Virginia announced Tuesday it is allowing Norfolk Southern to go ahead with building an intermodal facility in Elliston. The project, while projected to create an economic boon for the Roanoke area and take more trucks off the road, has been opposed by many Elliston residents. The state evaluated 10 sites in the region, but determined Elliston was the only one feasible for the intermodal facility. (The Roanoke Times)
Gov. Timothy M. Kaine has approved the reuse plan for Fort Monroe once the Army leaves the historic base in 2011. The plan, which much now be approved by the Department of Defense, would try to keep the fort’s historic character, while adding a community of homes, offices and retail shops. (Daily Press)
Olympia Development Corp. is set to build the second phase of the high-end Convergence Center Business Park near Mount Trashmore. The five-story building will include a three-level parking garage. (The Virginian-Pilot).
American Woodmark of Winchester saw a 97 percent drop in profit during the second quarter. The cabinet maker reported its net income as $126,000, compared with $5.1 million during the year before. The company blamed lower sales volumes and the rise in energy and materials costs for the drop.
For the Record
Mantech International Corp. has entered into an agreement to acquire Emerging Technologies Group (ETG), strengthening the defense contractor’s position as a leader in cyber security. Fairfax-based Mantech would not disclose the deal’s financial terms, but said it expects ETG to generate 2009 revenues of about $20 million. The private company is located in Herndon. The acquisition is subject to various closing conditions and approvals and could be complete by the third quarter of 2008. (News release)
Children’s Hospital of The King’s Daughters will build a health care facility on a 6.7-acre site in Chesapeake’s Oakbrooke Business and Technology Center. The $24 million, 60,000-square-foot project will include a primary care pediatric practice, a sports medicine gym and a sleep studies lab. The three-story facility will consolidate services housed in leased offices. Plans call for the new unit to open in December 2009. (The Virginian-Pilot)
Liberty Tax Service, a Virginia Beach-based tax preparation service, will build a 30,000-square-foot expansion for its online tax business. The $6.5 million project will be built on land the firm plans to buy from the city next to its location in Corporate Landing Business Park.. The Virginia Beach Development Authority must still approve the project and is considering a $350,000 economic development grant for the expansion. Liberty bought eSmartTax from C&S Technologies of San Jose, Calif., in 2006 with the intent of moving the company to Hampton Roads. eSmartTax employs about 50 workers in Virginia Beach and will expand to 144 after the expansion is complete. (The Virginian-Pilot)
Kettler, a McLean real estate development and property management company, began vertical construction on its Millennium at Metropolitan Park project in Pentagon City. The second building in an eight-phase project, it will be situated on 2.6 acres and will have 300 high-end rental apartments along with 7,800 square feet of retail space. The 19-story structure will be finished in late 2009, complete with a rooftop pool, spa, fitness center, and a two-acre public park. Metropolitan Park will offer 3,200 multifamily units delivered as either condos or apartments, depending on market conditions. (Business Wire)
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