Please ensure Javascript is enabled for purposes of website accessibility

VCU receives approval to purchase Altria Richmond research facility

Virginia Commonwealth University received state approval this week to buy ‘s 450,000-square-foot research building in downtown .

The Center for Research and Technology, which opened in 2007, sits on more than four acres at 600 E. Leigh St. and is assessed for $275 million. Discussions between officials with and -based Fortune 500 tobacco manufacturer Altria and between VCU and state budget leaders were initially reported in October 2024.

The measure was included in the state budget bill, and, according to the Richmond Times-Dispatch, the state will provide $127 million toward the purchase. sent his budget amendments and vetoes, which did not include changes to the proposed VCU acquisition, to the General Assembly on Monday.

VCU and Altria spokespeople declined to provide the expected purchase price or expected closing date of the potential sale.

“Modern research space is a priority for VCU, Richmond and the commonwealth,” VCU spokesperson Brian McNeill said in a statement. “It is also crucial to attracting top talent and biomedical and pharmaceutical companies to Virginia. The acquisition of this facility presents an unmatchable and timely opportunity to further Virginia’s leadership in medical innovation.”

VCU would use the building for lab space as well as space for its School of Pharmacy and School of Public Health, according to VCU spokesperson Brian McNeill. The school anticipates some renovations will be necessary but doesn’t have details at this time, he said.

“This facility would directly enhance VCU’s globally impactful research efforts,” McNeill said in a statement, “including the rapid discovery and delivery of VCU Massey Comprehensive Cancer Center’s life-saving treatments and trials; transformative pharmaceutical drug development and manufacturing; life-altering breakthroughs in liver, metabolic and chronic diseases; and VCU’s nationally recognized work in mental health and addiction.”

Constructing a new building the size of the research facility would likely cost more than $700 million and take at least a decade, Grant Heston, VCU’s vice president for enterprise marketing and communications, told Virginia Business in October.

As for Altria, spokesperson David Sutton said in a statement: “In the event of a sale, Altria plans to remain in the CRT building for several years,” while the company builds a new research facility elsewhere in Richmond, “likely on Philip Morris USA’s Manufacturing Center complex,” which is located near Instate 95 in South Richmond.

Because  owned by VCU would likely be tax exempt, the city’s coffers will likely take a hit.

“Within its roughly 62 square miles, a significant share of city land is owned by entities and is considered tax-exempt property,” Julian Walker, an interim city spokesperson, said in a statement. “The inability to collect taxes on such valuable properties dramatically limits the city’s capacity to generate revenue that is used to support the delivery of services to Richmond residents.”

The state budget also contains a provision exempting the System Authority from paying the for backing out of a $325 million downtown development project “unless and until the General Assembly provides explicit authorization therefor.” According to VCU Health’s agreement with the city government, the health system was to pay about $56 million to make up for lost tax revenue.

Known as the Clay Street Project, VCU had planned to build a medical office tower and a multiuse project at the site of the city-owned Public Safety Building at 10th and Clay streets. In spring 2023, news broke that the university’s health system was planning to pay developers $72.9 million to back out of the project that had higher costs than the university anticipated.

Henrico to rebid arena project at former Best Products campus

Henrico County announced Thursday it is rebidding the development rights for the former headquarters campus, the site where the failed $2.3 billion development had been planned.

GreenCity officially met its demise after developers failed to make more than $5 million in overdue payments by a March 13 deadline, and the county said in a statement that it would rebid the project.

On Thursday, Henrico announced it will issue a “request for interest” in late April for developers wishing to build an -anchored development on the 93-acre site just off interstates 95 and 295. The county expects to repurchase the land by April 15, the statement says.

“ is eager to attract a new partner or partners that are proven, competent and capitalized to deliver on what’s clearly a once-in-a-lifetime development opportunity,” County Manager John A. Vithoulkas said in a statement. “This location — along two major interstates — is perfectly suited for a large arena, and our region is starving for a venue to host major concerts, sporting events and other family entertainment.

“The county is issuing an RFI because we want to attract the best ideas for what this property can become. As a county, we are ready to move forward, and the building blocks for development are in place. Markel|Eagle Partners has begun site work for the residential component of this development, and the county has cued up key infrastructure projects, namely building Magellan Parkway across I-95, extending water and sewer infrastructure to the site and constructing the nearby Fall Line Trail.”

Interested developers must respond within 45 days of the RFI’s issuance, the county said.

The former GreenCity developers were Michael Hallmark of Los Angeles-based Future Cities and Susan Eastridge of Falls Church-based Concord Eastridge, who head development entities Green City Partners and Green City Development Corp. LLC.

The 220-acre mixed-use development was proposed in 2020 as an environmentally friendly development that would be anchored by a 17,000-seat sports and entertainment arena. It was expected to include two hotels with 600 rooms, about 2.2 million square feet of office space, 280,000 square feet of retail space, 2,100 residential units, and green space and plazas.

In February, Vithoulkas sent the developers a notice of default on a development agreement between the county, the authority and the developers, following a nonperformance notice sent in December 2024. Under the development agreement, Green City Partners had a 60-day cure period to address the nonperformance.

A March 3 default notice revealed that Green City Development Corp. failed to make the final payment on the roughly 93-acre land, the site of the former Best Products headquarters, for the planned arena. More than $5.22 million was due Feb. 28.

The purchase agreement between the county’s economic development authority and the developers included an initial payment of $500,000 due on Feb. 28, 2023, and a second payment of the same amount due Feb. 28, 2024.

Canada is not our enemy, Kaine says

U.S. , Virginia’s junior Democratic senator, feels strongly that doesn’t pose a national security threat to the United States — a contrast to , who has threatened the Great White North with as retaliation for what he says are insufficient efforts at keeping drugs from coming across its border.

“There’s no reason to treat an ally and neighbor and friend like they’re an enemy,” Kaine said Wednesday.

In a Feb. 1 executive order, Trump announced plans to impose a 25% tariff on goods coming into the United States from Mexico and Canada. To enact the war, he’s citing the International Emergency Economic Powers Act, stating that an “influx of illicit opioids and other drugs” from the countries have created a national emergency. The tariff was supposed to go into effect on March 4, but Trump later paused the action until April 2.

Kaine, along with several co-sponsors, filed legislation March 11 to terminate the emergency Trump cited in his Feb. 1 order, which would eliminate the tariffs on Canadian imports. The legislation requires a vote on the proposal, which Kaine is optimistic could happen by Tuesday, April 1.

“Everybody’s going to have to declare whether they support these family-hurting and -wrecking tariffs,” Kaine said.

Joining Kaine as co-sponsors are the commonwealth’s senior Democratic senator, U.S. Sen. Mark Warner, along with U.S. Sens Amy Klobuchar, D-Minn.; Chris Van Hollen, D-Md.; Angus S. King Jr., D-Maine; Sheldon Whitehouse, D-R.I.; Christopher Coons, D-Del.; and Rand Paul, R-Ky.

Kaine agreed that the United States has a crisis with illegal fentanyl, but pointed out that 96% of that drug trafficking comes from Mexico, with the remaining 3% stemming from Asia and Europe and only about 0.02% coming from Canada.

The Trump administration’s true motive for enacting tariffs with the U.S.’s northern neighbor, Kaine alleged, is money.

“They will use the tariff revenue to pay for the big tax cuts that they’re about to unveil,” he said. “But who gets hurt is everyday Virginians. The prices of groceries go up. The prices of building supplies go up.”

Virginia’s economy will also pay a price, according to Kaine, when Canada issues retaliatory tariffs. In 2024, Canada was Virginia’s largest export market, accounting for 15% of . “There’s never been a one-sided in the history of the world,” Kaine warned.

On March 12, a Trump-issued 25% tariff on imports of steel and aluminum from all countries into the United States took effect. On Wednesday, Trump announced a 25% tariff on all imports vehicles and auto parts that will go into effect on April 2.

After holding several events across the commonwealth from Damascus to Chesapeake last week, Kaine is more sure than ever that Trump’s trade war with Canada is unpopular with Virginians. “I heard again and again and again from people who are very worried about this tariff situation,” he said.

Kaine noted in particular a baker in Shenandoah who pointed out that her pie pans for apple pies come from Canada. The pans now cost more, and she has to pass that cost onto customers. And that, Kaine said, may lead to her making fewer pie sales.

“It has a huge impact, and already you can see consumer confidence down, [the] unstable, [and] some predictions by some that the economy is about to contract,” he warned.

Dulles-based Nightwing acquires Herndon’s Roka Security

Dulles-based intelligence solutions company announced Thursday that it has acquired services company , which is based in . The companies did not disclose financial details in the announcement.

Nightwing was previously the cybersecurity and intelligence division for Fortune Global 500 aerospace and defense contractor , previously known as Raytheon Technologies. Nightwing became independent in April 2024, after RTX agreed to sell the segment for about $1.3 billion to Blackstone, a private equity firm. Blackstone spun off the business as a new standalone company, Nightwing, in 2024.

Nightwing said in its announcement that the acquisition will allow it to deliver more targeted, high-impact full spectrum cyber solutions for government and private sector clients facing cyber threats.

“Roka Security’s capabilities and reputation for excellence in providing niche cyber solutions align perfectly with Nightwing’s mission to deliver cutting edge capability on our customers most important missions,” Nightwing CEO Bob Coleman said in a statement. “With this acquisition, we are enhancing our ability to provide technical training, secure data transport solutions, and critical infrastructure to clients when and where they need it most.”

Nightwing says Roka’s team of experts will complement its cyber operations and that the combined team will offer a wider range of services for clients. Nightwing did not immediately respond to requests inquiring about how many additional staff members have been added by the acquisition or the cost of the acquisition.

“Roka Security is a highly regarded enabler of tailored mission capabilities that perfectly complement our cyber, collection and communications portfolio,” Chris Jones, Nightwing’s chief technology officer and chief data officer, said in a statement. “And like Nightwing, they support critical missions and are known for their excellent, reliable and mission-can’t-fail attitude. We are looking forward to working together to bring the best-in-class technology to our customers, including new Data-as-a-Service offerings and more.”

Statewide home sales declined in February

Virginia home sales slowed in February, according to statewide sales data released Tuesday by .

The association reports that there was a pullback in closed sales in February, with 6,129 homes sold statewide. That’s 604 fewer sales than last February — a 9% decrease.

“Some of this was likely due to winter weather impacts in January on pending sales, but there is also a lot of uncertainty in several regions around the state from federal job cuts, and mortgage rates have seen very little improvement,” Virginia Realtors reports.

Virginia home sales in February. Image courtesy Virginia Realtors.

Pending sales also dropped compared to 2024 levels. In February, Virginia had 6,776 pending sales, 580 less than the same time last year, a 7.9% decline.

As of March 13, rates for a 30-year fixed-rate mortgage averaged 6.65%, according to Freddie Mac data.

Virginia Realtors says the sharpest percentage drop in sales occurred in the Virginia (-24%) and Williamsburg area (-18%), the Fredericksburg region (-13%) and neighboring Prince William (-13%), as well as the Metro area (-15%).

However, the association reports a small uptick in sales activity in the market (+7%), and closed sales far outpaced last February in the Martinsville area (+30%) and the Waynesboro/Staunton region (+19%).

February housing market
Change in home sales from 2024 to 2025. Data accessed March 15, 2025. Image Courtesy Virginia Realtors.

Virginia Realtors says the slowdown brought down the total sold dollar volume in the state’s , despite climbing price points. In February, there was about $3.1 billion of sold volume statewide — roughly $148 million less than the same time last year and a 4.6% dip.

In most of the state, home prices continued to trend upward. The statewide median sales price in February was $403,500, up almost $19,000 — a 4.9% increase — from February 2024.

The Virginia market had 17,529 active listings at the end of February, a 21.6% increase from February 2024.

“The increase in active listings is indicative of homes staying on the market a bit longer,” says Virginia Realtors 2025 President Lorraine Arora in a news release.

Homes are also staying on the market slightly longer than last year. The statewide median days on market was 17 days last month, two days more than February 2024.

Based in Glen Allen, Virginia Realtors represents about 35,000 Realtors and is the state’s largest trade association.

US cities located in states won by Trump would be most hurt by Canadian tariffs, an analysis finds

WASHINGTON (AP) — The U.S. cities most vulnerable to a war with turn out to largely be in the states that helped return Donald Trump to the White House — a sign of the possible political risk he’s taking with his tariff plans.

A new analysis released Thursday by the Canadian Chamber of Commerce detailed the areas most dependent on to Canada, with San Antonio and Detroit topping the list of 41 U.S. metro areas. The findings show that the United States’ 25% tariffs on Canada and Canada’s retaliations could inflict meaningful damage in key states for U.S. .

The analysis was conducted before the Republican president announced Wednesday that he was placing additional 25% tariffs on imported autos and parts starting on April 3.

“The consequences of today’s escalation in this destructive tariff war will not be contained to Canada, as much as the U.S. administration would like to pretend,” said Candace Laing, president and CEO of the Canadian Chamber of Commerce. “Throwing away tens of thousands of jobs on both sides of the border will mean giving up North America’s auto leadership role, instead encouraging companies to build and hire anywhere else but here. This tax hike puts plants and workers at risk for generations, if not forever.”

Nearly half of what San Antonio exports, with its aerospace, auto and sectors, goes to Canada. About 40% of what the auto-driven Detroit area exports also goes to Canada. Trump’s wins in Michigan, Pennsylvania and Wisconsin were crucial for his overall victory in November’s presidential election — and Milwaukee and Pittsburgh also rank in the top 10 for exposure to a with Canada.

Other cities most dependent on exports to Canada include Kansas City, Missouri; Louisville, Kentucky; Nashville, Tennessee; Columbus, Ohio; Chicago; and Cleveland. All of those states aside from Illinois backed Trump in the last election.

Trump has placed 25% tariffs on many goods from Mexico and Canada, with a lower 10% tax on energy products from Canada. Some of those have been suspended or delayed, though they’re set to fully hit in April.

Canadian leaders have warned that the United States would suffer in the form of higher prices, fewer jobs and slower growth because of the trade war. But an analysis by the Brookings Institution found that the economic pain would be more severe in Mexico and Canada because those countries are more reliant on the United States in terms of trade.

Trump’s stated reason for the tariffs is to stop illegal immigration and drug smuggling, though he’s also said that he dislikes the trade deficit with both countries and has taunted Canada by suggesting that it could become the 51st U.S. state.

Stock market today: Wall Street slips following Trump’s latest tariffs, despite solid economic data

NEW YORK (AP) — edged lower Thursday after getting pulled in opposite directions as President Donald Trump’s latest tariff escalation creates winners and losers among auto stocks.

The slipped 0.3% after drifting between small gains and losses several times through the day. Better-than-expected data on the economy also helped support the market. The Dow Jones Industrial Average dipped 155 points, or 0.4%, and the Nasdaq composite fell 0.5%.

General Motors sank 7.4% for one of the market’s sharper losses after Trump announced 25% on imported cars. Ford Motor dropped 3.9%.

Even U.S. automakers selling vehicles in the country can feel the pain of such tariffs because their supply chains are spread throughout North America. Trump says he wants more to take place within the United States.

“There are still a lot of unknowns, but if this remains in place, there will clearly be some pain for the companies to digest,” according to UBS analyst Joseph Spak.

Among the uncertainties are how the U.S. government will determine how to apply tariffs to parts that are compliant with the free- agreement that the United States and Mexico and have, but are not made entirely within the United States. Tracking parts could be difficult, according to Spak.

Automakers based outside the United States also sank. In Seoul, Hyundai Motor dropped 4.3%. In Tokyo, Honda Motor fell 2.5%, and Toyota Motor lost 2%.

But U.S. electric-vehicle makers Rivian and Tesla held up much better. They look to face less pressure from Trump’s tariffs because more of their production happens in the United States.

Rivian rallied 7.6%, and Elon Musk’s Tesla added 0.4% after paring an earlier, bigger gain.

Companies that could benefit from drivers opting against buying new cars also revved higher. Among auto parts retailers, AutoZone gained 4%, and O’Reilly Automotive climbed 3.1%. CarMax, which sells used autos, rose 2.5%.

Expectations are high for stock markets worldwide to remain shaky as an April 2 deadline approaches for tariffs. That’s what Trump has called “Liberation Day,” when he will roll out tariffs tailored to the United States’ trading partners. In each case, he said the “reciprocal” tariff will match the burden the other country places on the United States, including things like value-added taxes.

Hopes are still high that Trump may ultimately opt for more targeted or milder tariffs that are less painful for the global than feared. But even if he does, all the talk about tariffs has already made U.S. consumers and businesses feel more cautious and pessimistic. If such sour moods convince them to pull back on their spending, it could hurt the economy.

So far, the economy has seemed to be holding up.

One report on Thursday said slightly fewer workers applied for unemployment benefits last week than economists expected. It’s the latest sign the job market may be settling into a “low fire, low hire” state.

A second report said the U.S. economy’s growth during the final three months of last year was slightly stronger than earlier estimated.

The better-than-expected data helped Treasury yields in the bond market remain relatively steady. The yield on the 10-year Treasury edged up to 4.36% from 4.35% late Wednesday.

On Wall Street, Petco Health & Wellness jumped 31.6% after the retailer reported slightly stronger results for the latest quarter than analysts expected.

All told, the S&P 500 slipped 18.89 points to 5,693.31. The Dow Jones Industrial Average dropped 155.09 to 42,299.70, and the Nasdaq composite fell 94.98 to 17,804.03.

In stock markets abroad, indexes fell across much of Europe after finishing mixed in Asia.

Japan’s Nikkei 225 fell 0.6% following the losses for many of its automakers, and Japanese Prime Minister Shigeru Ishiba said Thursday, “We strongly request that tariff measures not be applied to Japan.”

In China, stocks rose 0.1% in Shanghai and 0.4% in Hong Kong.

Chinese automakers and parts manufacturers have been expanding sales around the world, but not in the United States, so any impact from the tariffs announcement would be an indirect one.

___

AP Business Writers Yuri Kageyama and Matt Ott and AP Videographer Ayaka McGill contributed.

Merrick leaving as state commerce secretary

Caren Merrick, Virginia’s commerce and secretary, said in a LinkedIn post that she is leaving ‘s administration. According to a Washington Post story Thursday, Merrick turned down the job of state secretary of natural resources.

The Post reported that Youngkin offered Merrick the natural resources job in order to name her chief deputy commerce secretary, , to the top job. Segura, the son of billionaire Enrique Segura, ran for a seat in the Virginia as the Republican opponent of Russet Perry, a former prosecutor and CIA officer, losing the 2023 race by about five points.

According to the Post, Merrick agreed to be secretary of natural resources, which has some overlap with the commerce department, including the Department of Environmental Quality and the Department of Conservation and Recreation, but that at some point, she changed her mind and decided to resign from the administration.

Merrick joined Youngkin’s administration in 2022 shortly after he took office, after she served as CEO of his nonprofit Virginia Ready initiative, which promoted workforce development during the early days of the COVID pandemic. She and her husband, Phillip Merrick, founded webMethods, a software company that grew swiftly during the mid-1990s tech boom and was sold to Software AG in 2007 for $546 million. She also is a partner in NextGen Venture Partners, a startup investment firm.

The governor’s office confirmed Segura’s appointment as commerce secretary in an announcement Thursday afternoon, as well as naming Stefanie Taillon the state’s next secretary of natural and historic resources.

On her LinkedIn page Wednesday night, Merrick wrote, “Three years ago, I embarked on an incredible journey as Virginia’s in Gov. Glenn Youngkin’s administration. Working alongside Gov. Youngkin and his exceptional team has been a privilege and a defining chapter in my life.”

Among the accomplishments she cites are “surpassing $100 billion in capital investments, facilitating the launch of 15,000 high-wage high-growth startups at an unprecedented pace, and securing the prestigious title of America’s Top State for Business by CNBC.”

“As I transition back to the private sector, I eagerly anticipate contributing to Virginia’s burgeoning , fostering growth, and supporting thriving communities,” Merrick concluded in her post.

“When I nominated Caren to be secretary of commerce and trade, I sought a key partner to help us jumpstart Virginia’s economic engine. Since then, more Virginians working than ever before and more than $100 billion in capital commitments from companies wanting to build their future in Virginia. Her leadership and vision have been instrumental to Virginia’s success,” Youngkin said in a statement. “As chief deputy secretary, Juan Pablo Segura is the right person to lead the commerce and trade team moving forward. His extensive private sector experience and his proven track record within the commerce and trade secretariat will ensure we continue to drive forward keeping Virginia the very best place to do business.”

Segura co-founded Babyscripts, a startup that produced an app to improve care for expectant mothers. The company was named a finalist for the EY Entrepreneur of the Year mid-Atlantic award in 2019 and participated in partnerships with Cigna, Philips International, General Electric and the March of Dimes.

According to a statement from the company, Segura left Babyscripts in January 2023 after declaring his state Senate candidacy. In 2024, he was named the state’s chief deputy secretary of commerce. Outside of work, Segura has served on the boards of Youth for Tomorrow, Volunteers of America, Catholic University’s business school and the Spanish Catholic Center in Washington, D.C.

Taillon joined the Youngkin administration as deputy secretary of the Department of Natural and Historic Resources and has been the acting secretary since the departure of Travis Voyles, who is now assistant deputy administrator at the Environmental Protection Agency under .

Taillon was previously associate director of governmental relations for the Virginia Farm Bureau Federation and received a bachelor’s degree in animal and poultry sciences and a master’s of public administration from Virginia Tech.

Governor signs landlord sexual extortion bill

RICHMOND, Va. — recently signed a bill that will charge landlords who threaten renters with sexual extortion with a Class 5 felony . Del. Wendell Walker, R-, introduced House Bill 1998 to offer renters more protection from landlords who make malicious threats such as housing or financial loss, and property damage, in order to engage in sexual intercourse.

Sexual assault can occur in ways other than nonconsenusal sex, and include situations of threat, intimidation, physical helplessness or mental incapacity, according to current Virginia law.

Walker told lawmakers that current law does not protect from threats to someone’s housing security, which is a detriment to the victim’s financial and living situation. The bill ensures housing and financial manipulation will be recognized as a form of sexual extortion, Walker said.

Lynchburg Commonwealth’s Attorney Bethany Harrison advocated for the bill and collaborated with Walker.

“I had a case in Lynchburg within the past five years that came to our office that we could not proceed with, that involved a sexual assault between a and a couple of tenants,” Harrison said. “So that’s where I brought this idea to Del. Walker and he came up with the sexual exploitation bill.”

There was also another case in a neighboring county that involved a landlord threatening eviction for sex, she said.

The bill contends with an area of sexual assault not yet covered, Harrison told the House Criminal Subcommittee on Jan. 31. Victims need protection against financial threats, not just physical harm, she said. Walker introduced the same bill in 2024, but it did not advance from the House Courts of Justice Committee. This year it passed both chambers unanimously.

The bill also creates a felony for violations against people younger than 15 years of age. This punishment ranges from one to 20 years and a fine of no more than $100,000.

“It is a bill that is helpful to our victims of crime,” Harrison said. “Given that within the past couple of years, we had a sexual exploitation law that passed and this bill adds to that law.”

The Class 5 felony charge aligns with existing sexual exploitation charges, according to Harrison. Individuals found guilty of a Class 5 felony face a prison sentence of at least one year, but no more than 10 years. A jury or court can opt for a jail sentence of no more than 12 months and a fine of not more than $2,500, either or both. That means a perpetrator found guilty could pay only a fine for the crime.

The bill will go into effect starting July 1.

Capital News Service is a program of ‘s Robertson School of Media and Culture. Students in the program provide coverage for a variety of media outlets in Virginia.

Lynchburg’s BWXT unveils Innovation Campus

On Wednesday, , federal and state officials and executives, engineers and employees of -based gathered to celebrate the official opening of the company’s new Innovation Campus.

“The IQ level in this room is really high,” Youngkin joked.

Set on 11 acres in , ‘s Innovation Campus (which shares a name only with Virginia Tech’s Innovation Campus in Alexandria) includes 170,000 square feet of offices and space, which will house laboratories where the company’s Advanced Technologies business unit will design, build and test advanced nuclear systems for its clients, which include NASA, the Defense Department and commercial businesses.

With roots dating back to the mid-19th century, BWXT manufactures nuclear reactors, fuel and components. In 2021, then-Gov. Ralph Northam announced plans for BWXT’s $65 million Innovation Campus. The plan was to build a facility that would house 150 employees and serve as a research, development and production center for new microreactors and nuclear fuels.

Earlier that same year, Youngkin, then a candidate for governor, visited the Advanced Technologies team in Lynchburg at the invitation of BWXT President and CEO Rex D. Geveden.

Having Youngkin back on BWXT’s turf Wednesday, Geveden said, felt like “a full-circle moment.”

In 2021, BWXT’s Advanced Technologies unit had a business backlog of about $10 million , the company head explained Wednesday. Since then, he noted, the team has won $700 million in technology contracts. Now, it has more than 350 team members. “We’ve more than doubled the size of the organization,” Geveden said.

In a 2020 deal, BWXT divested its U.S.-based commercial nuclear services business to Lynchburg’s Framatome and acquired the 11 acres and a 118,000-square-foot building on Mt. Athos Road. That building was renovated and expanded to become the Innovation Campus.

To support development of the campus, BWXT received local and state tax grants worth up to $2 million, which are dependent on the company investing $65 million in the project and adding 97 jobs with salaries averaging $116,000 by the end of this year. 

By the end of 2024, BWXT had made considerable progress toward that goal, making $51 million in investments and hiring more than 115 employees, according to a company announcement.

Youngkin said Wednesday that since moved into the White House, he has had more meetings than he “can possibly count” with members of the new administration.

“They firmly believe that the future of military propulsion, the future of space exploration, the future of our national security infrastructure to win the war of intelligence, the future of making sure that [when a health care provider at a hospital NICU] turns on a light, that it comes on … it is all grounded in nuclear,” Youngkin said.

BWXT will be able to help meet those demands and provide solutions for Virginia, which expects demand for to grow exponentially if data centers continue to be developed at the current pace, Youngkin added.

“I’m sorry [to] the rest of our national labs, [but] there’s no place else in the nation that is more prepared to step into this moment, to forge ahead at an expedited pace and deliver … the next generation of nuclear power into Virginia and America and the world,” the governor said of BWXT.

In September, DOD announced it had broken ground at the Idaho National Laboratory in preparation for the construction of the Project Pele transportable , which is being manufactured by BWXT Advanced Technologies in Lynchburg.

“It is expensive, it is large, it is heavy, it is complicated,” Jeff Waksman, program manager for the Strategic Capabilities Office in the Office of the Secretary of Defense, said at the Innovation Campus event Wednesday. “It’s taking a long time.”

The goal, Waksman said, isn’t to build the one reactor, however. “If we just build one and it’s just a museum piece, then we have failed,” he said. “We have to make this a real ecosystem.”

Additionally, BWXT is working with Maryland’s Lockheed Martin to complete the final design of a nuclear reactor to be used in the first demonstration spacecraft using nuclear thermal propulsion known as the Demonstration Rocket for Agile Cislunar Operations, or DRACO.

“We are well past the paper reactor phase, and we are building real hardware at relevant scale that was developed on aggressive schedules,” Kate Kelly, director of space and emerging programs at BWXT Advanced Technologies, said Wednesday. “This is creating a path to deployment where we see the reality of sending these systems to space in the next several years.”