Industries

Virginia Beach landowners propose mixed-use development on the oceanfront

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Land owners in Virginia Beach are proposing a $500 million mixed-use oceanfront development on an area that is now the Colony Mobile Home Park. The plan would also include a light-rail station. Officials are currently considering extending light rail from Norfolk to Virginia Beach. (The Virginian-Pilot)

Edinburg-based Shentel will expand its operations in Virginia and into West Virginia. It has reached an agreement with Rapid Communications to purchase 50 cable TV franchises. (Northern Virginia Daily)

More than 500 people attended a public hearing in Gretna about Appalachian Power Co.’s proposal to regulate release of water from Smith Mountain Lake. (Bristol Herald Courier)

Earnings

Media General reported a $532 million loss during the second quarter because of noncash charges. (Richmond Times-Dispatch)

For the Record

Sagem Morpho Inc. of Alexandria, and BIO-key International Inc., of Wall, N.J., providers of biometric safety solutions, entered into a partnership to create high-performance biometric matching technology for fast, accurate and responsive fingerprint identification solutions for government, civil and commercial clients. (Business Wire)

The McIntire School of Commerce at the University of Virginia set a new record by raising $2.3 million in 2007-08, surpassing its goal ($2.1 million) for the seventh straight year. Gifts during the fiscal year came from 3,600 donors, and eclipsed the previous record of $2 million set last year. The fund drive goes toward student learning opportunities, recruitment and retention of faculty and expanded technology capabilities. (News release)

MHI Hospitality, a Williamsburg-based hotel operator, refinanced its mortgage on the former Radisson hotel in downtown Hampton. MHI bought the hotel from the city in April for $7.8 million, taking over the existing $5.75 million mortgage. It was then rebranded as the Crowne Plaza Hampton Harborside under a 10-year agreement. Renovations to meet Crowne Plaza standards are expected to be completed by the first quarter of 2009. (Daily Press)

A group of banking veterans from Wachovia Corp., SunTrust Banks Inc. and the defunct Signet Banking Corp. will launch a new Richmond-based financial institution, Xenith Bank, late this year or early in 2009. The group expects to raise $70 million to $100 million, including $35 million from a Texas-based private-equity firm for the start-up. T. Gaylon Layfield III will serve as president and chief executive officer. He has 23 years of banking experience and was previously president and COO of Signet Banking Corp. when it was sold to First Union Corp. in late 1997. (Richmond Times-Dispatch)

AP Capital Partners, a private-equity firm in Orlando, Fla., bought eServices Inc., a Henrico County-based energy-management company. Founded by former employees of Dominion Resources Inc.‘s gas-trading business, eServices has nine employees and may soon open a Pittsburgh office. More growth is expected through contacts provided by the new ownership. eServices identifies time and location differences in the pricing of natural gas and gas storage and transportation. (Richmond Times-Dispatch)

Hanesbrands Inc., which has a distribution operation in Henry County, will close two facilities in Pennsylvania and move some of the work there to Henry County and Rural Hall, N.C.  Although the facilities will receive the thermals and underwear distribution work now done in Tamaqua, Penn., there are no plans to expand either center or add jobs. Closing the Pennsylvania operation will mean the loss of 155 jobs. (Martinsville Bulletin)



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