Reston Town Center’s fountain plaza and the pavilion, which becomes an ice-skating rink in the winter. The developer also is adding more seating to pedestrian areas.
A new fitness center, the St. James Performance Club, opened in April, and several new restaurants are coming, including Open Road Distilling Co., a Brazilian steakhouse and a Peruvian eatery, Yathiraj says.
The eventual opening of the Metro station at Reston Town Center will bring more people to the community, Yathiraj says, adding that Boston Properties plans to offer shuttle service to and from the station and throughout the town center.
The fact that the Metro station at Reston Town Center still hasn’t opened has not hindered Boston’s ability to lease space, Stroman says. Since the start of 2020, the company has leased 1.5 million square feet of office space.
Robert Goudie, executive director of the Reston Town Center Association, says that he and Simon, the founder of Reston who died in 2015 at the age of 101, worked on a task force with nearly 40 other people on a comprehensive review of the Reston master plan about 10 years ago. The goal was to plan a transit-oriented, mixed-use community to complement the arrival of Metrorail.
Since he became executive director of the association about seven years ago, Goudie says, he has seen delegations from South Korea, Japan, Australia and several states tour Reston Town Center to learn how to replicate it.
The 15 residential properties at the town center, with 5,000 residents, are fully occupied, and Fortune 500 federal contractor Leidos, along with Microsoft, Meta and Fannie Mae, have turned the property into a “who’s who of corporate America,” Goudie says.
He adds that the center has more than 100 shops and restaurants, though there have been some retail closures, reflecting national trends. “Brick and mortar globally is under siege,” Goudie says. “The internet is eating brick and mortar’s lunch.”
Surrounding the Wiehle-Reston East Station, the Reston Station development has more than 3.5 million square feet of office space, town houses, condos and apartment buildings standing on about 80 acres. The community’s primary developer, Comstock, plans to expand to a total of 6 million to
7 million square feet at Reston Station with 20 buildings, including 16 new ones.
Reston Station will be getting a JW Marriott Hotel with condos on top of it. The developer plans to redevelop a 1990s office park into a pedestrian-friendly neighborhood, says Comstock CEO Chris Clemente, whose offices overlook the development.
“It’s a neighborhood that is developing fast because of the demand for the kind of office buildings we are building here,” Clemente says.
Some of Reston Station’s office spaces have been fully occupied throughout the pandemic because they are home to federal contractors who chose not to work remotely, he says.
Comstock’s Loudoun Station development is next to Metro’s Ashburn Station, which is the last Metro station along the second phase of the Silver Line. Since the company bought the property in 2001, it has built out 2.5 million square feet, making it a smaller version of Reston Station, Clemente says.
And the company is planning additional buildings for its Loudoun Station development, which has about 700 existing apartments and a couple hundred thousand square feet of office and retail.
Although many businesses — as well as the state government — are coping with employees’ reluctance to return to fully in-person or hybrid work schedules, “people are going back to work,” Clemente says. “It’s slower than some people would like. But it’s going up every week.”
He calls the Silver Line an economic engine, even if its precise completion date was still not set as of early June.
“The Silver Line is doing exactly what it was intended to,” Clemente says. “It’s a big factor for where companies are locating in this region.”
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