Please ensure Javascript is enabled for purposes of website accessibility

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 , 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.

 

Announce your new product launches or updates, company milestones, partnerships & collaborations, industry awards and recognition, events and conferences, corporate social responsibility initiatives, or business updates to our influential audience. Your announcement will be showcased in print and online, as well as in search, so our community stays informed.

Submit your form here

Cushman & Wakefield | Thalhimer names new Va. Beach leader

Geoff Poston is taking over leadership of the office of | Thalhimer, 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 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 . 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 Boston-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 Boston-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.

Don’t miss out on your opportunity to be a part of the
April Issue of Virginia Business

Here’s what Richmond Fed chief forecasts for 2025 economy

The for 2025 is sunny, with a high chance of business optimism, according to Bank of President and CEO Tom Barkin, who spoke Thursday during the virtual 2025 Financial Forecast held by the Virginia Bankers Association and the Virginia Chamber of Commerce.

“I went back this morning and looked at the speech I gave to this group in January 2022,” he said, “and of course, at the time, we talked about high inflation, we talked about supply chain challenges. I managed to skip over all the things I got wrong, but one thing I got right was that I said, ‘Don’t forget that after the last pandemic, 1918, we had the Roaring ’20s.’”

is a 2024 member of the Fed’s policy-making Federal Open Market Committee. The committee membership will change to its 2025 composition at its first regularly scheduled meeting of the year, which will begin Jan. 28.

In its December meeting, the FOMC voted to cut the Fed’s benchmark borrowing rate to a range of 4.25% to 4.5%. Despite that cut, the FOMC reduced its predicted rate cuts in 2025 from the four predicted in September to two in its December meeting.

“You’ve got a strong but choosier consumer, coupled with a better-valued, more productive workforce — that’s landed the in a good place,” Barkin said Thursday. “As a consequence, the FOMC has recalibrated the federal funds rate down 100 basis points to 4.3%.”

However, “inflation is not yet back at target,” he added, “so we still have more work to do, but we don’t think we need to be nearly as restrictive as we once were to finish the job.”

The U.S. economy is strong according to the data, Barkin said, with most estimates putting the country’s 2024 GDP growth in the 2.7% range. The U.S. had a 4.2% unemployment rate in November 2024, according to data from the U.S. Bureau of Labor Statistics.

The annual headline inflation rate as measured by the Personal Consumption Expenditures price index — a U.S. Commerce Department measure of consumer spending on goods and services among households — was 2.4% in November 2024. The Fed’s target inflation rate is 2%, as measured by the annual change in the PCE index.

The economy’s strength, Barkin said, is largely due to four factors: consumer strength; labor market resilience; increased price sensitivity; and surging productivity.

Because employers remember the post-pandemic labor shortage, they’re slow to reduce staff, Barkin said, and the layoff rate remains near historic lows.

“The environment we’ve got in the labor market is a low hiring environment, but it’s also a low firing environment, and a low-hiring, low-firing labor market is still a healthy one,” he said.

Consumers are helping slow inflation as they become more price conscious, Barkin said. As consumers push back on high prices, price-setters are realizing they’re less able to continue raising prices.

Increased productivity seems to explain why inflation is coming down although the economy has strong growth, as well as why the U.S. economy is growing despite slowing job gains, Barkin said.

“Everyone wants to quickly jump to AI [as the explanation], and perhaps that will be the case in time, but I believe the more likely story is the recent experience we’ve just been through,” as firms became more automated and efficient during the labor shortage.

Also, slowed turnover means workers are more experienced in their roles, and therefore able to get more done, Barkin noted.

Economic uncertainty has dropped some, Barkin said, and financial, deal and equity markets seem to be benefiting. Businesses are feeling optimistic.

“There’s a sense of relief to be past the election and to have clarity on the direction of travel, particularly for sectors confident they will benefit from anticipated changes,” he said, but uncertainty lingers around what policies the incoming presidential administration will implement and how.

For example, President-elect Donald Trump has said his administration will impose a 25% tariff on imports from Canada and Mexico. But specifics aren’t known, Barkin pointed out, like what tariff rates will actually be imposed, on what countries, on which products, for how long or their effects.

In the FOMC’s December 2024 meeting, Fed staff predicted that inflation would remain about the same in 2025 because of Trump’s proposed tariffs, meeting minutes released Wednesday show.

On Wednesday, CNN reported that Trump is considering declaring a national economic emergency that would allow him to construct a new tariff program using the International Economic Emergency Powers Act.

Looking to this year, “with business optimism jumping so much and labor supply unlikely to continue to grow so robustly, it feels like the current labor market[‘s] low-hiring, low-firing equilibrium is more likely to break toward more hiring than toward more firing, though of course, that’s going to differ by sector,” Barkin said.

Despite the uncertainty around new economic policy, Barkin said, “With what we know today, I expect more upside than downside in terms of growth, and I think that’s why you see so much business optimism.”

Barkin sees more risk from inflation than from policy. If wage and product costs are pressured, price-setters might pass those costs along to consumers.

All in all, Barkin said, “I do expect the story for the coming year to be more about supply and demand — and perhaps geopolitics — than monetary policy.”

The financial forecast event was originally scheduled as an in-person event at the Greater Richmond Convention Center, but organizers pivoted to a virtual event due to Richmond’s ongoing water crisis.

Former Bush White House staffer named Akima VP

Rachael Duffy, a former assistant press secretary in President ‘s administration, has joined -based federal contractor as of , and .

An Alaska Native corporation that handles federal contracts for the for-profit NANA Regional business owned by Indigenous Iñupiat shareholders, Akima has more than 10,000 employees across the world.

Duffy, who has a degree in government and political science from the University of Texas at Austin, previously worked as a vice president in marketing and communications at Reston-based Fortune 1000 . There, she led strategies supporting national security and innovation portfolios. Before that, she was corporate public affairs lead at what was then .

Early in her career, Duffy was an assistant press secretary for the Bush White House. In 2006, she became a special assistant to the president with duties including planning and executing hundreds of presidential events like international summits and campaign rallies, according to her LinkedIn page. She also served as spokesperson for the U.S. Department of Homeland Security.

“Drawing on her proven expertise in developing impactful strategies that support growth, Rachael will be instrumental in enhancing our marketing, communications and government relations efforts,” Akima President and CEO Bill Monet said in a statement. “She will work across the company to elevate our visibility while ensuring we are strategically positioned to support our current and future clients in achieving their missions.”

In July, Akima announced that its subsidiary Five Rivers Analytics had been awarded an indefinite-delivery, indefinite-quantity contract worth up to $480 million over 10 years.

Richmond starts water testing, but city remains under boil water advisory

On Thursday, said that water levels have risen across the city to the point that authorities have started testing samples for contamination and most buildings in the city have at least some running water, four days after the city’s water treatment plant failed following a winter storm.

A Jan. 6 power outage caused extensive flooding, which took filters and pumps in the city’s water plant offline. By that afternoon, some Richmond neighborhoods started seeing lower water pressure, and soon, either tiny trickles or no water at all coming from their spigots. That prompted shutdowns of businesses reliant on water, as well as closure of schools in the city for the rest of the week. The Virginia General Assembly postponed the start of its session from Wednesday, Jan. 8, to Monday, Jan. 13, an unprecedented action in the legislature’s history in modern memory.

Henrico and Hanover counties were also impacted, with reduced water pressure in the eastern parts of those counties, and a countywide boil water advisory in Henrico was declared Jan. 8.

Although Avula, who was sworn in just over a week ago on Jan. 1, acknowledged the good news of returned water service, it remains unsafe to consume tap water before boiling it, he emphasized during a noon press conference. Thursday morning, as water pressure increased in all nine water service zones, a city lab received multiple samples of water from across the city to test for bacteria with guidance from the Virginia Department of , Avula said.

Sixteen hours after the first round of testing, the city will test more water samples. If water samples are contaminant-free during two consecutive rounds of testing, the mayor said, the boil water advisory can be lifted. He estimated that could happen Friday or early Saturday.

“I’m feeling very optimistic about this, but we need to work through our protocols from the [Virginia Department of Health],” said Avula, a pediatrician who previously led the Richmond and Henrico County health districts and was the state’s COVID vaccine coordinator.

Later, answering questions from reporters, Avula said it is safe for to take showers, just not to drink water without boiling it first.

Meanwhile, the city continues distributing bottled water at 11 distribution points, although a tractor trailer filled with water Thursday morning got stuck on the way to a drop-off, causing a delay, Richmond Deputy Chief Administrative Officer Traci Deshazor said Thursday.

Avula noted Thursday that snow is forecast Friday night and Saturday morning for the metro area, and city employees are testing battery backups and generators for the water pump facility, and increasing staffing at the plant. Dominion Energy also will be monitoring the plant’s power status during the snow event, and regional governments are putting electricians, mechanics and other technicians on standby if needed. IT contractors also will be “on-site and monitoring with us,” the mayor added.

On Wednesday, city restaurants and other businesses were waiting for water service to return, and figuring out what adjustments they needed to make under the boil water advisory. The Virginia Department of Health released guidelines for service businesses to operate safely.

in the affected area had temporarily diverted emergency patients during the beginning of the , but as of Thursday, most were accepting ER patients but not elective patients.

According to a spokesperson, St. Mary’s Hospital in western Richmond had to temporarily divert patients after a water main break on Monument Avenue near the hospital Thursday morning, but “they were able to come off diversion quickly once water service was restored,” Bon Secours PR and manager Jenna Green said.

Elective cases are postponed at St. Mary’s, Bon Secours Memorial Regional Medical Center and Richmond Community Hospital, according to a Thursday morning update by the health system. The medical office buildings at Memorial and Richmond Community are closed, and St. Mary’s medical office buildings are experiencing low water pressure, which may affect some patients.

VCU Health is following emergency operations protocols, according to the system’s most recent update Wednesday night. VCU Medical Center in downtown Richmond was still diverting emergency patients as of Thursday afternoon because of the water situation. VCU’s ambulatory care clinics in the city were mostly closed, although the health system has other facilities across the region that are operating as normal. Elective testing and surgical procedures were canceled at the downtown VCU Medical Center, Stony Point and Hanover facilities, as well as many infusion care sites.

said Thursday that most of its Central Virginia facilities are open and accepting new patients. Hanover Emergency Center, where EMS was on diversion earlier in the day, was open to ER patients Thursday evening, a spokesman said.

Chippenham and Retreat Doctors’ hospitals are “open and fully operational. However, they are experiencing some water and water pressure issues and appreciate your patience as they navigate them.” Johnston-Willis, Henrico Doctors’ hospitals at Forest Avenue and Parham Road, and the Swift Creek ER are all operating as normal and were not affected by the water outage.

In a Q&A session with reporters Thursday afternoon, Avula said he reached out to the three hospital systems Wednesday night, and the consensus was “it’s difficult, but they’re managing. They’ve been able to pull in water tankers to fuel their operations,” he said.

During the water crisis, Gov. Glenn Youngkin summoned the state’s National Guard to help distribute water to city residents, and the American Red Cross and several corporations donated bottled water. According to a gubernatorial spokesman, the state Department of Emergency Management and the Virginia Department of Health have coordinated with the city to provide water and technical support.

The mayor said Thursday that he would welcome legislative engagement and support, noting that the state made significant investments last year in the city’s stormwater overflow system. “I think this particular crisis brings it to the forefront,” Avula said. “Speaker Scott has reached out a couple of times, and I’ve talked to the governor throughout this. So, I think there’s a real sense of understanding and urgency, and hopefully that will yield some good investments in our infrastructure moving forward.”

Despite the mobilization of resources, many residents were left scrambling this week to purchase their own water at grocery stores and convenience stores around the region. Some Richmonders voiced frustration on social media that the power outage at the plant took place the morning of Jan. 6, but official warnings about the water situation didn’t come until later that afternoon, after many people citywide had already lost water pressure.

The governor said he would request an after-action report to look into the water system failure and said legislators should work to ensure the problems that happened in Richmond are fixed going forward. Avula said he plans for the city to investigate what caused the water outage, as well as how his office handled communications to the public and neighboring county governments.

Avula said the city has already reached out to an outside firm to see if it will help with “this after-action process. We’ll talk to a couple of others as well, and as I learn more, we’ll absolutely keep you informed.”