Italian Company Unpacks in Powhatan and Martin’s Looks to Grow in Chesterfield
Next year Weightpack Inc. plans to move its headquarters from Italy to Powhatan County. Its current packaging machinery plant will begin undergoing a $2.6 million expansion this year to accommodate the new personnel and add an additional 18,000 square feet in a new manufacturing and engineering office. Powhatan officials said that the move reinforces its economic development strategy and education system as Weightpack’s chief executive cited America’s role as an international technology leader. (more…)
Eastern Shore Development Highlights Promise and Peril
Bay Creek, a residential community on the Eastern Shore of Virginia that has been in the planning and development stages for more than a decade, stands as an example of what happens when ambitious plans are confronted by a major economic downturn. The town of Cape Charles bet a lot on this 1,700 acre development. The initial vision for Bay Creek included 3,000 new homes, two golf courses, a marina, upscale shops, and restaurants. Bay Creek was going to revitalize Cape Charles, or so that was the plan. (more…)
Virginia Localities Reconsider Proffer Policies
The economic recession, changing demographics, and criticism from developers are leading some Virginia localities to examine their policy on proffers. In Chesapeake, the planning commission has recommended that City Council suspend cash proffers until the city’s growth rate hits 2%. Critics of the current policy point to the inconsistent levy among developers and Chesapeake’s lack of willingness to spend the proffers it has collected over the past five years as reasons to support this proposal. City Council will vote on the policy proposal on November 13 after a public hearing. (more…)
Q3 Housing Report Points to Long-Term Growth
The big news from the third quarter of this year is that home sales experienced five successive quarters of rising home sales, a significant trend that combined with low interest rates and declining unemployment should lead to a strong fourth quarter. Across Virginia, year-over-year home sales increased 6% in Q3 with every region posting growth except for rural Southside and Southwest Virginia. The Central Valley saw the largest increase at almost 11%, followed by Central Virginia at 7.3%, Hampton Roads at 6.5%, Northern Virginia at 5.9% and the Roanoke/Lynchburg/Blacksburg area at 5.7%. Southside Virginia and Southwest Virginia experienced double-digit declines of 12.4% and 15.2%, respectively. (more…)
Health-Related Projects Continue to Inject Strength into Real Estate Sector
Today our stories come from the Richmond region, where OrthoVirginia and HCA Virginia joined Richmond-based developer Lingerfelt Companies to celebrate the grand opening of an orthopedics and sports medicine and rehabilitation center in Chesterfield County. The $25 million medical building features modern architecture and 70,000 square feet that will house a full array of advanced orthopedic and sports medical care next to the existing HCA Hospital. Just Wednesday we reported on the new Washington Redskins training facility and the Bon Secours Richmond Health System sponsorship that helped make it possible. (more…)
