1466829531 Virginia Business http://www.virginiabusiness.com/ Business news and intelligence for and about the Virginia business community en rpowell@va-business.com Copyright 2016 2016-06-24T19:58:00+00:00 http://www.virginiabusiness.com/news/article/mike-lawrie-steps-down-as-chairman-of-csra-inc Mike Lawrie steps down as chairman of CSRA Inc. http://www.virginiabusiness.com/news/article/mike-lawrie-steps-down-as-chairman-of-csra-inc http://www.virginiabusiness.com/news/article/mike-lawrie-steps-down-as-chairman-of-csra-inc#When:19:58:00Z Mike Lawrie is resigning as chairman and a member of the board of directors of Falls Church-based CSRA Inc. Lawrie is the chairman, president and CEO of CSC Inc., also based in Falls Church, which provides IT services to commercial customers. CSC’s North American public-sector unit merged with SRA International to form CSRA last November. CSRA provides IT solutions and professional services to government agencies. Nancy Killefer, currently  CSRA’s lead independent director, will succeed Lawrie as chairman, pending her re-election to the board of directors at the company’s annual meeting on Aug. 9. Lawrie’s resignation becomes effective on that date. Larry Prior remains CSRA’s president and CEO. “With CSRA having completed two successful quarters as a newly minted company – and in light of CSC’s intent to merge with the Enterprise Services unit of Hewlett Packard Enterprise, which itself has a very significant U.S. public sector business – I feel it is the right time to pass the baton to Larry Prior and the other members of the CSRA board,” Lawrie said in a statement. Killefer previously served as assistant secretary for management and chief financial officer to the U.S. Department of Treasury. She currently serves as vice chair on the Defense Business Board and is a member of the MyVA Advisory Committee. Killefer is a director of the Advisory Board Company, Avon Products Inc. and Cardinal Health Inc. 2016-06-24T19:58:00+00:00 http://www.virginiabusiness.com/news/article/arlington-capital-partners-acquires-fredericksburg-company Arlington Capital Partners acquires Fredericksburg company http://www.virginiabusiness.com/news/article/arlington-capital-partners-acquires-fredericksburg-company http://www.virginiabusiness.com/news/article/arlington-capital-partners-acquires-fredericksburg-company#When:19:56:00Z Arlington Capital Partners, a Chevy Chase, Md.-based private equity firm, has acquired EOIR Technologies Inc. in Fredericksburg. Terms of the transaction were not disclosed. EOIR provides technology solutions to the Department of Defense and intelligence community in cloud computing, big-data analytics, advanced visualization, spectrum-related information dominance, smart sensing, training and simulation, and rapid prototyping. The Fredericksburg company has about 400 employees in 11 U.S. offices as well as client sites domestically and overseas. Arlington Capital has managed $1.5 billion of committed capital in three investment funds. The private equity firm focuses on middle-market investment opportunities in growth industries such as government services, aerospace/ defense, health-care services, business services and software. The firm has been active in the government sector, having completed more than 20 transactions during the past five years. Its current investments include Endeavor Robotics (previously iRobot Defense & Security), MicroPact  and Quantum Spatial. 2016-06-24T19:56:00+00:00 http://www.virginiabusiness.com/news/article/program-that-aims-to-help-manufacturers-export-is-graduating-second-class-t Program that aims to help manufacturers export is graduating second class http://www.virginiabusiness.com/news/article/program-that-aims-to-help-manufacturers-export-is-graduating-second-class-t http://www.virginiabusiness.com/news/article/program-that-aims-to-help-manufacturers-export-is-graduating-second-class-t#When:18:28:00Z A program that helps manufacturers develop export strategies is graduating its second class Tuesday in Norfolk. Virginia’s second ExporTech class graduation is scheduled to take place from 3 to 5 p.m. at the Norfolk ODU Innovation Center at 501B Boush St. The program, whose first class graduated last December in Norfolk, is a partnership among public and private associations, including federal and state economic development organizations. Over the course of the program, local companies develop an export sales strategy for the global marketplace. They then execute their export strategies and report their progress to the National Institute of Standards and Technology (NIST) at the U.S. Department of Commerce. The companies graduating from the Virginia ExporTech Program are: Asorbas Salsas, Norfolk: Asorbas Salsas are made with natural ingredients grown by local farmers. Automation Precision Technology, Norfolk: Automation Precision Technology offers logistics services and solutions. Superior Float Tanks, Norfolk: A maker of sensory deprivation tanks. 2016-06-24T18:28:00+00:00 http://www.virginiabusiness.com/news/article/capital-square-1031-names-chief-financial-officer Capital Square 1031 names chief financial officer http://www.virginiabusiness.com/news/article/capital-square-1031-names-chief-financial-officer http://www.virginiabusiness.com/news/article/capital-square-1031-names-chief-financial-officer#When:15:09:00Z Richmond-based Capital Square 1031 LLC has named Richard Stanard chief financial officer. Stanard joins Capital Square 1031 from HITT Contracting Inc. where he was as CFO and treasurer for 13 years. During his tenure, the company’s annual revenue rose to $1 billion from $200 million. Additionally, he helped create a privately-owned commercial real estate portfolio with a total capitalization of more than $700 million. Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. As of June 15, the company oversaw a portfolio of 40 real estate assets valued at about  $388 million, based on investment cost. 2016-06-24T15:09:00+00:00 http://www.virginiabusiness.com/news/article/west-creek-financial-names-chief-operating-officer West Creek Financial names chief operating officer http://www.virginiabusiness.com/news/article/west-creek-financial-names-chief-operating-officer http://www.virginiabusiness.com/news/article/west-creek-financial-names-chief-operating-officer#When:15:05:00Z Mark Every  has joined Richmond-based West Creek Financial as chief operating officer. Every’s career includes eight years with AMF Bakery Systems leading operations and manufacturing facilities across North America. He holds an undergraduate degree in chemistry from the University of Virginia and MBA from U.Va.’s Darden Graduate School of Business Administration. West Creek, founded in 2014,  specializes in leasing furniture, appliances, electronics and other merchandise for more than 45 retailers in eight  states. 2016-06-24T15:05:00+00:00 http://www.virginiabusiness.com/news/article/dominion-dental-services-changes-its-name Dominion Dental Services changes its name http://www.virginiabusiness.com/news/article/dominion-dental-services-changes-its-name http://www.virginiabusiness.com/news/article/dominion-dental-services-changes-its-name#When:14:35:00Z Arlington-based Dominion Dental Services has changed its name to Dominion National. The company said the new name reflects Dominion’s geographic expansion and growing portfolio of products and services. The company provides dental and vision benefits for employer groups, municipalities, associations, individuals and health plans across the country. Dominion, which incorporated in 1996, has nearly 850,000 members. 2016-06-24T14:35:00+00:00 http://www.virginiabusiness.com/uploads2/cfowinners2016.jpg http://www.virginiabusiness.com/news/article/virginia-business-announces-virginia-cfo-awards-winners Virginia Business announces Virginia CFO Awards winners http://www.virginiabusiness.com/news/article/virginia-business-announces-virginia-cfo-awards-winners http://www.virginiabusiness.com/news/article/virginia-business-announces-virginia-cfo-awards-winners#When:01:00:00Z Virginia Business presented awards on Thursday night to five chief financial officers. The magazine’s Virginia CFO Awards recognize outstanding performance by CFOs in for-profit and nonprofit organizations. The winners of the 11th annual Virginia CFO Awards are: • Small Nonprofit Organization: Julie Hovermale, CPA, of the Better Housing Coalition in Richmond: Hovermale came onboard after the recession to help the Better Housing Coalition assess the financial challenges it was facing. If they were not addressed, these problems could have meant the organization’s demise. The proposed changes led to an organizational restructuring and new accountability for all business lines. Since then, the Better Housing Coalition has created a new nonprofit structure that now generates 85 percent of its annual budget. According to the nonprofit, “Julie’s dedication to [Better Housing Coalition’s] mission helped save our organization from an untimely demise and regain our True North to continue bringing value and hope to thousands of lower income families throughout our region.” • Large Nonprofit Organization: Jeff Reed of Community Housing Partners in Christiansburg: Reed has been a key player in Community Housing Partners’ growth. During his tenure, Community Housing Partners’ assets have grown 385 percent, while its revenue has increased 220 percent. The organization is recognized as one of the best-performing in its field in the nation. • Small Private Company: Mike Griffin of Tucker Griffin Barnes PC in Charlottesville:  created an innovative system of interconnected dashboards that provides Tucker Griffin Barnes PC with immediate feedback, helping it make rapid adjustments and continue its growth. “…Our law firm would not have survived the great recession intact, nor enjoyed our current growth and increasing profits without the management guidance, consensus building, and financial innovation of Mike Griffin,” says Tucker Griffin Barnes PC. • Large Private Company: René Chaze, CPA, Edelman Financial Services: Chaze led several important transactions last year, including one that led to a firm acquiring majority control of the company. He also guided the company’s efforts in a $230 million syndicated debt offering to finance the transaction. "Through his thought process, actions and leadership style, Rene has reframed the role of CFO as one who is much more than a bean-counter, but is instead a strategic member of a company’s management team – able to anticipate relevant issues from a high-level while also seeing the operational details that will need to be addressed," says Ric Edelman, CEO of Edelman Financial Services. • Publicly Traded Companies: Dave Keltner of Ferguson Enterprises Inc. in Newport News. Keltner has overseen 75 successful acquisitions and integrations, including 35 during the past six years that have added $1.1 billion to annual sales.  His leadership and business approach have propelled the company to unprecedented post-recession growth, including a 35 percent increase in jobs, and a $5 billion increase in annual sales. Ferguson currently employs 22,000 associates nationwide, including 2,500 in Virginia and boasts $13 billion in annual sales. The winners were selected from 42 nominations. Previous winners George Kite of Call Federal Credit Union, Steve McAllister of Washington and Lee University, Lori Overholt of VSA Resorts, Chip Bowman of T. Parker Host and Jim Woodward of Media General served as this year’s judges. Below is a gallery of images from the evening's festivities taken by photographer, Rick DeBerry.  To request a copy of your photo, please email art director Adrienne R. Watson. #vacfoawards Tweets !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); 2016-06-24T01:00:00+00:00 http://www.virginiabusiness.com/news/article/haymore-named-next-virginia-secretary-of-commerce-and-trade Haymore named next Virginia secretary of commerce and trade http://www.virginiabusiness.com/news/article/haymore-named-next-virginia-secretary-of-commerce-and-trade http://www.virginiabusiness.com/news/article/haymore-named-next-virginia-secretary-of-commerce-and-trade#When:20:13:00Z Virginia Secretary of Agriculture and Forestry Todd Haymore will be the commonwealth’s next Secretary of Commerce and Trade, Gov. Terry McAuliffe announced Thursday. Haymore, who has served as secretary of agriculture for both McAuliffe and former Gov. Bob McDonnell, will succeed Maurice Jones. Jones is leaving to become CEO of Local Initiatives Support Corp. in September. “As Virginia Secretary of Agriculture and Forestry, Todd Haymore has been instrumental in making those key industries innovative and robust sectors of the new Virginia economy,” McAuliffe said in a statement. “Todd brings the right combination of economic development experience, global trade understanding, and administrative expertise to build on the outstanding success Secretary Maurice Jones has achieved as a member of my cabinet.” Haymore was first appointed agriculture secretary in 2010 by McDonnell and was reappointed in 2014 by McAuliffe.  Prior to his appointment as secretary, Haymore served as commissioner of the Virginia Department of Agriculture and Consumer Services under former Virginia Gov. Tim Kaine. 2016-06-23T20:13:00+00:00 http://www.virginiabusiness.com/news/article/pra-group-names-new-chief-financial-officer PRA Group names new chief financial officer http://www.virginiabusiness.com/news/article/pra-group-names-new-chief-financial-officer http://www.virginiabusiness.com/news/article/pra-group-names-new-chief-financial-officer#When:21:08:00Z Norfolk-based PRA Group Inc. announced Wednesday that a former General Electric executive will become its new chief financial officer in August. PRA is a global company involved in acquiring and collecting nonperforming loans. Pete Graham will serve as PRA’s executive vice president and CFO beginning Aug. 10. He is a finance executive with more than 20 years of experience in a range of sectors including lending, leasing, insurance and asset management. Graham worked for General Electric for 14 years. He served most recently as a finance executive on the GE Capital exit plan team, working on GE’s disposition of the majority of GE Capital.  Other positions at GE Capital included CFO for GE Commercial Distribution Finance and GE Capital Markets.  He also was controller for treasury and global funding operations and controller and manager of financial planning and analysis for GE Asset Management. Before joining GE, Graham was with KPMG LLP for 10 years. As senior manager at the accounting firm, he led audit and advisory teams serving clients in insurance, banking and asset management.  Graham has a bachelor’s degree in accounting from the University of Connecticut and also is a Certified Public Accountant. 2016-06-22T21:08:00+00:00 http://www.virginiabusiness.com/news/article/studio-center-back-bay-brewing-co.-announce-expansions-in-virginia-beach Studio Center, Back Bay Brewing Co. announce expansions in Virginia Beach http://www.virginiabusiness.com/news/article/studio-center-back-bay-brewing-co.-announce-expansions-in-virginia-beach http://www.virginiabusiness.com/news/article/studio-center-back-bay-brewing-co.-announce-expansions-in-virginia-beach#When:20:08:00Z Two Virginia Beach-based companies have announced expansions that are adding 20 new jobs and $4.4 million in capital investment, according to the city’s communications office. Studio Center, a production company, will move to a new location within the city. The expansion will add 20 full-time jobs to its workforce of 33, with average annual salaries of $52,000. Studio Center’s Virginia Beach operations are housed in two buildings off Greenwich Road at 240 and 161 Business Park Drive. Expansion work on I-264 necessitates the move from 240 Business Park Drive where the company’s video production services are housed, to 149 Business Park Drive, next door to its other location. Studio Center will invest $1.2 million in the real estate and add $1 million in improvements and $800,000 in business property. Based on the capital investment, the Virginia Beach Development Authority has approved a $150,000 Economic Development Incentive Program grant. Farmhouse Brewing Co., in a partnership with Back Bay Brewing Co. and general contractor Axis Global Enterprises Inc., will renovate the historic Wood Family farmhouse at 1805 Kempsville Road for Back Bay’s second brewery in Virginia Beach. The farmhouse was built in 1910, and plans include tasting rooms, lounges and ADA-accessible facilities. The capital investment for the farmhouse brewery project is $1.4 million for the improvements and equipment. The Virginia Beach Development Authority has approved a $35,000 Economic Development Investment Program grant for the expansion, based on capital investment. 2016-06-22T20:08:00+00:00 http://www.virginiabusiness.com/companies/article/beacon-roofing-supply-adds-two-directors Beacon Roofing Supply adds two directors http://www.virginiabusiness.com/companies/article/beacon-roofing-supply-adds-two-directors http://www.virginiabusiness.com/companies/article/beacon-roofing-supply-adds-two-directors#When:20:05:00Z Herndon-based Beacon Roofing Supply has added two new members to its board of directors. The appointments include Carl T. Berquist, the former CFO of Marriott International, and Robert M. McLaughlin, the senior vice president and CFO of Airgas Inc. Berquist was executive vice president and CFO of Marriott from 2009 until his retirement at the end of 2015. He joined Marriott in 2002 after spending 28 years with Arthur Andersen LLP. Berquist has been a director of Hertz Global Holdings since 2006. McLaughlin has been CFO and senior vice president of Airgas since 2006.  He joined Airgas as vice president and controller in 2001. He was previously vice president of finance for Asbury Automotive Group and vice president of finance for Unisource Worldwide Inc. He serves on the board of directors of Axalta Coatings Systems Ltd. Beacon Roofing is a distributor of residential and commercial roofing materials and complementary building products, operating 369 branches in 46 states and six provinces in Canada. 2016-06-22T20:05:00+00:00 http://www.virginiabusiness.com/opinion/article/p.-f.-changs-data-breach-lawsuit-highlights-the-need-for-due-diligence-in-b Data breach lawsuit highlights the need for due diligence in buying cyber insurance http://www.virginiabusiness.com/opinion/article/p.-f.-changs-data-breach-lawsuit-highlights-the-need-for-due-diligence-in-b http://www.virginiabusiness.com/opinion/article/p.-f.-changs-data-breach-lawsuit-highlights-the-need-for-due-diligence-in-b#When:17:14:00Z Well-known restaurant chain P. F. Chang’s China Bistro just sustained a significant hit to its cyber insurance coverage.  The federal court’s opinion serves as a lesson to policyholders regarding cyber insurance in a rapidly evolving market.  Due diligence is the name of the game when placing such insurance in order to understand the scope of coverage. P. F. Chang’s was ahead of the curve when it purchased cyber insurance from Chubb.  The restaurant recognized its data breach potential and acted to address it.  It may be no surprise it went with Chubb, which marketed its cyber insurance as “a flexible insurance solution designed by cyber risk experts to address the full breadth of risks associated with doing business in today’s technology-dependent world” that “covers direct loss, legal liability, and consequential loss resulting from cyber breaches.”  Unfortunately for P. F. Chang’s, what Chubb’s marketing pitch and the insurance policy actually covers is only decided when there is a loss and the insurer is called upon to pay the claim.  Policyholders pay a premium to buy coverage, but what the insurance covers is usually not known until the insurer takes a position on the scope of its insurance policy in light of a claim.  Ultimately, the true arbiter of coverage is a judge overseeing a coverage lawsuit.  That can be a hard lesson to learn for a policyholder like Chang’s, which paid a $134,052 premium for the cyber policy.  If you do not want to end up in this position, then policyholders must be diligent from the beginning. This particular dispute revolved around the processing of credit card transactions at Chang’s.  The operator entered into a master service agreement (“MSA”) with Bank of America to process credit-card transactions.  That is a standard arrangement, since most merchants cannot process the transactions themselves.  MasterCard has its own agreements with the banks that allow assessments in the event of a data breach.  In this instance, MasterCard assessed Bank of America approximately $1.7 million for costs arising from the Chang’s breach.  Bank of America then pushed that assessment cost back onto Chang’s pursuant to the MSA.  Naturally, the restaurant chain gave notice to Chubb for Bank of America’s $1.7 million claim, which the insurer denied. In an insurance coverage lawsuit between Chang’s and Chubb, the federal court methodically analyzed the cyber insurance policy.  The court concluded that coverage did not exist for Bank of America’s claim.  Naturally, this came as a shock to P. F. Chang’s, since all involved knew the restaurant handled millions of credit card transactions per year and had standard agreements with its processor, Bank of America, which itself had standard agreements with credit card associations like MasterCard.  The bottom line for the court was that P. F. Chang’s was a sophisticated party, and if it wanted cyber insurance for credit card assessments “it could have bargained for that coverage.”    Chang’s also argued that it had a reasonable expectation that credit card assessments would be covered if arising out of a data breach.  However, the court determined that the record was void of any evidence that the policyholder expected such coverage.  As the court noted, there was no evidence showing Chang’s insurance broker asked Chubb’s underwriter if such assessments would be covered.  Furthermore, the application and underwriting files were devoid of any evidence as to Chang’s expectation of coverage for this type of claim. This is an excellent, but unfortunate, example of why due diligence is critical when placing cyber insurance.  Here is a short checklist that policyholders should consider when considering cyber insurance: Use a team approach: insured, broker, coverage counsel Understand your risk profile Review existing coverages to know what coverage is already available Put into place other coverage as needed Understand that data coverage is broader than just “cyber” Ensure there is coverage for using the “cloud” Negotiate for a retro date of at least one year Know what counsel and vendors will be supplied Carefully review the application and ask questions of the broker and underwriter In this instance, Chang’s needed a better understanding of its complete risk profile for possible losses arising from a data breach.  With such information it could have worked with coverage counsel to determine if the Chubb policy truly provided the “flexible insurance solution” it marketed.  It is critical that policyholders take the time and effort when placing cyber insurance to avoid costly gaps in coverage.  Cyber policies vary greatly among insurers with little uniformity.  In-depth due diligence is the only way to avoid problems. Finally, attention also is required as to the reputation of insurance companies.  Policyholders must determine which insurers are true leaders in the cyber insurance market and who stand behind the coverage they sell.  As more cyber coverage cases are filed, a clearer picture is developing as to those insurers earning a reputation for fighting data breach coverage and leaving their policyholders holding the bag.  Collin Hite leads the Insurance Recovery Group and the Data Privacy & Security practice of Hirschler Fleischer in Richmond. He may be reached at (804)771-9595 or chite@hf-law.com.     2016-06-22T17:14:00+00:00 http://www.virginiabusiness.com/news/article/townebank-monarch-merger-scheduled-to-close-friday TowneBank-Monarch merger scheduled to close Friday http://www.virginiabusiness.com/news/article/townebank-monarch-merger-scheduled-to-close-friday http://www.virginiabusiness.com/news/article/townebank-monarch-merger-scheduled-to-close-friday#When:17:11:00Z The merger of two Hampton Roads-based banking companies, TowneBank and Monarch Financial Holdings Inc., is scheduled to close Friday. The companies announced Tuesday that the merger received approval from shareholders in separate meetings. The acquisition of Monarch by TowneBank already has received all regulatory approvals. Monarch stockholders will receive 0.883 shares of TowneBank common stock for each share of Monarch common stock. When the deal was announced in December, it was valued at $220 million. Portsmouth-based TowneBank had assets of $6.37 billion as of March 31. It operates 37 banking offices in Central Virginia, Hampton Roads and North Carolina. Monarch Financial Holdings, the parent company for Monarch Bank, has 10 banking offices in Hampton Roads 2016-06-22T17:11:00+00:00 http://www.virginiabusiness.com/uploads2/1Architectural_rendering_of_proposed_IKEA_Norfolk_%28opening_in_Summer_2018%29_-_lo.jpg Rendering of proposed IKEA Norfolk. http://www.virginiabusiness.com/news/article/ikea-plans-to-open-second-virginia-store-in-norfolk IKEA plans to open second Virginia store in Norfolk http://www.virginiabusiness.com/news/article/ikea-plans-to-open-second-virginia-store-in-norfolk http://www.virginiabusiness.com/news/article/ikea-plans-to-open-second-virginia-store-in-norfolk#When:15:46:00Z IKEA announced Tuesday it is planning to submit plans to the City of Norfolk to open its second store in Virginia. The 331,000-square-foot IKEA store and 1,000 parking spaces would be built on 19 acres at the Intersection of 64 and Northampton Boulevard. The project is expected to create 250 employees and 500 construction jobs. “We are excited at the possibility of growing our Southeastern U.S. presence with a Norfolk store,” IKEA U.S. President Lars Petersson said in a statement. “A location in this retail corridor would provide our nearly 35,000 Hampton Roads customers their own store and introduce the unique IKEA shopping experience to others through southeast Virginia.” The proposed IKEA Norfolk would feature almost 10,000 items and include a 450-seat restaurant serving Swedish specialties, baby-care room, a supervised children’s play area and play areas throughout the store. If approved by Norfolk, construction would begin in spring 2017, and the store would open in the summer of 2018. IKEA is a Swedish company known for offering affordable home furnishings. IKEA has more than 380 stores in 48 countries, including 42 in the U.S. In addition to its store in Woodbridge, IKEA also opened a furniture factory in Danville in 2008. 2016-06-21T15:46:00+00:00 http://www.virginiabusiness.com/news/article/neustar-announces-plan-to-split-in-two Neustar announces plan to split in two http://www.virginiabusiness.com/news/article/neustar-announces-plan-to-split-in-two http://www.virginiabusiness.com/news/article/neustar-announces-plan-to-split-in-two#When:15:28:00Z Another Virginia company has announced plans to split itself in two. Sterling-based Neustar said Monday it intends to separate into two publicly traded companies. One company will consist of the majority of Neustar’s information services, and the other will focus on providing order management and numbering services. The move follows other Virginia companies that have announced plans to split or merge in recent years, such as McLean-based news publisher Gannett, which separated its publishing and broadcast divisions last year. The broadcast and digital operation is now known as Tegna Inc. “The proposed spin-off will enable Neustar shareholders to own and value each business separately, allowing each company to attract the investor base most appropriate for its distinct investment profile,” James Cullen, Neustar’s chairman of the board of directors, said in a statement.   Neustar plans to accomplish the separation through a tax-free spin-off. Lisa Hook, currently president and chief executive officer of Neustar, will head the information services company, which will be re-branded. Paul Lalljie, Neustar’s senior vice president and chief financial officer, will lead the order management and numbering services company, which will retain the Neustar name and brand. The information services company will provide marketing, security and related data services arising from millions of households and individuals, and the billions of devices that are constantly changing and interacting. It does not rely on any data derived from the company’s Order Management & Numbering Services activities, or NPAC Services. The revenues associated with these services increased to $470 million in 2015, with a compounded annual growth rate of 25 percent during the past four years. The order management and numbering services company will provide numbering and routing information to communications service providers to ensure the delivery of voice calls and text messages and efficient management of telephone number resources. It also will provide order and inventory management solutions that enable communications service providers to exchange information with other providers to support the provisioning of subscribers, services, networks and devices. The revenues associated with these services increased to $580 million in 2015, with a compounded annual growth rate of 8 percent over the past four years. NPAC fixed fee revenue will continue to generate approximately $496 million annually through the duration of the contract. In addition, the existing members of the Neustar board of directors will move to the boards of each company as follows: Joel Friedman will serve as chairman of the board of directors of the information services company and will be joined on the board by Paul Ballew, Mark Greene, Lisa Hook and Deborah Rieman. James Cullen will serve as chairman of the board of directors of the order management and numbering services company and will be joined on the board by Ross Ireland, Paul Lacouture, Paul Lalljie, Michael Rowny and Hellene Runtagh. Neustar says it will name additional board directors and the remaining senior leadership of each company in due course. The separation is subject to customary conditions, including effectiveness of the Form 10 to be filed with the Securities and Exchange Commission, and approval by Neustar’s board of directors. 2016-06-21T15:28:00+00:00 http://www.virginiabusiness.com/news/article/former-bank-executive-starts-wealth-management-firm Former bank executive starts wealth management firm http://www.virginiabusiness.com/news/article/former-bank-executive-starts-wealth-management-firm http://www.virginiabusiness.com/news/article/former-bank-executive-starts-wealth-management-firm#When:00:17:00Z A former bank executive has launched a Richmond-based wealth management firm. The company, ACIMA Private Wealth, is an independent Registered Investment Advisory firm. ACIMA was founded by Gary M. Gore, who formerly was Virginia president of Bank of America and mid-Atlantic region executive for U.S. Trust. He is ACIMA’s president and CEO. “We want every client’s journey at ACIMA to be a different experience to what they may have had in the past with a financial advisory firm,” Gore said in a statement. “Our clients will find that we are easy to do business with, taking a custom approach to their objectives and building a flexible financial plan that reflects their values.” Joining Gore are managing directors Ardavan Mobasheri, previously chief economist at the American International Group (AIG), and Tanya Orr Bird, former senior investment strategist for the Greater Virginia region at Wells Fargo Private Bank. Matt Williams serves as the firm’s vice president and wealth advisor. ACIMA offers financial planning, investment management, family wealth services and private banking, working with clients who typically maintain at least $5 million in liquid assets. 2016-06-21T00:17:00+00:00 http://www.virginiabusiness.com/news/article/ferrum-names-yale-dean-as-its-new-president Ferrum names Yale dean as its new president http://www.virginiabusiness.com/news/article/ferrum-names-yale-dean-as-its-new-president http://www.virginiabusiness.com/news/article/ferrum-names-yale-dean-as-its-new-president#When:21:26:00Z A Yale University dean has been named the next president of Ferrum College. Joseph Carson Spooner will assume his new role on Aug. 1. He currently is dean of Jonathan Edwards College at Yale. The appointment follows a national search for a successor to Jennifer L. Braaten who plans to retire after 14 years as president of the school. A first-generation college student from a small family farm in north Florida, Spooner received his bachelor’s degree from Yale in 1991, his master’s degree from Florida State University in 1995, and his doctorate in history from the University of Edinburgh in 2013. Before becoming a dean at Yale, Spooner held teaching and administrative positions at Chipola College, Florida State, Williams College and the University of Edinburgh. Founded in 1913, Ferrum College is a four-year, private, co-educational, liberal arts college related to the United Methodist Church. The college had 1,310 full-time students last fall, according to the State Council of Higher Education for Virginia. 2016-06-20T21:26:00+00:00 http://www.virginiabusiness.com/uploads2/LARGESTCOS_HuntingtonIngalls.png http://www.virginiabusiness.com/news/article/huntington-ingalls-industries-reveals-more-details-about-scholarship-progra Huntington Ingalls Industries reveals more details about scholarship program http://www.virginiabusiness.com/news/article/huntington-ingalls-industries-reveals-more-details-about-scholarship-progra http://www.virginiabusiness.com/news/article/huntington-ingalls-industries-reveals-more-details-about-scholarship-progra#When:20:33:00Z Newport News-based Huntington Ingalls Industries revealed more details Monday about the scholarship program it has established for dependent children of company employees. In March HII said it had begun the process to establish the scholarship fund. Working with Scholarship Management Services, a division of Scholarship America, HII intends to award 100 scholarships a year to dependent children of HII employees. In order to fund the scholarships HII President and CEO Mike Petters has declined his annual salary, but for $1. Award amounts range from $1,500 to $3,000 per year. “I was awarded two scholarships in my life that totally changed my trajectory,” Petters said in a statement. “It’s my hope that this scholarship program will do the same for many of our extended HII family.” The scholarships also will be funded through the establishment of an endowment for the benefit of students in future years and by anyone else who wishes to donate to the program. The Huntington Ingalls Industries Scholarship Fund provides financial assistance to children of HII employees who are pursuing a college or technical/vocation degree and children that are enrolled in pre-kindergarten school readiness programs. Children of all HII employees are eligible to apply, except for children of senior executives and those employees who have been with the company for less than two years. Details on how to apply for a scholarship can be found here: http://www.huntingtoningalls.com/employees/scholarship/. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of engineering, manufacturing and management services to the nuclear energy, oil and gas markets. The company employs nearly 35,000 people domestically and abroad. 2016-06-20T20:33:00+00:00 http://www.virginiabusiness.com/news/article/international-paper-co.-leases-81375-feet-in-portsmouth International Paper Co. leases 81,375 feet in Portsmouth http://www.virginiabusiness.com/news/article/international-paper-co.-leases-81375-feet-in-portsmouth http://www.virginiabusiness.com/news/article/international-paper-co.-leases-81375-feet-in-portsmouth#When:14:26:00Z International Paper Company has leased 81,375 square feet at 3100 Elmhurst Lane in Portsmouth. Robert M. Thornton and William Throne handled the lease negotiations.  In other transactions for Cushman & Wakefield | Thalhimer in the Hampton Roads market: U.S. Port Services leased 80,000 square feet at 3050 & 3100 Elmhurst Ave. in Portsmouth. Thornton and Throne handled the lease negotiations.   UBS Financial Services Inc. leased 12,896 square feet in the Wells Fargo Center at 440 Monticello Ave. John P. Duffy Jr. handled the lease negotiations. Henry’s Tires leased 12,000 square feet in Copeland Industrial Park at 415 Rotary St. in Hampton. Geoff Poston and Clay Culbreth handled the lease negotiations. 2016-06-20T14:26:00+00:00 http://www.virginiabusiness.com/uploads2/image005.jpg http://www.virginiabusiness.com/news/article/575-herndon-parkway-is-listed-for-sale 575 Herndon Parkway is listed for sale http://www.virginiabusiness.com/news/article/575-herndon-parkway-is-listed-for-sale http://www.virginiabusiness.com/news/article/575-herndon-parkway-is-listed-for-sale#When:14:18:00Z 575 Herndon Parkway, a 135,000-square-foot office building located on a 4.8-acre site adjacent to the Silver Line Herndon Metrorail station, has been listed for sale. Colliers International was named as the exclusive agent to market the property in Northern Virginia’s Dulles Corridor. According to Colliers, the building is 100 percent leased, with Booz Allen as the lead tenant. The property sits in the center of Herndon’s Transit Oriented Core, a new zoning district created to encourage mixed-use, urban-style development at the Herndon Metro Station. As part of this 38-acre core, as much as 906,400 square feet could be developed on the site. Built in 1989, 575 Herndon Parkway is a five-story building that has been renovated. Notable features include a contemporary skylight atrium with glass elevators. This design allows for two wings on each floor with restrooms and systems centralized around the core. 2016-06-20T14:18:00+00:00 http://www.virginiabusiness.com/news/article/cyrusone-completes-new-data-center-in-northern-virginia CyrusOne completes new data center in Northern Virginia http://www.virginiabusiness.com/news/article/cyrusone-completes-new-data-center-in-northern-virginia http://www.virginiabusiness.com/news/article/cyrusone-completes-new-data-center-in-northern-virginia#When:13:50:00Z CyrusOne has completed its newest 30-megawatt facility on the company’s Northern Virginia campus in Sterling. With ground breaking to completion done in under six months, CyrusOne said the project was delivered in the shortest time to market interval for an enterprise scale data center of its size. Driving the timeline was the company’s use of massively modular engineering methods and advanced manufacturing supply chain techniques. “CyrusOne’s goal has been to improve our supply chain efficiency to the point whereby we can deliver a completed data center in the same timeframe that our customers can order and receive the computing equipment that will reside in the data center. We never want our customers’ business objectives to be slowed down by the speed of their data center deployment … ” Gary Wojtaszek, president and CEO of CyrusOne, said in a statement. CyrusOne, based in the Dallas area, said it previously set an industry record when it delivered a 6 MW facility in Phoenix in 107 days. The newest facility in Virginia is five times bigger, and only took twice as long to deliver. Completion of the Sterling II data center expands the scope of the 129,000-square-foot Northern Virginia campus. The company disclosed last week that it had purchased 40 acres in the Kincora mixed-use project in Loudoun County where it plans to build a $ 1 billion dollar data center. The Northern Virginia data center campus is part of CyrusOne’s National Internet Exchange (IX). The exchange creates a data center platform that virtually links more than a dozen of CyrusOne’s enterprise facilities and third-party locations in numerous metropolitan markets. 2016-06-20T13:50:00+00:00 http://www.virginiabusiness.com/uploads2/02_-_Park_Av.jpg Rendering of Boro Tower http://www.virginiabusiness.com/news/article/tegna-will-move-its-headquarters-to-the-boro-at-tysons Tegna will move its headquarters to The Boro at Tysons http://www.virginiabusiness.com/news/article/tegna-will-move-its-headquarters-to-the-boro-at-tysons http://www.virginiabusiness.com/news/article/tegna-will-move-its-headquarters-to-the-boro-at-tysons#When:21:27:00Z The Meridian Group said Friday that TEGNA Inc. is moving its headquarters to Boro Tower, a new 20-story trophy office tower to be built in Tysons. TEGNA, the former Gannett Co. that changed its named last year after spinning off its print division, will lease the top floors of the building, or about 60,000 of the building’s 440,000 square feet starting in early 2019. “We are thrilled and proud that TEGNA chose The Boro for its new headquarters,” David Cheek, president and co-founder of The Meridian Group, said in a statement. “ … Our strategy is to make The Boro one of the area’s most vibrant communities, a true ‘town center’ for Tysons.” Based in Bethesda, Md., Meridian is the developer behind the mixed-use project near Greensboro Metro Station that will include 1.7 million square feet in its first phase. TEGNA is comprised of a portfolio of media and digital businesses, including 46 television stations, Cars.com, CareerBuilder and G/O Digital.  The company is relocating from its current headquarters at 7950 Jones Branch Drive in McLean.  “We are very excited about our new office space and TEGNA being an anchor tenant in a premiere new development,” said Gracia Martore, the company’s president and CEO.  “The Boro will be fresh, innovative and dynamic, just like TEGNA. It will be a great fit for our employees and enable them to enjoy many amenities, such as Metro, shopping, dining and entertainment.” CBRE played a key role in the leasing. CBRE’s Meredith LaPier and Rob Faktorow represented TEGNA while Terry Reiley, also of CBRE, represented the Meridian Group.  The new office tower will offer 9- to 10-foot ceiling heights and an expansive rooftop terrace with panoramic views from the Blue Ridge Mountains to downtown Washington. TEGNA represents the tower's first pre-lease. Other anchor tenants at The Boro development include Whole Foods Market and ShowPlace ICON Theatre. 2016-06-17T21:27:00+00:00 http://www.virginiabusiness.com/news/article/virginias-unemployment-rate-dips-again1 Virginia’s unemployment rate dips again http://www.virginiabusiness.com/news/article/virginias-unemployment-rate-dips-again1 http://www.virginiabusiness.com/news/article/virginias-unemployment-rate-dips-again1#When:20:30:00Z Virginia’s seasonally adjusted unemployment rate fell 0.1 percent in May to 3.8 percent, the lowest in eight years, according to the Virginia Employment Commission. Virginia’s unemployment rate remains below the national average of 4.7 percent. The seasonally adjusted rate accounts for fluctuations in the job market each year. However, in May, private sector employment decreased by 7,300 jobs to 3,188,300, while public sector payrolls increase by 1,200 jobs to 714,000. A strike by Verizon Communications Inc. employees accounted for about two-thirds of the decline. Over the past year, Virginia’s seasonally adjusted total nonfarm employment was up 1.8 percent, or by 67,900 jobs. Over the past month, seasonally adjusted employment decreased in five major industry divisions: information; leisure and hospitality; trade and transportation; miscellaneous services and private education and health services. Mining employment remained the same. Employment grew in the professional and business services, construction and government divisions. Employment grew slightly in two divisions: manufacturing (400 jobs) and finance (100 jobs). 2016-06-17T20:30:00+00:00 http://www.virginiabusiness.com/uploads2/WESTERNFRONTHOTELSTPAUL.png Western Front Hotel rendering courtesy Cornestone Hospitality. http://www.virginiabusiness.com/news/article/groundbreaking-ceremony-held-for-western-front-hotel-in-st.-paul Groundbreaking ceremony held for Western Front Hotel in St. Paul http://www.virginiabusiness.com/news/article/groundbreaking-ceremony-held-for-western-front-hotel-in-st.-paul http://www.virginiabusiness.com/news/article/groundbreaking-ceremony-held-for-western-front-hotel-in-st.-paul#When:18:01:00Z Developer Creative Boutique Hotels (CBH) held a groundbreaking ceremony this month for the 33-room Western Front Hotel in downtown St. Paul. The $7.3 million boutique hotel is expected to open by summer 2017.  Creative Boutique Hotels is a Virginia-based partnership focused on the development of boutique hotels in small markets. The hotel will be developed utilizing the former Willis and Dye buildings. In addition to guest rooms it will include a restaurant and music venue; rooftop dining; a rooftop bar and outdoor entertainment spaces. “The hotel will be designed for those who enjoy the many exciting outdoor activities the region has to offer – ATV trails, hiking, tubing on the Clinch River, fishing, kayaking and so much more,” Kimberly Christner, president of Cornerstone Hospitality and a partner in Creative Boutique Hotels, said in a statement. Various programs and grants are being used to fund the project including state and federal historic tax credits as well as Department of Housing and Community Development and Appalachian Regional Commission grants. CBH will use $250,000 grant from the Virginia Tourism Growth Fund for the project. It also has secured low interest loans from the Virginia Tobacco Region Revitalization Commission, the Virginia Coalfield Economic Development Authority and the Virginia Community Development Corp. CBH also announced that Travis Milton will be developing and operating food and beverage concepts for all its properties in the region, including the Western Front Hotel. 2016-06-17T18:01:00+00:00 http://www.virginiabusiness.com/companies/article/john-marshall-bank-promotes-executive John Marshall Bank promotes executive http://www.virginiabusiness.com/companies/article/john-marshall-bank-promotes-executive http://www.virginiabusiness.com/companies/article/john-marshall-bank-promotes-executive#When:19:57:00Z Reston-based John Marshall Bank has promoted  Jeff DiMeglio to lead operations in its Tysons Corner region. DiMeglio, who is senior vice president/regional executive, will work from the bank’s new office at 8229 Boone Boulevard, Suite 380, in Tysons Corner. He will promote the bank’s brand in the Tysons Corner, Vienna and McLean area of Fairfax County. DiMeglio joined the bank in 2014 as senior vice president/commercial lender. 2016-06-16T19:57:00+00:00 http://www.virginiabusiness.com/news/article/grant-thornton-llp-consolidating-northern-virginia-offices-to-arlington-cou Grant Thornton LLP consolidating Northern Virginia offices to Arlington County http://www.virginiabusiness.com/news/article/grant-thornton-llp-consolidating-northern-virginia-offices-to-arlington-cou http://www.virginiabusiness.com/news/article/grant-thornton-llp-consolidating-northern-virginia-offices-to-arlington-cou#When:19:54:00Z Grant Thornton LLP announced Thursday it will invest $15.75 million to consolidate its Northern Virginia offices to Arlington County. The move will retain 994 jobs and create 348 jobs.  The Chicago-based accounting and advisory firm currently has offices in Alexandria and McLean. According to a news release issued by Gov. Terry McAuliffe’s office, Virginia competed against Washington, D.C. for the project.   McAuliffe approved a $1 million grant from the Commonwealth’s Opportunity Fund to assist Arlington County with the project. The company also will be eligible to receive a Major Business Facility Job Tax Credit. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, a major audit, tax and advisory firm. In the United States, Grant Thornton has revenue of more than $1.45 billion and operates 59 offices with more than 550 partners and 7,000 employees. 2016-06-16T19:54:00+00:00 http://www.virginiabusiness.com/news/article/five-virginia-businesspeople-receive-regional-honors Five Virginia businesspeople receive regional honors http://www.virginiabusiness.com/news/article/five-virginia-businesspeople-receive-regional-honors http://www.virginiabusiness.com/news/article/five-virginia-businesspeople-receive-regional-honors#When:19:22:00Z Five Virginia businesspeople are among eight named mid-Atlantic winners in the 30th annual EY Entrepreneur of the Year Awards. The regional winners include: Joe Pack, Atlantic Emergency Solutions, Yorktown Osiris Hoil, District Taco, Falls Church Michael O’Neil, GetWellNetwork Inc., Bethesda, Md. Rick Calder GTT Communications Inc., McLean Bill Marriott, Marriott International Inc, Bethesda, Md. David Link, ScienceLogic, Reston Sonny Kakar, Sevatec, Fairfax Carrie Rich, The Global Good Fund, Washington, D.C. Regional award winners are eligible for consideration for the EY Entrepreneur Of The Year national program.  Award winners in several national categories, as well as the EY Entrepreneur Of The Year Overall National Award winner, will be announced at the EY Entrepreneur Of The Year National Awards gala in Palm Springs, Calif., on Nov. 19. The U.S. Entrepreneur Of The Year Overall Award winner then moves on to compete for the World Entrepreneur Of The Year Award in Monaco in  June 2017. 2016-06-16T19:22:00+00:00 http://www.virginiabusiness.com/news/article/virginia-commerce-secretary-leaving-to-lead-nonprofit Virginia commerce secretary leaving to lead nonprofit http://www.virginiabusiness.com/news/article/virginia-commerce-secretary-leaving-to-lead-nonprofit http://www.virginiabusiness.com/news/article/virginia-commerce-secretary-leaving-to-lead-nonprofit#When:19:22:00Z Maurice Jones, Virginia’s secretary of commerce and trade, is leaving the McAuliffe administration to lead the New York-based nonprofit Local Initiatives Support Corporation (LISC). Jones will become president and CEO of LISC on Sept. 6, replacing Michael Rubinger. His last day as secretary will be Sept. 2. Read a Virginia Business profile and interview with Jones. Former U.S. Treasury Secretary Robert Rubin, who is LISC’s long-time board chair, said in a statement that Jones’ experience working in federal and state government as well as in the private sector align with LISC’s mission to rebuild America’s struggling communities. “Maurice is highly experienced as a manager and in addressing the challenges of community development,” Rubin said. “He is also a policy expert with a strong strategic mindset, and has been a business builder. He understands the myriad difficulties facing low-income families. The board is excited to have such a compelling and talented leader.” Jones, 51, joined McAuliffe’s administration in 2014. Before taking that post, he was deputy secretary for the U.S. Department of Housing and Urban Development (HUD) for almost two years. He also has been publisher of The Virginian-Pilot. Jones also served as commissioner of Virginia’s Department of Social Services, deputy chief of staff under Gov. Mark Warner, a Treasury Department official under President Bill Clinton, a lawyer in Richmond at Hunton & Williams and a partner at Venture Philanthropy Partners, a firm that invests millions of dollars in the Washington, D.C., area in helping low-income children. According to LISC, Jones helped manage a then-new initiative called the Community Development Financial Institutions (CDFI) fund when he worked for the Treasury Department. It was during his time at the CDFI fund, which helps nonprofits leverage their capital to bolster their communities, that Jones say he came to admire LISC’s commitment to fighting poverty and blight. “For me, this is a remarkable opportunity to lead one of the country’s outstanding change-agents,” Jones said in the statement. “LISC has staff all across the country who spend every day connecting with community leaders, policymakers, capital providers, and, of course, committed residents who together want to solve some of the nation’s toughest problems. I could not be more excited about this work.” Jones was raised by his grandparents in a rural Southern Virginia community. He received a full merit scholarship to Hampden-Sydney College and later earned a master’s degree in international relations at Oxford University and a law degree with the University of Virginia. “In many ways, coming to LISC brings me full-circle,” he said. “I vividly remember, as a child, watching my grandparents working themselves to the bone so I could have a better life. Now I feel blessed to be in the position of creating opportunities for a new generation.” LISC has invested more than $16 billion to help neighborhoods recover from decline and abandonment. Last year the organization worked with community partners in 31 areas and invested $1.3 billion to build and preserve affordable housing and support projects in health, safety and job creation to revitalize neighborhoods. The Virginia LISC office is based in Richmond. 2016-06-16T19:22:00+00:00 http://www.virginiabusiness.com/uploads2/Watkins_Centre_10.08.1.JPG http://www.virginiabusiness.com/news/article/uphoff-ventures-buys-former-village-bank-headquarters-building Uphoff Ventures buys former Village Bank headquarters building http://www.virginiabusiness.com/news/article/uphoff-ventures-buys-former-village-bank-headquarters-building http://www.virginiabusiness.com/news/article/uphoff-ventures-buys-former-village-bank-headquarters-building#When:18:11:00Z Uphoff Ventures said Thursday that it has purchased the former headquarters building of Village Bank and Trust Financial Corp. at the Watkins Centre in Midlothian. The Chester-based company paid $12.25 million for the 73,873-square-foot building. CBRE|Richmond brokered the deal and will serve as the leasing agent. The building has about 10,000 square feet of office space available for lease. In 2014, Village Bank vacated the four-story building on Midlothian Turnpike, which is near state Route 288, and moved into a smaller office nearby. “It has been a pleasure working with Village Bank to acquire the office space at Watkins Centre,” Steve Uphoff, founder and owner of Uphoff Ventures, said in a statement.   “Our family-owned business based in Chesterfield is committed to maintaining our community’s reputation as a respected destination for families and businesses.” In addition to the Village Bank building, Uphoff Ventures owns Uptown Alley locations in Richmond and Surprise, Ariz.  Two new Uptown Alley facilities, a bowling and entertainment venue, are in development in Virginia Beach and Manassas, and the company plans to build 15 of the venues across China. Uphoff Ventures also purchased Dion Oil Co. of Florida in February. The company sold most of its Uppy’s convenience store chain in 2010 and since has been diversifying in other businesses. Uphoff Ventures is co-owned by Uphoff, his wife, Linda Uphoff; and daughter Cassandra Moore and son-in-law Steven Moore, partners in Uptown Alley. “We are pleased that Uphoff Ventures will now own the Village Bank building,” Trib Sutton, senior vice president and director of brokerage services at CBRE|Richmond, said in a statement. "Village Bank helped to create one of the most prestigious buildings for premier office users in suburban Richmond, and we know Uphoff Ventures will continue to maintain the high-quality finishes, state of the art systems and exceptional accessibility.” Village Bank, a community bank based in Chesterfield County, operates eleven retail branch locations in Chesterfield, Hanover, Henrico and Powhatan counties. 2016-06-16T18:11:00+00:00 http://www.virginiabusiness.com/news/article/southport-trade-center-in-virginia-beach-sells-for-3.3-million Southport Trade Center in Virginia Beach sells for $3.3 million http://www.virginiabusiness.com/news/article/southport-trade-center-in-virginia-beach-sells-for-3.3-million http://www.virginiabusiness.com/news/article/southport-trade-center-in-virginia-beach-sells-for-3.3-million#When:02:46:00Z  A local investor in Virginia Beach has purchased the Southport Trade Center there for $3.3 million. Divaris Real Estate Inc. represented Southport Elizabeth Investors Inc. in the sale of the property at 349 Southport Circle to Adrianos Touzos, a Virginia Beach-based investor.   Michael Divaris, Alex Divaris, and Jason Oliver comprised the team from Divaris Real Estate’s Investment Sales Group. Southport Trade Center is a single-story, office/flex building located within the Central Business District, about one mile south of the Town Center of Virginia Beach.  According to the company, the property was fully leased at the time of the sale.  Tenants in Southport Trade include Pennoni, Mosquito Joe and Tradesmen.  The property is leased by Divaris Real Estate.    2016-06-16T02:46:00+00:00 http://www.virginiabusiness.com/news/article/eastern-virginia-bankshares-inc.-moving-to-innsbrook-business-park-in-glen Eastern Virginia Bankshares Inc. moving to Innsbrook business park in Glen Allen http://www.virginiabusiness.com/news/article/eastern-virginia-bankshares-inc.-moving-to-innsbrook-business-park-in-glen http://www.virginiabusiness.com/news/article/eastern-virginia-bankshares-inc.-moving-to-innsbrook-business-park-in-glen#When:21:17:00Z Eastern Virginia Bankshares Inc. – the parent company of EVB bank – said Wednesday it is relocating its headquarters to Innsbrook business park in Glen Allen. The company expects to move to10900 Nuckols Road in Innsbrook in early fall, but EVB’s main bank office will remain in Tappahannock. Eastern Virginia Bankshares President and CEO Joe A. Shearin said in statement members of the company’s executive leadership team currently are remotely located in various locations. “This relocation will allow us to integrate key corporate departments in one location, which we believe will increase collaboration and productivity, while gaining operating efficiencies throughout the company,” he said. “Our new headquarters will also provide us the space and flexibility needed to continue to grow and reach new customers." Eastern Virginia Bankshares had assets of $1.3 billion as of March 31. Through EVB, the company operates 24 branches, two drive-in facilities and one loan production office in Eastern and Central Virginia. 2016-06-15T21:17:00+00:00 http://www.virginiabusiness.com/news/article/mgm-national-harbor-will-celebrate-opening-of-employment-center-on-monday MGM National Harbor will celebrate opening of employment center on Monday http://www.virginiabusiness.com/news/article/mgm-national-harbor-will-celebrate-opening-of-employment-center-on-monday http://www.virginiabusiness.com/news/article/mgm-national-harbor-will-celebrate-opening-of-employment-center-on-monday#When:21:08:00Z MGM National Harbor, the $1.3 billion entertainment resort casino under development in Prince George’s County, Md., plans the grand opening of its employment center on Monday, June 20. Formerly known as Thomas Addison Elementary school, the renovated building will house training programs and provide assistance to candidates in 100 available job classifications. The newly renovated facility currently houses the Prince George’s Community College Dealer School, where about 200 students are learning four table games, ncluding Blackjack and Baccarat. MGM National Harbor expects to hire about 3,600 employees over the next several months. The new casino project is part of National Harbor, a mixed-use project on the banks of the Potomac River, just across the Woodrow Wilson bridge from Northern Virginia. MGM National Harbor executives, local and political leaders will gather for the center's grand opening. The company said Lorenzo Creighton, president and COO, MGM National Harbor, will be on hand along with Bill Boasberg, general manager, and Logan Gaskill, the resort's vice president of human resources.  The ceremony will be held from 9 a.m. to 11 a.m. at the building at 7100 Oxon Hill Rd. Tours of the facility will follow a ribbon cutting.     2016-06-15T21:08:00+00:00 http://www.virginiabusiness.com/news/article/ctb-awards-contracts-to-add-tolls-to-interstate-66-inside-the-beltway-const CTB awards contracts to add tolls to Interstate 66 inside the Beltway http://www.virginiabusiness.com/news/article/ctb-awards-contracts-to-add-tolls-to-interstate-66-inside-the-beltway-const http://www.virginiabusiness.com/news/article/ctb-awards-contracts-to-add-tolls-to-interstate-66-inside-the-beltway-const#When:20:18:00Z Construction will begin this summer on tolls on Interstate 66 inside the Beltway. The Commonwealth Transportation Board awarded two contracts this week for the project. Tolls are expected to start in the summer of 2017. TransCore LP received a $27.6 million contract to design, install and test the tolling system and equipment. TransCore will operate and maintain the toll facility for a five-year period, with the option of a five-year contract extension funded by toll revenue. Fort Myer received a $33.8 million contract to build the tolling infrastructure. Dynamic tolls will be implemented during weekdays during rush hours (from 5:30 a.m. until 9:30 a.m. eastbound and between 3 p.m. and 7 p.m. westbound). Carpoolers with two or more people can use the lanes for free, but by late 2020 carpoolers must have three or more people to use the lanes for free. Tolls will vary based on traffic volumes. The average toll is expected to be between $5 to $6 a trip. The lanes will remain free to all traffic during off-peak hours and on weekends. 2016-06-15T20:18:00+00:00 http://www.virginiabusiness.com/companies/article/brown-edwards-in-roanoke-announces-two-new-partners Brown Edwards in Roanoke announces two new partners http://www.virginiabusiness.com/companies/article/brown-edwards-in-roanoke-announces-two-new-partners http://www.virginiabusiness.com/companies/article/brown-edwards-in-roanoke-announces-two-new-partners#When:18:57:00Z Brown Edwards, a regional certified public accounting firm based in Roanoke, announced Wednesday that Laura Sprouse and Tim George have joined the partnership. Sprouse is the firm’s administrator. Her responsibilities include the information technology and training areas. She has worked more than 18 years in public accounting and offers expertise in training personnel, automation and utilization of information technology in the workplace. She specializes in the selection and implementation of accounting information systems for clients and the firm. George serves in the firm’s assurance area. He specializes in accounting, taxation and various consulting services for privately held firms in the construction and engineering and design industries and has experience dealing with employee benefit plans. Brown Edwards has nine locations in Virginia, West Virginia and Tennessee. The firm’s clientele ranges from contractors, manufacturers and health care providers to engineering and technology developers, among others. 2016-06-15T18:57:00+00:00 http://www.virginiabusiness.com/uploads2/Columbia_Apartments_11.PNG http://www.virginiabusiness.com/news/article/thalhimer-realty-partners-renovates-historic-fan-building-into-apartments Thalhimer Realty Partners renovates historic Fan building into apartments http://www.virginiabusiness.com/news/article/thalhimer-realty-partners-renovates-historic-fan-building-into-apartments http://www.virginiabusiness.com/news/article/thalhimer-realty-partners-renovates-historic-fan-building-into-apartments#When:18:23:00Z Thalhimer Realty Partners (THR) Inc., the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has completed the renovation of the historic Columbia House in Richmond into apartments. The company purchased the nearly 200-year-old building at the corner of West Grace and Lombardy streets in late 2014 for $950,000. It began renovations in mid-2015, investing $1.7 million in planning and renovations to transform the office into apartments, with the building now called Columbia Apartments.  TRP says historic tax credits were used to help offset the costs. Commonwealth Architects served as the architect and historic consultant for the renovation, and Corinthian Construction was the general contractor. The project includes 25 studio, one- and two-bedroom apartments, with 410 to 924 square feet.  Rents will range from $749 to $1,399 a month. Cushman & Wakefield | Thalhimer’s Residential Property Services team will lease the apartments. Columbia House was originally built as the estate of wealthy businessman Phillip Haxall in 1817. The University of Richmond later acquired the building and used it as its main academic building.  A north addition was built in 1911, and a west wing was built in 1924 to house T.C. Williams School of Law, completing the total structure that exists today. The university eventually moved its present site in the city’s West End. The first residents are expected to move-in by July 1. “The location, value, and history of the Columbia House really appealed to us.  We knew we could transform the building into Class-A apartments that would attract a variety of residents including those looking to live in the Fan with easy access to major highways, and within walking distance of VCU,” Drew Wiltshire, president, Thalhimer Realty Partners, said in a statement. 2016-06-15T18:23:00+00:00 http://www.virginiabusiness.com/uploads2/PopovichNancyOsmond_fb300.jpg Nancy Osmond Popovich http://www.virginiabusiness.com/opinion/article/corporate-philanthropy-maximizing-your-business-return-on-giving Corporate philanthropy: maximizing your business’ return on giving http://www.virginiabusiness.com/opinion/article/corporate-philanthropy-maximizing-your-business-return-on-giving http://www.virginiabusiness.com/opinion/article/corporate-philanthropy-maximizing-your-business-return-on-giving#When:15:19:00Z From endowments to matching grants, team service days and giving boards, Virginia businesses are giving back in new and exciting ways. In fact, the Chronicle of Philanthropy reported that corporate donations are expected to increase by 4.8 percent in 2016. While these numbers are promising, they belie a deeper truth: many corporations are still not living up to their full philanthropic potential. When these organizations fall short in giving, they not only fail to reap the full business benefits that philanthropy offers, but the neediest in our communities suffer, as well. Most charities depend on corporate dollars to succeed. But over the course of my career as a financial advisor, I’ve noticed that the reverse is true as well. Many of the most successful companies and businesspeople that I work with are devoted philanthropists, donating time and resources to various causes that improve and enhance the lives of people in the communities in which their businesses operate. This is not only because giving back is the right thing to do. Doing good can also be very good for your business, but only if you do it right. Here are the top five things that your company should be doing to maximize the return on the investments it makes in your community. Give time, not just money One of the biggest mistakes that businesses make when it comes to charitable contributions is that they focus solely on the monetary investment. How much money did they give this year? Was it to the right causes? Should they increase their giving next year? It’s true that without dollars, charities cannot support their causes. But even with large donations, what charities really need is people to carry out their mission. All of those corporate dollars don’t mean anything without a commitment of time and talent behind the donation. Don’t donate a penny if you don’t also have time to give to the causes your company supports. As businesspeople, we understand that time is one of our most valuable resources. The same attitude must be applied to corporate giving in order to create real and lasting change in our communities. Create a culture of giving Time is also the way in which your employees become brand ambassadors of goodwill. Most companies give to help create or enhance a positive corporate image; they want their good deeds to be known. This might seem a bit cynical to admit, but it nonetheless is true. To help make your company’s good deeds known and cultivate authentic ambassadors for doing good, empower employees to act. Provide them paid time off to volunteer for causes in which they are invested. Match funds they give to causes dear to them. Make it easy for them to put your company in a positive light. The positive effects of corporate philanthropy are multiplied when companies support employees in their personal charitable efforts and build that culture of giving. The connections they make — on boards, at events or through networking — further expand your business’ reach. It puts your people in touch with decision makers at companies that can help grow your business. Don’t try to fake it To truly make an impact, you have to want to make a difference. To make the most of the time and money your company donates to its philanthropic efforts, use the opportunity to showcase your firm’s integrity and trustworthiness. While writing a check is easy, it is also easy for people, including customers, clients and the community, to tell whether a company is truly invested or not. Rather than the positive image you are trying to project by doing good, half-hearted philanthropy ultimately can become a net-negative, showcasing your business as uncaring and uncommitted, two things no client or customer wants. The combination of time and money invested shines through in tangible results. Most often, this occurs when companies concentrate their philanthropic resources on one or a select few causes. Whether it is a children’s cause, public health, our military and veterans, or some other initiative, take the time to evaluate what your company stands for and how you can express that through your philanthropic efforts. The more you can commit to that cause, the bigger difference you’ll be able to make and the more you will gain. Network and connect Because I feel strongly about empowering women, I have personally become involved in organizations that work to ensure full and equitable access for women in business and healthcare, including the Virginia Hospital Center’s Women’s Health and Empowerment Circle. I know the time and work I’ve contributed to this goal makes a difference in many lives. What I have discovered through this work, but did not expect, was the change it would have on my career. Being involved with the Women’s Health and Empowerment Circle and other charitable organizations has helped me transform my career. The connections I’ve made participating in advisory boards, organizing events and fundraising have resulted in new leads for my firm. The organizational, managerial, budgeting and writing skills I’ve learned and honed through charity work are ones that I tap into every day as I am advising my own clients. This is perhaps one of the greatest benefits of corporate philanthropy. Most companies strongly encourage their employees to seek out networking opportunities or groups. Philanthropy offers you such a group, with the added bonus of knowing that the other members share your values and that, while networking, you are lifting up those in need and building a better future for the community that you share.  Spread the good news Corporate giving also gives your company the opportunity to get its name out in the community and helps you connect to more people. You can and should leverage your philanthropic efforts by sponsoring events, through marketing and public relations efforts, adding your philanthropic affiliations to marketing collateral and energizing your current customers or clients to join the cause. The spirit of giving has tremendous potential to cement existing relationships and develop new ones. In short, if you want your business to be a leader in the community, you need to actually show leadership. Give back the right way, the meaningful and purposeful way, because it’s the right thing to do, but also to build and grow your company and community. These motivations are not, and should not be, mutually exclusive. With a little strategy and a lot of commitment, your business will see significant returns from investing in causes close to its heart. When corporate philanthropy is done right, everybody benefits. Nancy Osmond Popovich is managing director at The Wise Investor Group at Baird, an investment management firm in Reston. She can be reached at is NPopovich@rwbaird.com. 2016-06-15T15:19:00+00:00 http://www.virginiabusiness.com/news/article/animal-feed-production-facility-coming-to-henry-county Animal feed production facility coming to Henry County http://www.virginiabusiness.com/news/article/animal-feed-production-facility-coming-to-henry-county http://www.virginiabusiness.com/news/article/animal-feed-production-facility-coming-to-henry-county#When:09:00:00Z Performance Livestock and Feed Co. will invest more than $4 million to establish a feed production operation in Henry County, creating 32 new jobs. The North Carolina-based business says it will increase production by 50 percent over the next three years, according to Gov. Terry McAuliffe. The company will commit to purchasing $11 million in Virginia-sourced grains and other feed ingredients. Performance Livestock produces feed for cattle, horse and other livestock for customers from Florida to Michigan. Virginia competed against North Carolina for the project. McAuliffe approved a $100,000 grant from the Agriculture and Forestry Industries Development Fund, which is being matched by Henry County. The company also was awarded a grant from the Virginia Tobacco Region Revitalization Commission. 2016-06-15T09:00:00+00:00 http://www.virginiabusiness.com/news/article/standard-insurance-co.-announces-plans-to-open-office-in-altavista Standard Insurance Co. announces plans to open office in Altavista http://www.virginiabusiness.com/news/article/standard-insurance-co.-announces-plans-to-open-office-in-altavista http://www.virginiabusiness.com/news/article/standard-insurance-co.-announces-plans-to-open-office-in-altavista#When:21:06:00Z Standard Insurance Co. announced Tuesday plans to open an office in Altavista, which it expects to employ 200 people by 2019. The Portland, Ore.-based company, whose marketing name is “The Standard,” plans for the office to be operational in September. “Our goal is to establish a team of 25-30 employees by the end of 2016 with plans to have 200 or more employed in this office by late 2019,” Dan McMillan, the company’s vice president of employee benefits, said in a statement. “We are posting all roles internally and externally, and have plans to hold job fairs in Campbell County…” The new office will be the company’s fifth regional site, along with locations in Portland and Hillsboro, Ore.; White Plains, N.Y.; and Cincinnati. Standard sells insurance products for groups and individuals, retirement plans products and services and individual annuities. 2016-06-14T21:06:00+00:00 http://www.virginiabusiness.com/news/article/revolution-growth-announces-525-million-in-new-investment-funds Revolution Growth announces $525 million in new investment funds http://www.virginiabusiness.com/news/article/revolution-growth-announces-525-million-in-new-investment-funds http://www.virginiabusiness.com/news/article/revolution-growth-announces-525-million-in-new-investment-funds#When:20:10:00Z   Revolution Growth on Tuesday announced a new, $525 million investment fund, Revolution Growth III. Led by investors Steve Case, Donn Davis and Ted Leonsis, the fund will build upon efforts of the previous Revolution Growth fund of $450 million, launched in 2011. According to the Washington, D.C.-based company, the new fund will invest capital in businesses outside of Silicon Valley that are leveraging technology and new models to disrupt existing, multibillion-dollar industries. Revolution Growth III will be selective, echoing past growth funds, which have made just three to four investments a year, typically investing $25million to $50 million in each situation. This approach enables the firm’s partners to assist the companies they back, which are taking on major sectors such as health care, education, transportation, energy, financial services, food and government services. These companies include Revolution Foods, Bedrock Manufacturing (Shinola and Filson), Optoro, CustomInk (based in Fairfax), Handy and sweetgreen, all investments from the previous Revolution Growth fund. Revolution said the most successful companies in the next wave of investments will be those that understand the importance of forming partnerships with outside organizations and those that have a fluent grasp of the policy issues they will encounter. “Revolution Growth was created out of a belief that with the right idea, team,and partners, there is significant opportunity to build innovative, built-to-last companies, not just in Silicon Valley but all across the country,” Steve Case said in a statement. “While the investment pace has recently slowed somewhat in Silicon Valley, we believe the pace is poised to accelerate in Rise of the Rest regions. We look forward to joining forces with the next generation of entrepreneurs looking to transform significant aspects of our lives, and build great companies in the process.” Case visited Richmond in May 2015 as part of his Rise of the Rest tour in the South.  During a pitch competition, WealthForge edged out seven other Richmond area startups to win a $100,000 investment. With this new fund, plus the previous Revolution Ventures fund, the Revolution Funds now exceed $1.1 billion in committed capital. The new fund is announced in conjunction with an expansion of the Revolution Growth investment team. In January, Steve Murray, a 20-year venture capital veteran at Softbank, joined as a partner, and two previous investment team members, Scott Hilleboe, and Evan Morgan, were promoted to partner. Vice Presidents Kristin Gunther, Ashley Larson and Chris Hughes also joined the firm in the last fall along with associate Patrick Conroy. 2016-06-14T20:10:00+00:00 http://www.virginiabusiness.com/uploads2/jimmy_headshot_ndp.jpg Jimmy Ashworth http://www.virginiabusiness.com/opinion/article/did-you-see-that-ad Did you see that ad? http://www.virginiabusiness.com/opinion/article/did-you-see-that-ad http://www.virginiabusiness.com/opinion/article/did-you-see-that-ad#When:19:22:00Z Here come the Olympic Games and all its splashy advertising.  Large-scale efforts, like P&G's "Thank you, Mom" campaign featuring athletes, already are airing.  And every major sporting event is trying to showcase similarly memorable work. I still recall the FedEx commercial featuring a 30-second test pattern, followed with the message, “Hey, we spent all this money on a Super Bowl spot but didn’t use FedEx and our delivery was late.” Perfect. So why isn't all advertising as compelling every day? I mean the kind of ads people will talk about around the water cooler. Why isn’t every piece of communications as engaging, inspirational and creative? Big-time events may have super-sized media prices: $5 million for 60 seconds, but it doesn’t cost much to come up with a great idea. The FedEx spot was on brand, effective and entertaining. The budget for producing it? A test pattern. But not all the work at these huge events is that great. Why not? Why don’t more breakthrough ideas see the light of day? Sometimes it is a case of trying to do too much; companies trying to shoehorn everything into just one ad.  It's easy to get caught in the, “I want to talk about this one particular benefit, or I want to say there’s a sale on tomorrow."  But what does the customer want to hear?  Are you speaking to them or at them? Have you rewarded them for the time you’ve stolen from them? Everything you do, whether it’s a TV spot, print ad or banner ad, is overall branding for your company and reflects your personality. By doing work that isn’t engaging, are you doing a disservice to your brand? Are you wasting not just your consumers’ time, but are you wasting your advertising dollars’ potential? Advertising is in the business of solving problems in a unique way. You start with an understanding of your brand and its value in the marketplace. You consider the target audience, determining who it really is and what is important to them about your product or service. In some ways, having a limited budget can be of benefit, because with finite funds, you face the challenge of creating an impact and making a difference going up against, well, a Goliath. And that brings about a certain focus fast. How can your company get started? Here are four questions to consider: How can you make your ads stand out? Ask yourself, “Is what we’re saying going to define us a bit more or be relevant to consumers? Have we told our story in an interesting way that differentiates us from our competition?” Understand the message from your customer's standpoint — and how your brand and values align with them. Addressing this up front will result in a more creative expression and a better connection to your audience. Be yourself. Warts and all. People relate to people, not products or corporations. How can you be more creative with advertising? Use strategy and brand insight to really dig deep. Ideally, you have to uncover something that catches the imagination and also connects to the product in a way that is relevant to the consumer. Just don’t bore them. How important is the strategy behind the creative? It’s no longer enough to say your target audience is women ages 45 to 54. Doing the legwork and figuring out what some tension points are is important.  Ask yourself what factors could make a difference in customers’ lives.  That’s critical to getting to the right creative. What’s the future of advertising in general, and your brand in particular? You’ve got to be true to your brand while also respecting the consumer. Today, it’s hard to keep up with the changes in the media and the delivery of the message, not to mention the ever-changing generational perspectives on advertising. These days, people don’t have to watch advertising; they can turn it off or hit fast forward and refuse to engage with it. In the future, brands need to do a better job, not just with content, but how they deliver it, so it’s not intrusive and consumers actually want to engage. Be part of the conversation, not just background noise. If you keep this in mind, they’ll reward you at the water cooler and at the register. Ashworth is executive creative director at ndp in Richmond. He can be reached at jashworth@ndp.agency. 2016-06-14T19:22:00+00:00 http://www.virginiabusiness.com/news/article/data-center-provider-cyrusone-buys-40-acre-parcel-in-loudoun-county Data center provider CyrusOne buys 40-acre parcel in Loudoun County http://www.virginiabusiness.com/news/article/data-center-provider-cyrusone-buys-40-acre-parcel-in-loudoun-county http://www.virginiabusiness.com/news/article/data-center-provider-cyrusone-buys-40-acre-parcel-in-loudoun-county#When:19:20:00Z Texas-based Data center provider CyrusOne has purchased a 40-acre parcel of Kincora — a 6.7-million-square-foot, mixed-use development property in Loudoun County. The company said the purchase and ensuing construction activities are expected to result in more than $1 billion in new investment in Loudoun. “The opportunity to add new real estate to our portfolio while also helping the Loudoun community grow and develop is the type of transaction that CyrusOne aspires to attain,” Kevin Timmons, CyrusOne’s  chief technology officer, said. “Adding this new Northern Virginia location will not only benefit our growth trajectory, but is also vital to continuing to serve our Fortune 1000 customers along the East Coast.” CyrusOne, based in Carrollton, Texas, now operates a 129,000-square-foot facility in Sterling and is nearing completion of a second data center on the property. The company’s purchase of the Kincora property resulted in the first designated reimbursement to a public-private partnership that is funding the extension of Pacific Boulevard and Gloucester Parkway in Loudoun. The Virginia Transportation Infrastructure Bank (VTIB), the lender for Kincora that is financing the Pacific Boulevard extension, received payment of more than $8 million when CyrusOne acquired the land. This figure represents the first designated repayment of VTIB proceeds from any road project funded by VTIB since its creation in 2011. The Gloucester Parkway extension is anticipated to be completed in July, and the Pacific Boulevard extension has a target completion date of December 2016. CyrusOne operates more than 30 data center facilities in the U.S., Europe and Asia. Among its more than 945 customers are nine companies in the Fortune 20 and more than 175 of the Fortune 1000. Kincora was created when TRITEC Real Estate, which has offices in Bethesda, Md., and New York,  and Norton Scott LLC joined forces to acquire and develop 424 acres along Route 7 and 28. Kincora’s master plan provides for millions of square feet to be used as Class A office and retail space, three hotels, a dedicated cultural and science center, and 1,400 apartments and condominium homes. 2016-06-14T19:20:00+00:00 http://www.virginiabusiness.com/uploads2/Legal_Elite.jpg http://www.virginiabusiness.com/news/article/legal-elite-ballots-are-open Legal Elite ballots are open http://www.virginiabusiness.com/news/article/legal-elite-ballots-are-open http://www.virginiabusiness.com/news/article/legal-elite-ballots-are-open#When:19:38:00Z Voting for Virginia Business’ 2016 Legal Elite project has begun. For the 17th year, Virginia Business, in partnership with the Virginia Bar Association, is holding its annual Legal Elite nominations project. The Virginia Business Legal Elite recognizes the top Virginia lawyers in 18 specialties as voted by their peers. Ballots are open to lawyers licensed to practice in Virginia. They can be accessed here. The deadline is July 22. If your information in our database is out of date, please contact Jessica Sabbath at jsabbath@va-business.com with your changes. 2016-06-13T19:38:00+00:00 http://www.virginiabusiness.com/news/article/cushman-wakefield-thalhimer-announces-transactions-in-richmond Cushman & Wakefield | Thalhimer announces transactions in Richmond http://www.virginiabusiness.com/news/article/cushman-wakefield-thalhimer-announces-transactions-in-richmond http://www.virginiabusiness.com/news/article/cushman-wakefield-thalhimer-announces-transactions-in-richmond#When:14:40:00Z Central National-Gottesman Inc.(CNG) has renewed its lease of 48,743 square feet in Enterchange @ Walthall at 1900-1934 Ruffin Mill Rd. in Colonial Heights. The company sells and distributes paper, pulp and forest products. David M. Smith, Matt Braun, Dawn M. Calabrese, and Evan Magrill handled the lease negotiations.   Fajon Turbine Parts & Repairs, LLC leased 43,210 square feet at 8310 Shell Road in Richmond. The company is relocating its manufacturing facility from Phoenix, Ariz. to the site. Dawn F. Griggs handled the lease negotiations.   Synergy Installation Solutions LLC leased 20,000 square feet at 1125 Commerce Road in Richmond. Isaac DeRegibus handled the lease negotiations.   Blue Bee Cider LLC renewed a 9,163-square-foot lease at 212-214 W. Sixth St. in Richmond.  Gregg W. Beck handled the lease negotiations. 2016-06-13T14:40:00+00:00 http://www.virginiabusiness.com/uploads2/International_Place_2.jpg http://www.virginiabusiness.com/news/article/meridian-group-buys-12-story-office-building-in-rosslyn Meridian Group buys 12-story office building in Rosslyn http://www.virginiabusiness.com/news/article/meridian-group-buys-12-story-office-building-in-rosslyn http://www.virginiabusiness.com/news/article/meridian-group-buys-12-story-office-building-in-rosslyn#When:14:38:00Z The Meridian Group has purchased International Place, a 12-story office building in Rosslyn for an undisclosed price. The real estate investment and development firm, based in Bethesda, Md., plans to renovate and reposition the 293,539-square-foot building at 1735 Lynn Street in the submarket of Arlington County.   “International Place is in an ideal location at the base of Central Place, now under construction, so it’s primed for positive growth,” Gary Block, managing director and partner of The Meridian Group, said in a statement. “We are pleased that we were able to acquire an asset with such exceptional potential.” Meridian purchased the building from Beacon Capital Partners. Representing Beacon were Bill Collins and Paul Collins at Cushman & Wakefield. It’s the Meridian Group’s second transaction with Beacon Capital in the past seven months. In December, Meridian purchased 11111 Sunset Hills Road in Reston from Beacon. Located across the street from the Rosslyn Metro station, International Place is 90 percent leased to tenants that include the USPS Office of the Inspector General and the State Department. The LEED gold-certified building offers views of the Jefferson Monument, Memorial Bridge and the Potomac River. The building recently has undergone $4.4 million in improvements, including a 4,376-square-foot fitness center and a newly constructed conference center. “We have plans for a number of other improvements, including upgrades to the building’s lobby and other common areas,” said Bruce Lane, executive vice president and co-founder of The Meridian Group.  International Place is close to a number of new developments, including The JBG Cos. Central Place. That development, now under construction, will include a large public plaza and 45,000 square feet of ground-level retail. “This area is quickly evolving into a vibrant downtown,” Lane said. 2016-06-13T14:38:00+00:00 http://www.virginiabusiness.com/news/article/virginia-business-wins-five-national-journalism-awards Virginia Business wins five national journalism awards http://www.virginiabusiness.com/news/article/virginia-business-wins-five-national-journalism-awards http://www.virginiabusiness.com/news/article/virginia-business-wins-five-national-journalism-awards#When:09:04:00Z Virginia Business has won five awards, four gold and one silver, in a national business journalism competition. The awards were presented in the medium-sized publication category by the Alliance of Area Business Publishers at its summer conference Saturday in Des Moines, Iowa. The magazine’s senior editor, Jessica Sabbath, captured three  awards. They included two gold awards, for Best Body of Work and Best Local Coverage of National Business/Economic Story for a story on the Virginia impact of the expiration of the U.S. Export-Import Bank, and a silver award for Best Feature Story for a story about the Port of Virginia’s adjustment to super-size cargo ships. Also winning gold were Publisher Bernie Niemeier for Best Editorial for a column about diversity in business and writer Richard Foster for Best Personality Profile for a story on Robert Barron, a former CIA disguise master who now handcrafts prosthetics for people disfigured by injury or disease. The University of Missouri School of Journalism judged the competition. AABPs represents 70 regional and local business publications in the United States, Canada, Australia and Puerto Rico. 2016-06-13T09:04:00+00:00 http://www.virginiabusiness.com/companies/article/virginia-society-of-certified-public-accountants-names-officers Virginia Society of Certified Public Accountants names officers http://www.virginiabusiness.com/companies/article/virginia-society-of-certified-public-accountants-names-officers http://www.virginiabusiness.com/companies/article/virginia-society-of-certified-public-accountants-names-officers#When:20:38:00Z The Virginia Society of Certified Public Accountants (VSCPA) has named James L. Phillips, CPA, of KPMG in Richmond, as new chair of its board for the 2016–17 fiscal year. Staci A. Henshaw, CPA, of the Virginia Auditor of Public Accounts in Richmond, will serve as chair-elect. The officers and directors were sworn in at the VSCPA’s annual business meeting in late May in Williamsburg. The organization’s vice chairs include: Richard E. Groover, CPA, of Wall, Einhorn & Chernitzer in Norfolk; Victoria W. Jones, CPA, of Jones & Company CPA, LLC, in Crozet; Gary R. Thomson, CPA, of Dixon Hughes Goodman in Richmond; and Mike L. Wagner, CPA, CGFM, of GrantThornton LLP, in Alexandria. 2016-06-10T20:38:00+00:00 http://www.virginiabusiness.com/news/article/brinks-co.-names-new-ceo Brink’s Co. names new CEO http://www.virginiabusiness.com/news/article/brinks-co.-names-new-ceo http://www.virginiabusiness.com/news/article/brinks-co.-names-new-ceo#When:18:20:00Z Richmond-based Brink’s Co. named a new CEO and president Friday. The security company said Douglas A. Pertz, 61, will lead the company starting July 1. He also will serve on the board of directors. Pertz most recently was CEO of Recall Holdings Ltd., leading the Recall’s initial public offering in 2013 and negotiating its $2.9 billion acquisition by Iron Mountain Inc. this year. Pertz also has served as CEO of IMC Global, Culligan Water Technologies and Clipper Windpower. In addition, he held senior management roles at Danaher Corp. and as partner at One Equity Partners and Bolder Capital. Pertz succeeds George I. Stoeckert, who has been interim CEO since the retirement of Thomas Schievelbein on May 6. Brink’s announced Schievelbein’s early retirement in January when the company reached an agreement with activist investor Starboard Value LP. As part of that agreement, Starboard added three members to Brink’s board, including Stoeckert. 2016-06-10T18:20:00+00:00 http://www.virginiabusiness.com/news/article/the-motley-fool-wins-employee-health-program-award The Motley Fool wins employee health program award http://www.virginiabusiness.com/news/article/the-motley-fool-wins-employee-health-program-award http://www.virginiabusiness.com/news/article/the-motley-fool-wins-employee-health-program-award#When:21:20:00Z The Motley Fool, a multimedia financial services company, has received a statewide award for its employee health program. The Alexandria-based company was named the winner of the Game Changer Award in Employee Health by the Virginia Center for Health Innovation. The award, presented at the Virginia Chamber of Commerce’s 2016 Health Care Conference in Richmond, was created to spotlight Virginia businesses with outstanding employee health strategies. The Motley Fool employee health program includes free on-site group fitness classes; meditation, yoga and subsidized massages;  a Weight Watchers subsidy; flexible work hours; $4 a month health insurance; unlimited vacation and 16-week maternity and paternity leave. The other finalists for the award were: Bon Secours Virginia Health System, Capital One Financial Corp., Hanover County and Sentara Healthcare. Virginia Business was the media sponsor for the award. 2016-06-09T21:20:00+00:00 http://www.virginiabusiness.com/uploads2/377547.jpg Jane Blake http://www.virginiabusiness.com/companies/article/interstate-hotels-resorts-names-jane-blake-as-chief-human-resources-officer Interstate Hotels & Resorts names Jane Blake as chief human resources officer http://www.virginiabusiness.com/companies/article/interstate-hotels-resorts-names-jane-blake-as-chief-human-resources-officer http://www.virginiabusiness.com/companies/article/interstate-hotels-resorts-names-jane-blake-as-chief-human-resources-officer#When:19:40:00Z   Interstate Hotels & Resorts, a hotel management company based in Arlington, said Thursday that Jane Blake has been named to the company's executive team as the new global chief human resources officer. Reporting directly to CEO Jim Abrahamson, Blake will be responsible for all aspects of human resources management and development for Interstate's 30,000 associates, servicing hotel owners and hotel staff. She brings more than 25 years of experience leading corporate human resources teams primarily in hospitality. Blake has been with Interstate since 2014, most recently serving as interim head of human resources. Before joining the company, Blake served in human resources senior leadership capacities for the Marcus Corp. and La Quinta Corp. Interstate Hotels & Resorts Inc. and its affiliates manage 426 hotels with more than 75,000 rooms around the globe. In addition, Interstate has agreements to manage 40 hotels with more than 5,200 rooms under development or construction. 2016-06-09T19:40:00+00:00 http://www.virginiabusiness.com/news/article/hopewell-prince-george-chamber-is-developing-tourism-strategy Hopewell/Prince George Chamber is developing tourism strategy http://www.virginiabusiness.com/news/article/hopewell-prince-george-chamber-is-developing-tourism-strategy http://www.virginiabusiness.com/news/article/hopewell-prince-george-chamber-is-developing-tourism-strategy#When:19:33:00Z The Hopewell/Prince George Chamber of Commerce is developing a five-year strategic plan to attract more visitors to the area. The Chamber has chosen Marshall Murdaugh, a  tourism marketing and strategic planning consultant, to produce the plan.  Funded by a mini-grant to the HPG Chamber from the Virginia Tourism Corp., Murdaugh started his work with a tour of the area earlier this month. The Hopewell/Prince George Chamber took over management of the area’s Visitor Center and tourist promotion program in 2014. Last summer the chamber completed a series of DRIVE Tourism workshops sponsored by the VTC. Completing the series of workshops qualified the organization to apply for the mini-grant. Murdaugh plans to study local tourism economic impact data, hotel occupancy and average daily rate and other relevant information from both the VTC  and the Petersburg Area Regional Tourism (PART) Corp.. He will meet with local business, community and government leaders and conduct an orientation meeting on July 21 with area tourism stakeholders. Murdaugh is expected to present a strategic tourism plan in September. 2016-06-08T19:33:00+00:00 http://www.virginiabusiness.com/news/article/krogers-mid-atlantic-division-ratifies-agreement-with-union Kroger’s Mid-Atlantic division ratifies agreement with union http://www.virginiabusiness.com/news/article/krogers-mid-atlantic-division-ratifies-agreement-with-union http://www.virginiabusiness.com/news/article/krogers-mid-atlantic-division-ratifies-agreement-with-union#When:19:27:00Z The Kroger Co. announced Wednesday that employees at 41 stores in its Mid-Atlantic Division have ratified a new labor agreement with UFCW (United Food Commercial Workers) Local 400.         The agreement covers 5,100 associates in Virginia from Bristol east to Appomattox and from Martinsville north to Harrisonburg, including three stores in Kingsport/Johnson City, Tenn., and two stores in the Bluefield, West Va. area.  Kroger workers in the Richmond and Hampton Roads areas are part of other bargaining units whose contracts are negotiated at a different time.         “We are pleased to reach an agreement that is good for our associates,” Joe Fey, president of the Mid-Atlantic Division, said in a statement.  “This new contract provides wage increases, affordable health care and ongoing investment in our associates’ pension fund to support their retirement."  A spokesman for the division, based out of Roanoke, said he couldn't comment on how much of a wage increase union employees would get. The Roanoke Times reported Thursday that the new contract includes a 30-cent-per-hour wage increase for full-time associates and a 25-cent increase for part-time workers. According to the RT, the vote to ratify was 426 in favor and 366 voting to reject.         “This agreement comes after thoughtful and productive work by both the company and the union bargaining committees,” said Fey.  “I appreciate our associates for supporting the agreement and for the excellent service they provide our customers every day.”         The Mid-Atlantic Division includes 120 stores in Virginia, West Virginia, North Carolina, Tennessee, Kentucky and Ohio. In these stores are 116 pharmacies and 89 fuel centers. 2016-06-08T19:27:00+00:00 http://www.virginiabusiness.com/news/article/sawmill-operation-to-expand-in-pittsylvania-county Sawmill operation to expand in Pittsylvania County http://www.virginiabusiness.com/news/article/sawmill-operation-to-expand-in-pittsylvania-county http://www.virginiabusiness.com/news/article/sawmill-operation-to-expand-in-pittsylvania-county#When:18:11:00Z Gregory Lumber Inc. plans to invest $3 million to expand its sawmill operations in Pittsylvania County.The money will go for the construction and equipment needed to add an automated lumber sorting system that is expected to increase production by 50 percent. The project also is expected to create three jobs. Gov. Terry McAuliffe approved a $50,000 grant Governor’s Agriculture and Forestry Industries Development Fund to assist with the project. Pittsylvania County is matching the grant with local funds. Gregory Lumber has committed to buying almost $8 million in Virginia timber during the next three years, or approximately 75 percent of the timber it needs for the its expansion. The company has been operating for nearly 30 years in Pittsylvania’s Java community.  It  primarily sells lumber to pine and specialty construction markets, as well as to the biomass industry. 2016-06-08T18:11:00+00:00 http://www.virginiabusiness.com/uploads2/CH_Board_24x36.jpg Columbia Hills rendering courtesy APAH http://www.virginiabusiness.com/news/article/arlington-partnership-for-affordable-housing-breaks-ground-today-on-91-mill Arlington Partnership for Affordable Housing breaks ground on $91 million project. http://www.virginiabusiness.com/news/article/arlington-partnership-for-affordable-housing-breaks-ground-today-on-91-mill http://www.virginiabusiness.com/news/article/arlington-partnership-for-affordable-housing-breaks-ground-today-on-91-mill#When:17:28:00Z The Arlington Partnership for Affordable Housing (APAH) held a groundbreaking ceremony on Wednesday to mark the beginning of construction on its newest project, Columbia Hills Apartments. “APAH is thrilled to break ground on Columbia Hills and start construction on 229 much needed affordable homes for Arlington,” Nina Janopaul, APAH president and CEO, said in a statement.  She added that the project “will contribute significantly to meeting a goal of preserving 3,000 affordable homes along Columbia Pike.            Columbia Hills will be a $91 million, eight-story apartment complex that includes community rooms for resident programs and a relocated playground for young children. The property includes 10 permanent supportive housing units and 13 accessible units to meet the needs of the community, including senior and disabled residents.            Built on 1.2 acres of APAH’s land adjacent to the nonprofit's Columbia Grove Apartments, Columbia Hills will include 64 studio apartments, 27 one-bedroom units, 110 two-bedroom units, and 28 three-bedroom homes. The apartments are affordable to low-income households earning 60 percent or area median income (AMI), including 10 for households below 40 percent AMI and 39 for households below 50 percent. The project is located at 1010 Frederick St. a block off Columbia Pike. It includes land donated by APAH and M&T Bank, federal low-income housing tax credits and innovative hybrid financing. Arlington County loaned $18.5 million from its Affordable Housing Investment Fund (AHIF) project, which will be repaid by APAH into the county’s revolving fund.  The Federal Home Loan Bank of Atlanta and the Virginia Housing Trust Fund also are providing funding. APAH is a nonprofit affordable housing developer, with 1,218 rental homes at 14 properties in Arlington valued at $200 million.   2016-06-08T17:28:00+00:00 http://www.virginiabusiness.com/news/article/norfolk-redevelopment-and-housing-authority-to-move-its-headquarters Norfolk Redevelopment and Housing Authority to move its headquarters http://www.virginiabusiness.com/news/article/norfolk-redevelopment-and-housing-authority-to-move-its-headquarters http://www.virginiabusiness.com/news/article/norfolk-redevelopment-and-housing-authority-to-move-its-headquarters#When:15:32:00Z The Norfolk Redevelopment and Housing Authority (NRHA) is relocating its headquarters office from 201 Granby St. to 555 E. Main St. in downtown Norfolk effective June 27. About 120 employees will occupy 42,500 square feet, including the ground floor and top three floors of a 17-story multitenant office tower that's anchored by PNC Bank. The NRHA’s operations center will remain at 910 Ballentine Blvd. Some of the departments moving to the new location include administrative and client services, communications and government relations, property management and information technology. 2016-06-08T15:32:00+00:00 http://www.virginiabusiness.com/uploads2/UVAUHE_-_Northeast_SMALLER1.jpg Rendering courtesy of U.Va Medical Center http://www.virginiabusiness.com/news/article/u.va.-medical-center-will-host-groundbreaking-wednesday-for-394-million-exp U.Va. Medical Center hosts groundbreaking for $394 million expansion http://www.virginiabusiness.com/news/article/u.va.-medical-center-will-host-groundbreaking-wednesday-for-394-million-exp http://www.virginiabusiness.com/news/article/u.va.-medical-center-will-host-groundbreaking-wednesday-for-394-million-exp#When:21:01:00Z   The U.Va. Medical Center in Charlottesville will host a groundbreaking ceremony Wednesday, June 8, for a $394 million expansion project. The project includes a renovated and expanded Emergency Department on the site of the former ground helipad. A larger expanded procedural and recovery space will be built one floor above the existing Emergency Department. In addition, a six-story tower will be built above the procedural space. Three floors will be used for private inpatient rooms, enabling UVA to convert most of its semi-private rooms into private rooms. The remaining three floors will be unfinished space reserved for future needs of the health system. The project also includes a rooftop helipad. According to U.Va Medical Center, the goals behind the expansion are to create a better environment for patients to receive care and to increase the number of patients that can be cared for. The Emergency Department and procedural space are expected to be complete in early summer 2019. The bed tower is projected for completion by the end of 2019. Wednesday’s ceremony will be held at 3 p.m. at the ground helipad next to the medical center’s Emergency Department, located at the corner of Lee Street and Crispell Drive. 2016-06-07T21:01:00+00:00 http://www.virginiabusiness.com/uploads2/image006.jpeg http://www.virginiabusiness.com/news/article/five-story-office-building-in-mclean-sells-for-3.1-million Five-story office building in McLean sells for $3.1 million http://www.virginiabusiness.com/news/article/five-story-office-building-in-mclean-sells-for-3.1-million http://www.virginiabusiness.com/news/article/five-story-office-building-in-mclean-sells-for-3.1-million#When:20:10:00Z Stewart Commercial Realty Services LLC announced the sale Monday of a 28,000-square-foot office building at 5881 Leesburg Pike in Falls Church. The five-story office building sold for $3.1 million in an off-market transaction. Terrell Marsh of Stewart Commercial, based in McLean, represented the seller, Lee Building LLC, an affiliate of E. G. Reinsch Cos.  The property is located in Bailey’s Crossroads, and the buyer was Daff LLC.  According to Stewart Commercial, the buyer is a local investor who intends to own the rental property for investment purposes. 2016-06-07T20:10:00+00:00 http://www.virginiabusiness.com/news/article/lerner-corp.-sells-multifamily-portfolio-in-richmond-and-newport-news Lerner Corp. sells multifamily portfolio in Richmond and Newport News http://www.virginiabusiness.com/news/article/lerner-corp.-sells-multifamily-portfolio-in-richmond-and-newport-news http://www.virginiabusiness.com/news/article/lerner-corp.-sells-multifamily-portfolio-in-richmond-and-newport-news#When:20:07:00Z CBRE|Richmond announced the sale Wednesday of a three property, multifamily portfolio by Maryland-based Lerner Corp. to Drucker & Falk/LEM Capital in Newport News. The portfolio, which sold for $68.5 million, is made up of Wilde Lake Apartments, Hanover Crossing Apartments and Chesapeake Bay Apartments. Wilde Lake is a 190-unit community located at 2900 Bywater Drive in Henrico County. Hanover Crossing is a 220-unit property located at 9528 Hanover Crossing Drive in Mechanicsville, and Chesapeake Bay is a 300-unit community located at 550 St. Michaels Way in Newport News. Charles Wentworth of CBRE|Richmond, Dan Johnson of CBRE|Hampton Roads, and Andy Boyer with the CBRE office in Washington D.C., represented the seller in this transaction. 2016-06-07T20:07:00+00:00 http://www.virginiabusiness.com/news/article/eleven-acres-along-christiansburgs-retail-460-corridor-to-be-sold-at-auctio Eleven acres along Christiansburg’s retail 460 corridor to be sold at auction http://www.virginiabusiness.com/news/article/eleven-acres-along-christiansburgs-retail-460-corridor-to-be-sold-at-auctio http://www.virginiabusiness.com/news/article/eleven-acres-along-christiansburgs-retail-460-corridor-to-be-sold-at-auctio#When:21:16:00Z   When Christiansburg's retail growth took off along U.S Route 460, about 11.3 acres remained undeveloped. Now, the owner is preparing to sell that land in a June 28 auction with Woltz & Associates marketing the land and managing the event. According to Woltz & Associates, the land will sell in three tracts along Farmview Road, just south of the development that includes Home Depot, Target and Spradlin Farm Shopping Center. One tract is about three acres. The other two are about four acres in size. The tracts will sell subject to a combined minimum bid of $995,000. Also being offered for sale in the auction will be two small signage tracts along Route 460 on Farmview Road and Spradlin Farm Drive. "The location couldn't be better, with 23,000 vehicles passing by per day and easy access to Blacksburg and Interstate 81," Jim Woltz, president of the auction company, said in a statement.  "The tracts are zoned B3. In addition to Home Depot and Target, the area has a Wal-Mart Supercenter. We believe it's time to put these tracts in the hands of someone with a vision to bring further development.” Christiansburg recently adopted a comprehensive plan to promote a healthy business climate through coordinated land use, housing, transportation, public safety and other services. Woltz personnel will be at the site from 1 to 3 p.m. on June 14 and June 21, or by appointment. The auction will begin at 4 p.m. ,Tuesday, June 28, at the Montgomery County Moose Lodge, 115 Farmview Road Northwest, Christiansburg. Woltz & Associates, based in Roanoke, Virginia, is an auctioneer of land, commercial and residential properties and other high-value real estate throughout the United States, with an emphasis on the mid-Atlantic region. 2016-06-06T21:16:00+00:00 http://www.virginiabusiness.com/uploads2/DollarTree08472.png Dollar Tree is one of 21 Fortune 500 companies in the state. http://www.virginiabusiness.com/news/article/virginias-fortune-500-list-increases-to-21-companies Virginia’s Fortune 500 list increases to 21 companies http://www.virginiabusiness.com/news/article/virginias-fortune-500-list-increases-to-21-companies http://www.virginiabusiness.com/news/article/virginias-fortune-500-list-increases-to-21-companies#When:19:59:00Z Virginia has increased its number of Fortune 500 companies. The commonwealth now has 21 companies on the list, up from 19 last year. The list, compiled by Fortune magazine, ranks the top publicly traded companies in the U.S. based on gross revenue. Freddie Mac remained the top Virginia-based company on the list at No. 43, down from No. 42 last year. It reported almost $63.5 billion in revenue last year. Dollar Tree jumped 150 spots to No. 180. The Chesapeake-based company bought Family Dollar last year for $9.1 billion. WestRock made its debut at No. 251. The Virginia-based company is the result of a merger between Georgia-based RockTenn and Richmond-based MeadWestvaco that was completed last year. MeadWestvaco was No. 464 last year. Markel (No. 476),  a Glen Allen-based specialty and small business insurer, also is a newcomer. The company, which became publicly traded 30 years ago, had $5.4 billion in revenue in 2015. Two companies also made comebacks. Richmond-based Performance Food Group was No. 185 with $15.3 billion in revenue in 2015. The foodservice distributor was last on the Fortune 500 list in 2007 before it became a private company. After falling off the list during the Great Recession, Reston-based NVR returned to the list at No.  498. The company, which operates homebuilding and mortgage banking businesses in 15 states, had revenue of $5.2 billion last year. McLean-based Tegna was absent from the ranking. The company is the broadcast television and digital media arm of Gannett, which ranked No. 441 on last year’s Fortune 500 list. Gannett’s publishing and broadcasting divisions became two separate, publicly traded companies. The companies on this year’s list were: Freddie Mac, McLean, No. 43, down from No. 42, 2015 revenue of $63.5 billion, down 8.5 percent General Dynamics, Falls Church, No. 88, up from No. 100, revenue of  $31.5 billion, up 2 percent Capital One Financial, McLean, No. 112, up from No. 126, revenue of $25 billion, up 5.1 percent Northrop Grumman, Falls Church, No. 118, up from No. 124, revenue of $23.5 billion, down 1.9 percent Altria Group, Richmond, No. 149, up from No. 169, revenue of $18.9 billion, up 5.1 percent Dollar Tree, Chesapeake, No. 180, up from No. 330, revenue of $15.5 billion, up 80.2 percent Performance Food Group, Richmond, No. 185, revenue of $15.3 billion, up 11.6 percent  AES, Arlington, No. 190, down from No. 178, revenue of  $15 billion, down 13.9 percent CarMax, Richmond, No. 191, up from No. 232, revenue of $14.9 billion, up 13.3 percent Computer Sciences Corp. (CSC), Falls Church, No. 233, down from 229,  revenue of $12.2 billion, down 7.9 percent Dominion Resources, Richmond, No. 243, no change, revenue of $11.7 billion, down 6.1 percent WestRock, Richmond, No. 251, revenue $11.4 billion, up 15 percent (MeadWestvaco, No. 464 in 2015, was a predecessor company.) Hilton Worldwide Holdings, McLean, No. 254, up from No. 280, revenue of $11.3 billion, up 7.3 percent Norfolk Southern, Norfolk, No. 270, down from No. 256, revenue of $10.5 billion, down 9.6 percent Owens & Minor, Mechanicsville, No. 291, up from No. 309, revenue of $9.8 billion, up 3.5 percent Advance Auto Parts, Roanoke, No. 293, up from 294, revenue of $9.7 billion, down 1.1 percent Genworth Financial, Richmond, No. 306, down from No. 304, revenue of $9.2 billion, down 3.3 percent Huntington Ingalls Industries, Newport News,  No. 378, up from No. 390, revenue $7 billion, up .9 percent Markel, Glen Allen, No. 476, revenue of $5.4 billion, up 4.6 percent  Booz Allen Hamilton, McLean, No. 487, down from No. 475, revenue of $5.3 billion, down 3.7 percent NVR, Reston, No. 498, revenue of $5.2 billion, up 16.1 percent   Dollar Tree photo by Mark Rhodes  2016-06-06T19:59:00+00:00 http://www.virginiabusiness.com/uploads2/HerndonMetroPlaza.jpg http://www.virginiabusiness.com/news/article/herndon-metro-plaza-office-building-sells-for-44.5-million Herndon Metro Plaza office building sells for $44.5 million http://www.virginiabusiness.com/news/article/herndon-metro-plaza-office-building-sells-for-44.5-million http://www.virginiabusiness.com/news/article/herndon-metro-plaza-office-building-sells-for-44.5-million#When:19:47:00Z Holliday Fenoglio Fowler LP (HFF) said Monday that it has closed the $44.5 million sale of Herndon Metro Plaza I and II, a two-building, 201,272-square-foot, Class A office property located next to the future Herndon Metrorail Silver Line Station in Herndon. HFF marketed the property on behalf of Brandywine Realty Trust. According to the company, the property was sold free of debt to an institutional investor. Located at 196 and 198 Van Buren St., Herndon Metro Plaza I and II overlook the Dulles Toll Road. The location also has regional connectivity by way of the Fairfax County Parkway, Routes 28 and 7, and the Washington Beltway (I-495), all of which are close by. Washington Dulles International Airport is about three miles from the property. The four-story properties are 91 percent leased overall and offer parking for 663 vehicles. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson led the HFF investment sales team representing the seller. “The arrival of the Silver Line has been transformational for the Dulles Corridor, as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth,” Weir, senior managing director at HFF, said in a statement.  “Herndon Metro Plaza I and II are uniquely positioned to capitalize on this …  The asset will also be one of only 15 properties on the toll road with immediate walkability to a Silver Line Metrorail station.” HFF operates 23 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.   2016-06-06T19:47:00+00:00 http://www.virginiabusiness.com/uploads2/image002.jpg http://www.virginiabusiness.com/news/article/williamsburg-lodge-to-join-marriotts-autograph-collection-hotels Williamsburg Lodge to join Marriott’s Autograph Collection Hotels http://www.virginiabusiness.com/news/article/williamsburg-lodge-to-join-marriotts-autograph-collection-hotels http://www.virginiabusiness.com/news/article/williamsburg-lodge-to-join-marriotts-autograph-collection-hotels#When:19:04:00Z The Williamsburg Lodge will join Marriott International’s Autograph Collection Hotels in January. In making the move, Colonial Williamsburg expects to benefit from Marriott’s reservation distribution system and the ability for guests to earn or redeem Marriott Rewards points when they stay at the Williamsburg Lodge.  The Colonial Williamsburg Company, the Colonial Williamsburg Foundation’s for-profit subsidiary, will continue to own and operate the Williamsburg Lodge. “It’s a perfect fit that will allow the Williamsburg Lodge to refresh and retain its individual personality while offering more value to our guests through enhanced services and access to the worldwide Marriott Rewards network,” Florencio Ferrao, Colonial Williamsburg’s Vice President of Hospitality, said in a statement. The Autograph Collection includes 95 independent hotels worldwide. The Williamsburg Lodge, which includes seven buildings, has 323 guest rooms plus 45,000 square feet of meetings and banquet space including two large ballrooms, 28 meeting rooms and four outdoor function areas. Opened in 1939, the Williamsburg Lodge is one of the first Colonial Williamsburg hotels constructed under the guidance of John D. Rockefeller Jr., the founder and first benefactor of the town’s restoration. 2016-06-06T19:04:00+00:00 http://www.virginiabusiness.com/news/article/salient-crgt-moves-to-new-space-at-tysons Salient CRGT moves to new space at Tysons http://www.virginiabusiness.com/news/article/salient-crgt-moves-to-new-space-at-tysons http://www.virginiabusiness.com/news/article/salient-crgt-moves-to-new-space-at-tysons#When:15:56:00Z Salient CRGT Inc. has moved to a new office at Tysons. The information technology company left its Jones Branch location at Tysons for a 33,370-square-foot space at 8255 Greensboro Drive. The company said the new space accommodates current and future growth in the technology services market, allowing it to better serve customers in the Washington D.C., area. Located about 300 yards from the Tysons Metro station, the office offers laboratory space, a talent operations center and a command center for talent acquisition. “Our new Tysons Corner location supports the innovation, collaboration, and talent acquisition legacy of delivering capabilities and solutions within a cost-effective space to the D.C. region market,” Brad Antle, CEO of Salient CRGT, said in a statement. It includes two Agile Labs that will focus on delivering software using Agile development practices for Salient CRGT’s customers. The company provides software development, data analytics, mobility, cyber security and infrastructure solutions. It works with federal civilian, defense, homeland, and intelligence agencies, as well as Fortune 1000 companies. About 130 employees work from the new leased space. Salient CRGT has offices in 10 states, including six in Virginia. 2016-06-06T15:56:00+00:00 http://www.virginiabusiness.com/news/article/poe-cronk-real-estate-group-to-serve-as-leasing-agent-for-large-office-proj Poe & Cronk Real Estate Group to serve as leasing agent for large office project http://www.virginiabusiness.com/news/article/poe-cronk-real-estate-group-to-serve-as-leasing-agent-for-large-office-proj http://www.virginiabusiness.com/news/article/poe-cronk-real-estate-group-to-serve-as-leasing-agent-for-large-office-proj#When:15:33:00Z Poe & Cronk Real Estate Group in Roanoke has been selected as the exclusive leasing and management firm for 308,000 square feet of office space located in The Park at Valleypointe and The Valley Court Office Center. The Park at Valleypointe is located at the interchange of Peters Creek Road and I-581. The Class A office park currently has 22 tenants in seven office buildings with a total of 147,000 square feet. The Valley Court Office Center, with 160,000 square feet under one roof, is adjacent to the Roanoke/Blacksburg Regional Airport. "The eight office buildings are an excellent addition to the firm's portfolio of managed and leased properties." Dennis Cronk, president and CEO of Poe & Cronk, said in a statement. 2016-06-06T15:33:00+00:00 http://www.virginiabusiness.com/uploads2/e92e42aa-a37c-471d-8831-67a80ce1e171.jpg http://www.virginiabusiness.com/news/article/bank-ground-lease-sells-for-7-million-or-1772-per-square-foot Bank ground lease sells for $7 million, or $1,772 per square foot http://www.virginiabusiness.com/news/article/bank-ground-lease-sells-for-7-million-or-1772-per-square-foot http://www.virginiabusiness.com/news/article/bank-ground-lease-sells-for-7-million-or-1772-per-square-foot#When:15:22:00Z Calkain Cos. reports that it recently represented the seller of a Middleburg Bank ground lease in Ashburn in a transaction that brought $7 million or about $1,722 per square foot. The purchaser was a large 1031 exchange buyer. According to Calkain, the bank property, an outparcel to the Giant-anchored Ashburn Farm Market Center, is subject to a long-term ground lease with favorable terms and structured rent escalations.  Middleburg Bank is a community bank that has been in business since 1924, operating 12 locations throughout Northern Virginia. “The sale of the Middleburg Bank [ground lease] reflects the strength of the greater Washington, D.C., market, especially Loudoun County, which is one the area’s most affluent and fastest-growing counties,’’ Andrew Fallon, an executive managing director for Calkain who represented the seller, said in a statement. Calkain Cos., based in Herndon, is a commercial real estate brokerage firm that specializes in assisting buyers and sellers with single and multi-tenant net-leased properties. The company has multiple office locations servicing the mid-Atlantic, Southeast and Northeast markets. 2016-06-06T15:22:00+00:00 http://www.virginiabusiness.com/uploads2/LM_Camera01_FINAL2.jpg Apartment rendering courtesy of Gumenick Properties http://www.virginiabusiness.com/news/article/construction-begins-on-first-apartments-at-libbie-mill Construction begins on first apartments at Libbie Mill http://www.virginiabusiness.com/news/article/construction-begins-on-first-apartments-at-libbie-mill http://www.virginiabusiness.com/news/article/construction-begins-on-first-apartments-at-libbie-mill#When:14:06:00Z Gumenick Properties begins construction today on the first apartments at Libbie Mill-Midtown in Henrico County. A five-story structure of about 494,000 square feet will have 327 apartments, parking and retail space. Completion of the building, including 40,000 square feet of retail, is expected to take about two years.      “Gumenick Properties is pleased to start construction on the first apartment building at Libbie Mill-Midtown,” Skip Nash, Gumenick Properties’ vice president for property management, said in a statement.”Our goal is to create a vibrant community where residents can walk to stores, restaurants, offices and the library in just minutes. Building these apartments brings us closer to that goal,”      The new building, located near the community’s entrance on Staples Mill Road, will include four floors of apartments above a single floor of retail space. The apartments will range in size from 450 to 1,265 square feet and will include a mix of studio, one-, two- and three-bedroom homes with private balconies or terraces.        Community amenities will include social gathering spaces, a community center, fitness center, office/meeting space and a kitchen and bar for entertaining. Market conditions will determine apartment rates at the time they become available for leasing, the company said.       Gumenick Properties said it would place the community’s recreation and socialization area over a covered parking. The large outdoor area, nearly one acre in size, will include a pool, dining/grilling areas,  entertaining spaces and exercise areas.      Whiting Turner is the general contractor for the project. Thalhimer-Cushman & Wakefield is handling leasing for the retail space.      Libbie Mill-Midtown, located close to Interstates 64 and 95, is approved for up to 994 homes (townhomes and condominiums) and 1,096 apartments. It plans a total of 200,000 square feet of commercial space. Gumenick Properties said the mixed-use neighborhood is estimated to take about 10 years to complete.     Already located at the project are Rutherfoord, a Marsh & McLennan Agency LLC Company, Richmond Memorial Health Foundation, Libbie Mill Library, Shagbark Restaurant and Gumenick Properties. 2016-06-06T14:06:00+00:00 http://www.virginiabusiness.com/companies/article/dominion-dental-services-names-director-of-sales Dominion Dental Services names director of sales http://www.virginiabusiness.com/companies/article/dominion-dental-services-names-director-of-sales http://www.virginiabusiness.com/companies/article/dominion-dental-services-names-director-of-sales#When:20:42:00Z Alexandria-based Dominion Dental Services has named Michael Brashears director of sales. Dominion Dental is a dental insurer and administrator of dental and vision benefits. Brashears will be responsible for developing the company’s commercial group sales. He previously was Delta Dental’s sales executive for the Baltimore area. 2016-06-03T20:42:00+00:00 http://www.virginiabusiness.com/companies/article/educator-named-to-cf-financial-board Educator named to C&F Financial board http://www.virginiabusiness.com/companies/article/educator-named-to-cf-financial-board http://www.virginiabusiness.com/companies/article/educator-named-to-cf-financial-board#When:20:40:00Z Julie Richardson Agnew, an associate professor at the College of William and Mary, has been named to the board of directors of West Point-based C&F Financial Corp. Agnew is an associate professor of finance and economics and director of the Boehly Center for Excellence in Finance at William and Mary’s Mason School of Business. Before pursuing her doctorate, Agnew was an analyst in investment banking for Salomon Brothers in New York City and as an equity research associate for Vector Securities International in Chicago. She earned a bachelor’s degree in economics with a minor in mathematics from William and Mary and received a doctorate in finance from Boston College. C&F Financial is the parent of C&F Bank, which has 25 branches in Virginia. 2016-06-03T20:40:00+00:00 http://www.virginiabusiness.com/news/article/segall-group-opening-regional-office-in-rosslyn Segall Group opening regional office in Rosslyn http://www.virginiabusiness.com/news/article/segall-group-opening-regional-office-in-rosslyn http://www.virginiabusiness.com/news/article/segall-group-opening-regional-office-in-rosslyn#When:20:38:00Z Baltimore-based Segall Group, a retail real estate firm, is opening a Washington, D.C., regional office in Rosslyn. “With over half of our business coming from the DC Metropolitan area, it is a logical next step to establish a physical presence here,” company founder Andy Segall said in a statement. “Opening this office is a critical component of our future growth and builds on our well-established brand.” Segall Group, which was established in 2008, has also promoted Joe Fleischmann to principal and lead of the Rosslyn office. He will be responsible for the company’s growth in the region and the expansion of its brand. Fleischmann plans to recruit several retail brokers and support staff for the office. Segall Group is the Maryland affiliate of Realty Resources, a national network of independently-owned retail brokerage firms. 2016-06-03T20:38:00+00:00 http://www.virginiabusiness.com/news/article/union-opens-loan-production-office-in-charlotte-n.c Union opens loan production office in Charlotte, N.C. http://www.virginiabusiness.com/news/article/union-opens-loan-production-office-in-charlotte-n.c http://www.virginiabusiness.com/news/article/union-opens-loan-production-office-in-charlotte-n.c#When:17:52:00Z Richmond-based Union Bankshares Corp. announced Friday it has opened a loan production office in Charlotte, N.C. The office will operate as UBTNC Commercial Finance, a division of Union Bank & Trust of Virginia. "We are extremely excited about the opportunity to open a loan production office in Charlotte," G. William Beale, president and CEO of Union, said in a statement.  "As part of our three-year strategic plan, we want to grow our commercial loan business and expand in key markets within our Virginia footprint as well as high potential markets in contiguous trade areas." Commercial bankers Philip Chandler, Kevin Kennelly Jr. and portfolio managers Miriam Carroll and Griffin Duncan will operate out of an office at 6832 Morrison Boulevard, Suite 150.  Chandler will also serve as the market executive. The team will primarily focus on the solicitation of commercial banking opportunities and business-related bank services and products. Union Bankshares is the holding company for Union Bank & Trust, which has 120 banking offices and 201 ATMs located throughout Virginia. 2016-06-03T17:52:00+00:00 http://www.virginiabusiness.com/companies/article/sweet-briar-college-names-vice-president-for-enrollment-management Sweet Briar College names vice president for enrollment management http://www.virginiabusiness.com/companies/article/sweet-briar-college-names-vice-president-for-enrollment-management http://www.virginiabusiness.com/companies/article/sweet-briar-college-names-vice-president-for-enrollment-management#When:21:14:00Z Sweet Briar College has named William Allen Jr. as vice president for enrollment management. On July 1, Allen will replace  Steven Nape, who served as the chief enrollment officer since last summer. Allen has served as dean of enrollment services at West Virginia University Institute of Technology in Montgomery, W.Va., since 2014. Early in his career, Allen worked for five years at Mary Baldwin as the assistant dean of admissions and financial aid and director of financial aid. Allen earned bachelor’s degree from George Washington University and a master’s from James Madison University. 2016-06-02T21:14:00+00:00 http://www.virginiabusiness.com/news/article/vcu-school-to-honor-public-service VCU school to honor public service http://www.virginiabusiness.com/news/article/vcu-school-to-honor-public-service http://www.virginiabusiness.com/news/article/vcu-school-to-honor-public-service#When:21:08:00Z The L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University is accepting nominations for the 2016 Excellence in Virginia Government Awards. Begun in 2005, the awards honor individuals and organizations who have made noteworthy contributions to government and the betterment of the commonwealth. Awards are given in seven categories: Community Enhancement, Hill-Robinson Expansion of Freedom, Innovation in Government, Lifetime Achievement, Public Information, Public-Private Partnership and Unsung Heroes. Nominations will be accepted through July 1. Nominations received after that date will be considered for the 2017 program. The awards luncheon will take place at the downtown Richmond Marriott on Nov. 30. The money raised through the event funds student scholarships at the Wilder School. To nominate someone for an award, visit http://wilder.vcu.edu/news/evga2016.html and click on the appropriate form. To learn more about the nominations process or sponsorship opportunities, contact Pamela Stallsmith at 804-828-4581 or pstallsmith@vcu.edu. 2016-06-02T21:08:00+00:00 http://www.virginiabusiness.com/news/article/groundbreaking-held-for-norfolk-premium-outlets Groundbreaking held for Norfolk Premium Outlets http://www.virginiabusiness.com/news/article/groundbreaking-held-for-norfolk-premium-outlets http://www.virginiabusiness.com/news/article/groundbreaking-held-for-norfolk-premium-outlets#When:21:05:00Z Indianapolis-based Simon Premium Outlets broke ground on a Norfolk retail center on Thursday. Slated to open in summer 201, the center, Norfolk Premium Outlets, is expected to house about 85 retailers. The project will have 332,000 square feet of leasable space. Mark Silvestri, chief operating officer for Simon, said the center will generate more than 500 jobs during construction and 800 full-time and part-time jobs when the project is completed. 2016-06-02T21:05:00+00:00 http://www.virginiabusiness.com/uploads2/Ryan_Losi_from_website5.jpg http://www.virginiabusiness.com/opinion/article/virginia-doubles-down-on-its-commitment-to-international-trade Virginia doubles down on its commitment to international trade http://www.virginiabusiness.com/opinion/article/virginia-doubles-down-on-its-commitment-to-international-trade http://www.virginiabusiness.com/opinion/article/virginia-doubles-down-on-its-commitment-to-international-trade#When:19:43:00Z Since 2010, Virginia has purposely stepped up its commitment to international trade. This year has been no exception, with the Virginia General Assembly’s passage of HB 858, establishing the Virginia International Trade Corp. (VITC). VITC will coordinate private and public efforts to stimulate the international trade segment of Virginia’s economy and market products and services of Virginia companies to the world. This separate, newly created entity, will be led by an as-yet-unnamed CEO, managed by a 17-member board and overseen by the Virginia Secretary of Commerce and Trade. VITC will have less than two years to transition certain international trade functions from the Virginia Economic Development Partnership into itself before it is fully operational. It will have an arsenal of attractive incentives at its disposal to help Virginia companies grow their businesses internationally, with most having been established, expanded, enhanced and/or extended between 2010 and 2016. My goal is to highlight a number of these incentives so that readers can learn about them and explore their impact to their business. VITC will support Virginia companies with several export assistance programs and initiatives designed to move their products and services beyond U.S. borders. These include: • Virginia International Trade Alliance (VITAL), partnering businesses with Virginia’s public universities, industry associations and the Virginia Chamber of Commerce with goals to grow Virginia exports by $1.6 billion and create 14,000 trade-supported jobs in five years. • Going Global Defense (GGD) Initiative, mitigating the impact of defense spending cuts on Virginia’s economy by helping defense-related companies diversify into new international markets. • Virginia Leaders in Export Trade (VALET) Program, assisting companies in expanding their international business by connecting them to state capital resources and with professional services from expert, private-sector partners. • State Trade and Export Promotion (STEP) Grant Program, a Federal SBA program providing financial support to the Commonwealth of Virginia to assist small businesses with export development, thereby increasing the number small business exporters and increasing their export sales. VITC also will promote a number of state tax credits and incentives offered to assist Virginia companies in increasing their international trade efforts, thus making the tax bite of profitable foreign sales that less painful. I should also point out that Virginia businesses that already have a flow of international trade can — and should — be claiming these incentives. The largest incentive — and by far the most underutilized — is the all-important export tax incentive known as a Domestic International Sales Corporation (DISC). In 2014, the General Assembly passed DISC legislation that allows Virginia to conform to this federal statute that helps small and mid-sized manufacturers and exporters across the commonwealth. DISCs are U.S. corporations meeting the special criteria of U.S. Internal Revenue Code (IRC) Sections 991–997, where a U.S. exporter can exclude a portion of its qualifying “export” income from federal taxation. Under the federal DISC rules, exporters pay their affiliated DISCs with commissions from export income; they then deduct those commissions from income. Qualifying commissions are not taxable to a DISC, and are instead taxed when paid to the DISC’s shareholders as a dividend. That dividend is then taxed federally at a maximum rate of 20 percent, resulting in permanent federal tax savings for U.S. exporters and their owners (avoiding the 39.6 percent maximum rate that applies to ordinary income). VITC also will be promoting three additional state trade-related tax credits that are tied directly to movement of products via our ports and/or rail systems. These include: • The Barge and Rail Usage Tax Credit, for usage of barge or rail to move cargo rather than by truck or other motor vehicle on Virginia highways. • The International Trade Facility Tax Credit, for creating new jobs or capital investment in an international trade facility as a result of moving 5 percent more cargo through a public or private port facility in Virginia than in the preceding taxable year. • The Port Volume Increase Tax Credit, for taxpayers engaged in manufacturing or distribution of manufactured goods, agricultural entities, or mineral and gas entities that use public or private port facilities located in Virginia and increase cargo volume through the facility by 5 percent in a single calendar year over their base year cargo volume. As Virginians, we are fortunate that our governor, Terry McAuliffe, understands the significant impact that international trade has on Virginia’s economy. With the establishment of the Virginia International Trade Corp., Virginia certainly has doubled down on its commitment to international trade. I applaud these efforts and look forward to seeing the impact that VITC’s programs, incentives and tax credits will have on businesses throughout our great commonwealth. Ryan L. Losi, CPA, is a shareholder and executive vice president of PIASCIK, providing domestic and international tax services to a broad range of clients throughout the United States and abroad. Losi leads the firm’s international tax practice, advising clients in over 59 countries spanning six continents. He is a widely published author and member of the American Institute of Certified Public Accountants, Virginia Society of Certified Public Accountants, Virginia International Business Council, Virginia Leaders for Export Trade, VSCPA Tax Committee and the Virginia International Trade Alliance. He can be contacted by phone (877) 527-2046 or email rlosi@piascik.com. 2016-06-02T19:43:00+00:00 http://www.virginiabusiness.com/news/article/jobless-rates-drop-in-virginia-metro-areas Jobless rates drop in Virginia metro areas http://www.virginiabusiness.com/news/article/jobless-rates-drop-in-virginia-metro-areas http://www.virginiabusiness.com/news/article/jobless-rates-drop-in-virginia-metro-areas#When:21:26:00Z Unemployment rates in Virginia’s metro areas dropped significantly in April, according to the Virginia Employment Commission. Two of the 11 metro areas reported unemployment rates of under 3 percent. The rates for Charlottesville and Northern Virginia were 2.7 and 2.8 percent, respectively. The unemployment numbers are not seasonally adjusted, meaning they do not take into account seasonal fluctuations in the labor force. Three metro areas, New River Valley (Blacksburg-Christiansburg-Radford), Harrisonburg and Lynchburg, saw their April jobless rates fall nearly one percentage point from March. Only one metro area, Hampton Roads, had an employment rate above 4 percent. A breakdown of the figures shows: Bristol: 3.9 percent in April, down from 4.7 percent in March. Charlottesville: 2.7 percent, down from 3.5 percent. Hampton Roads: 4.1 percent, down from 4.8 percent. Harrisonburg: 3.2 percent, down from 4.1 percent. Lynchburg: 3.7 percent, down from 4.6 percent. New River Valley: 3.6 percent, down from 4.5 percent. Roanoke: 3.3 percent, down from 4 percent. Northern Virginia: 2.8 percent, down from 3.4 percent. Richmond: 3.5 percent, down from 4.1 percent. Staunton-Waynesboro: 3.2 percent, down from 4 percent. Winchester: 3 percent, down from 3.8 percent. 2016-06-01T21:26:00+00:00 http://www.virginiabusiness.com/news/article/virginia-tourism-revenues-were-23-billion-in-2015 Virginia tourism revenues were $23 billion in 2015 http://www.virginiabusiness.com/news/article/virginia-tourism-revenues-were-23-billion-in-2015 http://www.virginiabusiness.com/news/article/virginia-tourism-revenues-were-23-billion-in-2015#When:20:14:00Z Virginia’s tourism revenues reach $23 billion in 2015, according to data from the U.S. Travel Association. Tourism revenues increased 2.3 percent over 2014 and supported 222,600 jobs, 5,700 more jobs than in 2014. The study showed Virginia saw more than 41 million domestic visitors in 2015, with travelers spending $63 million per day. The Virginia Tourism Corp. receives its annual economic impact data from the U.S. Travel Association. The information is based on domestic visitor spending from trips taken 50 miles or more away from home. Detailed economic impact data by locality is available on http://www.vatc.org. 2016-06-01T20:14:00+00:00 http://www.virginiabusiness.com/opinion/article/with-gas-tax-tanking-tolls-moving-into-fast-lane With gas tax tanking, tolls moving into fast lane http://www.virginiabusiness.com/opinion/article/with-gas-tax-tanking-tolls-moving-into-fast-lane http://www.virginiabusiness.com/opinion/article/with-gas-tax-tanking-tolls-moving-into-fast-lane#When:19:17:00Z Tolls routinely make headlines in Hampton Roads and Northern Virginia as the regions work to mitigate congestion and build needed infrastructure. Drivers across Virginia — and the country — will see similar headlines in the coming months and years. The reason?  It’s mathematical. Since the 1930s, Americans have paid a federal gas tax with every gallon purchased, providing money needed to maintain and build our nation’s roads. Eighty-four years later, the system is failing. The maintenance, repair and construction costs of a continental infrastructure system have risen significantly over the years. The gas tax hasn’t increased since 1993. It sits at 18.4 cents a gallon, generating roughly $30 billion for costs that exceed $50 billion annually. Technology advances, too, hinder the federal gas tax’s ability to keep up. Today’s engines deliver more miles per gallon than their turn-of-the-century predecessors, reducing fill ups. Hybrid vehicles top off their tanks even less frequently, and electric vehicles, sure to grow in number and popularity, pay a total of zero gas tax. Even if the political will existed in this country to raise the gas tax, new technologies and trends ultimately will render it obsolete. So the gate will rise on more tolling, though not necessarily in the form of rumble strips, coin collection bins or even E-ZPasses. Take a look at what’s happening in Oregon for a glimpse at tolling’s new frontier. Oregon is piloting a system that taxes drivers by the mile to fund transportation projects. Known as OreGo, it’s the first “vehicle miles traveled” (VMT) program in the country. Five thousand volunteer participants pay 1.5 cents per mile when they drive on Oregon roads. They use GPS or odometer readings to record their miles and receive a tax credit for Oregon’s 31-cent-per-gallon gas tax. California and Illinois are advancing similar VMT programs. The federal government, too, despite challenging politics, is signaling that it’s serious about replacing the gas tax with alternatives. Signed by President Obama in December, the Fixing America’s Surface Transportation Act is the first federal law in more than a decade to provide long-term funding certainty for surface transportation. One of the most compelling programs in the Act is Section 6020: “Surface Funding Alternatives,” which directs the U.S. Department of Transportation to award federal matching grants to states that deploy alternative user-based funding pilots. It’s a call for states to follow Oregon’s lead and experiment with new, user-based models. Taxing miles traveled is one approach, but tolls also could be implemented for travel during specific times of day or using specific facilities (roads, bridges tunnels), or a combination of all. Priced-managed lanes, for example, which charge a variable toll to use uncongested lanes during peak travel times, are operating successfully today in Northern Virginia and in more than a dozen cities nationwide. No matter what form they take, user-based funding alternatives treat the U.S. transportation system as a utility or service. Motorists pay a fee to use it, much like they pay a fee to use their smartphones, watch cable TV or power their homes. Not only could these alternatives generate fair and sustainable revenue tied to use, but they have the power to change motorists’ behavior. If motorists pay a fee according to the time they drive, some may begin to question whether the higher fee they face for driving during rush hour is worth it. To save money, they might choose to delay their trip by an hour or select an alternative route. If charged by the mile, a motorist might choose to walk to nearby destinations instead of driving. There are, of course, valid concerns. Privacy is the big one. Who has access to the data user-based programs generate about when and where a vehicle is operated? The Department of Transportation? Insurance companies? Law enforcement? And what about rural vs. urban drivers? Or long-haul truckers vs. regional commuters? Ensuring fairness and preventing data breaches demands that local, state and federal organizations, along with the private sector and consumer protection groups, work together closely. Motorists share privacy concerns but back the coming changes. A nationwide survey conducted last month by my firm, HNTB, indicates that 65 percent of Americans would support the use of road-usage fee options, such as VMT. hat’s an increase of 15 percentage points from a similar survey conducted in 2014. With increasing public support, technology’s inexorable advance and a gas tax on empty, more tolls are coming. And with them, safer infrastructure that better meets Virginia’s — and the nation’s — mobility needs. Nick Antonucci is vice president and mid-Atlantic District leader for HNTB Corp., an infrastructure solutions firm in Arlington. 2016-06-01T19:17:00+00:00 http://www.virginiabusiness.com/uploads2/Terrie_Edwards_White_Background_5x7.jpg Teresa L. ‘Terrie’ Edwards http://www.virginiabusiness.com/companies/article/sentara-executive-promoted Sentara executive promoted http://www.virginiabusiness.com/companies/article/sentara-executive-promoted http://www.virginiabusiness.com/companies/article/sentara-executive-promoted#When:18:54:00Z Teresa L. ‘Terrie’ Edwards, president of Sentara Leigh Hospital in Norfolk since 2008, has been promoted to corporate vice president for the Sentara Peninsula and Western Tidewater regions. She will oversee Sentara CarePlex Hospital in Hampton, Sentara Williamsburg Regional Medical Center and Sentara Obici Hospital in Suffolk.  Edwards also will be responsible for the oversight of  Sentara Life Care (Seniors) division and Sentara Enterprises, which includes Sentara Home Care and Hospice Services and Medical Transport, LLC.  Also falling under her supervision are the Sentara Orthopedic and Oncology services lines. Edwards rejoined Sentara in 2008 after a stint with Bon Secours hospitals in Richmond. She oversaw the reinvention of Sentara Leigh Hospital through execution of a campus master plan that included doubling the size of the emergency department, modernizing and expanding surgery and sterile support services and construction of two five-story patient towers and a  new atrium lobby. Edwards has also been overseeing the orthopedic service line and served as 2015 administrative lead for Sentara’s Clinical Performance Improvement executive team. Sentara Healthcare, based in Norfolk, is an integrated not-for-profit system of 12 hospitals in Virginia and North Carolina. 2016-06-01T18:54:00+00:00 http://www.virginiabusiness.com/uploads2/Dusk_Rendering.png Rendering courtesy Ledbury. http://www.virginiabusiness.com/news/article/ledbury-moving-downtown-richmond-headquarters-storefront-to-arts-district Ledbury moving downtown Richmond headquarters, storefront to Arts District http://www.virginiabusiness.com/news/article/ledbury-moving-downtown-richmond-headquarters-storefront-to-arts-district http://www.virginiabusiness.com/news/article/ledbury-moving-downtown-richmond-headquarters-storefront-to-arts-district#When:17:18:00Z Richmond-based menswear brand Ledbury is relocating its downtown headquarters and storefront from Shockoe Bottom to 315 W. Broad St. in the Arts District, one block from The Quirk Hotel. Ledbury will move into the three-floor, 11,700-square-foot space in August. The company’s current headquarters and storefront at 117 S. 14th St. is roughly 7,500 square feet. At street level, the first-floor storefront will open to a 2,000-square-foot retail store, slated to open in September. The second and third floors will be reserved for the Ledbury team’s offices. “We are building out a striking flagship store, with a private made-to-measure lounge, outdoor courtyard and dedicated, free parking lot,” Ledbury co-founder and CEO Paul Trible, said in a statement. Ledbury’s second Richmond store, on Patterson Avenue in the Near West End, will remain open, though the in-house production workshop will move to the new West Broad Street headquarters, allowing customers to watch craftsmen construct shirts as they shop. SMBW, responsible for the Virginia Museum of Fine Arts expansion and Main Street Station renovation, is serving as the project’s designer and architect. The 315 W. Broad St. building, owned by Presidents’ Walk Properties LLC, is being restored to its original condition, while the building interior is being “crafted to enrich the Ledbury experience,” the company says in a news release. Ledbury is a Richmond-based luxury shirtmaker and menswear brand that is best known for dress and casual shirts. The company was founded in 2009. 2016-06-01T17:18:00+00:00 http://www.virginiabusiness.com/news/article/thought-logic-consulting-opens-richmond-office Thought Logic Consulting opens Richmond office http://www.virginiabusiness.com/news/article/thought-logic-consulting-opens-richmond-office http://www.virginiabusiness.com/news/article/thought-logic-consulting-opens-richmond-office#When:16:31:00Z Thought Logic Consulting, an Atlanta-based firm, is expanding with a new office in downtown Richmond. The company announced the opening Wednesday of the office at 13 S. 13th St., in the recently renovated Powers-Taylor building. The opening coincides with the firm’s second anniversary on June 2. It expects to bring more than 100 jobs to the area. “We provide business transformation, project leadership, change leadership and analytics services, much like the Big Four, but in a local model,” Richmond Managing Partner Jeff Deyerle said in a statement. “We’ll be hiring a number of experienced people over the summer, with the expectation that over the next three to five years, we’ll bring more than 100 jobs to the area.” The opening of the Richmond office marks Deyerle’s return to Virginia. He grew up in Roanoke and earned undergraduate and graduate degrees from the University of Virginia. Deyerle joins Thought Logic from Slalom Consulting, where he helped launch and grow that firm’s New York office to more than 225 consultants over a five-year period. When Thought Logic evaluated communities for its first expansion, Richmond quickly rose to the top of its list. Keith Roberts, the company’s CEO and managing partner in Atlanta, said,  “The presence of market leading companies, the diverse industry base, the city’s support for entrepreneurship, a highly educated workforce, and a solid appreciation for work-life balance were all significant factors.” Thought Logic’s clients include Coke, GE Power, McKesson and Cox Communications. The consulting firm said it also can work with smaller companies and start-ups. It currently employs 40 people in Atlanta. “Our consultants work on-site for local clients, so it’s a unique model. They get to see their families and take full advantage of everything living in Richmond has to offer. And it’s ideal for clients,” said Deyerle, who explained that travel expenses can total $200,000 for a $1 million project. 2016-06-01T16:31:00+00:00 http://www.virginiabusiness.com/news/article/roanoke-marathon-continues-to-have-economic-kick Roanoke marathon continues to have economic kick http://www.virginiabusiness.com/news/article/roanoke-marathon-continues-to-have-economic-kick http://www.virginiabusiness.com/news/article/roanoke-marathon-continues-to-have-economic-kick#When:21:33:00Z The economic impact of Roanoke’s annual marathon continues to grow. The seventh annual Foot Levelers Blue Ridge Marathon attracted 1,844 runners, generating more than $592,000 in economic impact according to a participation study prepared by the Roanoke Regional Partnership and Roanoke Valley-Alleghany Regional Commission. That economic impact represents an increase of 6.5 percent from last year. In addition to a marathon, April’s event included a half marathon and a 10K race. Since its beginning, the event has made a total economic contribution of more than $3.2 million. A post-race survey found that the April races created $339,911 in direct new sales activity, plus an additional $252,493 in indirect and induced spending. The economic impact is larger this year as a result of an increased number of participants from outside the Roanoke area, the study says. The number of runners participating from outside the region accounted for more than half of race participants. The race drew runners from 38 states – in addition to the District of Columbia – and eight countries: Afghanistan, Brazil, Haiti, Ireland, Germany, Canada, Puerto Rico, and the United Kingdom. “The study shows that this race is steadily becoming a destination event, counting dollars brought to the region from outside the area. In addition, the race helps more people experience the Roanoke Region’s outdoor amenities,” Pete Eshelman, director of outdoor branding for the Roanoke Regional Partnership, said in a statement. “That awareness helps reaffirm our reputation as an outdoor destination leading to economic development.” Survey respondents were asked to report the amount spent on fuel, meals, lodging, miscellaneous retail purchases, and admissions while in Roanoke. More than 39 percent of all survey respondents reported staying in town for at least one night. Approximately 35 percent stayed between one and two nights. The average length of stay among overnight visitors was 1.7 nights. About 46 percent of respondents reported traveling with family or friends, with an average of 1.9 additional people in the travel party among overnight visitors. Day-trip visitors traveled with an average of 0.5 others. The race course started in downtown Roanoke and climbed to the top of Mill Mountain and Roanoke Mountain along sections of the Blue Ridge Parkway for a total elevation change of 7,430 feet, making it America’s Toughest Road Marathon. The 2017 races are set for April 22 – Earth Day. To view the full report, visit http://www.blueridgemarathon.com/economic-impact-2016. 2016-05-31T21:33:00+00:00 http://www.virginiabusiness.com/uploads2/Ken-Strickler_Photo.jpg Kenneth S. Strickler http://www.virginiabusiness.com/companies/article/commonwealth-commercial-promotes-kenneth-s.-strickler-to-president Commonwealth Commercial promotes Kenneth S. Strickler to president http://www.virginiabusiness.com/companies/article/commonwealth-commercial-promotes-kenneth-s.-strickler-to-president http://www.virginiabusiness.com/companies/article/commonwealth-commercial-promotes-kenneth-s.-strickler-to-president#When:20:16:00Z Commonwealth Commercial Partners LLC has named Kenneth S. Strickler president of the Richmond -based company. Mark Claud will continue to serve as CEO. In his new position, Strickler will be responsible for the operational and long-term planning for all company functions, including strategy and allocation of resources. Strickler started his real estate career as a property manager for Commonwealth Commercial. He previously served as managing director of asset management. He also helped found Commonwealth Commercial’s asset management division (StreamCo LLC) in 2008 and has been responsible for managing its operations since then. The company’s asset management portfolio has grown to more than 10 million square feet in 11 states. The portfolio is focused on providing turnkey asset management services to institutional owners and family offices. Strickler will continue as managing director of investments for Lingerfelt CommonwealthPartners (the company’s investment management affiliate). Strickler and his team are responsible for sourcing and structuring all Lingerfelt acquisitions in the eastern U.S. “Ken has proven himself a steadfast and respected leader of this company, and the expertise and perspective he has gained by serving in various positions across the company will be invaluable as he enters this new, expanded role.” Claud said in a statement. Claud will continue to serve on the leadership team and focus on business development, client relationship management and engagement. The  change comes as the company celebrates its 20th year in business. Commonwealth Commercial said it has seen an average rate of 60 percent employee growth year over year since 2009 and has continued to expand in its areas of expertise: office, industrial, retail, multifamily, senior living, hospitality, rural and urban land, and investment clients. 2016-05-31T20:16:00+00:00 http://www.virginiabusiness.com/companies/article/kim-kacani-and-george-moore-named-senior-vice-presidents-of-hhhunt-communit Kim Kacani and George Moore named senior vice presidents of HHHunt Communities http://www.virginiabusiness.com/companies/article/kim-kacani-and-george-moore-named-senior-vice-presidents-of-hhhunt-communit http://www.virginiabusiness.com/companies/article/kim-kacani-and-george-moore-named-senior-vice-presidents-of-hhhunt-communit#When:19:33:00Z HHHunt Communities said Tuesday that Kim Kacani and George Moore have been named senior vice presidents of HHHunt Communities, one of the largest residential developers in Virginia. In their new positions, Kacani and Moore will co-lead one of HHHunt's four divisions.  HHHunt described the arrangement in a press release as “a unique structure for real estate development firms.”  Kacani and Moore have worked for HHHunt Communities for many years and will be based in the company’s Richmond office. Kacani will be responsible for land acquisition, zoning, entitlements, community relations and homeowner association management. Moore will oversee community development, sales of new home lots and marketing efforts for existing and planned communities. Kacani joined HHHunt more than 30 years ago and has been a member of HHHunt Communities for more than two decades. She is an member of the Community Associations Institute and the Urban Land Institute and serves on the Virginia’s Common Interest Community Board. Moore has more than 30 years of experience in the real estate industry and has worked with HHHunt Communities for nearly two decades.  In the Richmond area, he helped develop the master-planned communities of Wyndham, Twin Hickory, Charter Colony and Rutland. He serves on the board of directors for the Home Builders Association of Richmond and is a member of the Urban Land Institute. HHHunt, based in Blacksburg, develops, builds and manages residential communities in Virginia, North Carolina, South Carolina and Maryland. 2016-05-31T19:33:00+00:00 http://www.virginiabusiness.com/news/article/ngkf-will-lease-eight-building-flex-office-portfolio-in-manassas NGKF will lease eight-building flex/office portfolio in Manassas http://www.virginiabusiness.com/news/article/ngkf-will-lease-eight-building-flex-office-portfolio-in-manassas http://www.virginiabusiness.com/news/article/ngkf-will-lease-eight-building-flex-office-portfolio-in-manassas#When:18:46:00Z Finmarc Management Inc. has selected Newmark Grubb Knight Frank (NGKF) as the exclusive leasing agent for its eight-building flex/office portfolio in Manassas. NGKF Executive Managing Director Larry FitzGerald and Associate Director Cole Spalding will lead leasing efforts for about 368,000 square feet among Gateway Centre, Linden Business Center and Windsor @ Battlefield, along with three acres of adjacent land for built-to-suit options. “Each of these centers features high quality buildings with different loading options and office configurations for tenants who are looking for a convenient location near major highways and amenities,” FitzGerald said in a statement. Affiliates of Finmarc, based in Bethesda, Md., own and manage the eight buildings in the three centers. Gateway Centre includes three buildings totaling 102,376 square feet, each offering an office and warehouse with an 18-foot ceiling for dock loading. The Linden Business Center spans three buildings totaling 111,025 square feet, as well as the three acres of adjacent land. Windsor @ Battlefield offers a two-story office building with 52,953 square feet and a second single-story flex building of 102,390 square feet. The portfolio’s location is close to I-66, Routes 234 and 29 and is about 20 minutes of Dulles International Airport. Finmarc is a commercial real estate company that focuses on the real estate investment, management, leasing and development of retail, industrial/flex projects, and office buildings throughout the Mid-Atlantic region. The firm presently manages a diverse portfolio encompassing more than five million square feet. 2016-05-31T18:46:00+00:00 http://www.virginiabusiness.com/news/article/out-about-june-2016 Out & About June 2016 http://www.virginiabusiness.com/news/article/out-about-june-2016 http://www.virginiabusiness.com/news/article/out-about-june-2016#When:12:26:00Z This month's Out & About features photos from The Virginia Chamber of Commerce's Fantastic 50 awards, the Virginia Maritime Association’s annual banquet, the Sorensen Institute Spring Gala and the Virginia Communications Hall of Fame. To share photos of your company's special events with Virginia Business, e-mail your high resolution images along with photo ids to . 2016-05-28T12:26:00+00:00 http://www.virginiabusiness.com/uploads2/Nview_CartersBook.png http://www.virginiabusiness.com/opinion/article/trump-repeats-carters-feat-in-1976 Trump repeats Carter’s feat in 1976 http://www.virginiabusiness.com/opinion/article/trump-repeats-carters-feat-in-1976 http://www.virginiabusiness.com/opinion/article/trump-repeats-carters-feat-in-1976#When:11:45:00Z Nearly a year ago, I was among more than 1,000 people who lined up in the rain outside a Costco store in Henrico County to get a book signed by former President Jimmy Carter. The book, “A Full Life: Reflections at Ninety,” looks back at many events in Carter’s life, including his presidential campaign 40 years ago. In a recent Politico article, historian Josh Zeitz contends that Carter in 1976, like Donald Trump today, was an insurgent outsider. Each rode a wave of anti-establishment sentiment to defeat a crowded field of candidates and win his party’s nomination. And both were resisted by party leaders. Before there was a #NeverTrump movement in the Republican Party, there was the “Anybody But Carter” effort aimed at stopping him from winning the Democratic nomination. Both attempts, Zeitz suggests, were doomed from the start because Trump and Carter tapped into the mood of the times. In Carter’s case, the nation still was reeling from the Watergate scandal, Nixon’s resignation and revelations about the conduct of the Vietnam War under Democratic and Republican administrations.  The public was disillusioned with Washington politics and longed for someone who could be trusted. Enter the former Georgia governor who pledged, “I’ll never tell a lie. I’ll never make a misleading statement. I’ll never betray the confidence that any of you had in me. And I’ll never avoid a controversial issue.” The comparison between Carter and Trump, of course, breaks down when you move beyond campaign strategy. The men are almost opposites in personality. In contrast with Trump’s brash statements and theatrics, Carter always has been direct but low-key. Effective in speaking to small groups, he never developed Trump’s ability to inspire a large audience, in a convention hall or on television. In contrast with Trump’s three marriages, Carter has been married for 70 years to his wife, Rosalynn. They are equal partners in many endeavors, including The Carter Center, a nonprofit they founded in 1982 to promote human rights and alleviate suffering. In fact, during his campaign against Republican President Gerald Ford, Carter tried to alter his image as a pious Baptist Sunday school teacher by granting an interview to Playboy. In explaining Jesus’ Sermon on the Mount, he admitted that, like other men, he had lusted after women. Within days of the article’s publication, his poll numbers dropped 15 percentage points. Trump also has one big advantage that Carter did not share. The real estate mogul has been a household name for decades, developing a reputation in books and countless television appearances as a high-level dealmaker.  Carter, on the other hand, began his presidential campaign with virtually no public recognition outside his home state. Zeitz notes that when Carter told his mother, Lillian, he planned to run for president, she asked, “President of what?” Carter climbed out of obscurity by winning the Democratic Iowa caucus, which had begun only four years before. That victory served as a springboard to wins in New Hampshire and Florida, where he vanquished Alabama Gov. George Wallace. Carter’s early momentum allowed him to sweep later primaries as opponents dropped out of the race. But running an effective campaign doesn’t ensure a nominee will be an effective president. Carter can claim some major accomplishments during his administration, but he failed to keep the public’s confidence in his leadership. One aspect of Carter’s presidency, however, remains an unqualified success, the Camp David Accords. The event foreshadowed Carter’s role as a humanitarian and peacemaker after he left the White House. In his book, Carter recounts the 1978 peace negotiations he conducted between Israeli Prime Minister Menachem Begin and Egyptian President Anwar Sadat at the presidential retreat in Maryland. The book reveals one critical piece of the story that I had not known.  On the 13th day of negotiations, talks broke down with Begin refusing to yield on some issues. The prime minister, Carter and Sadat agreed to return to Washington, admit their failure and plan to resume talks sometime in the future. Just before he left, Begin asked that Carter sign photos of the three leaders for his grandchildren. Without prompting from anyone, Carter’s secretary called Israel and got the children’s names. Carter inscribed each child’s name on the photos as he signed them and then walked over to Begin’s cabin. “I gave him the photographs, he turned away to examine them, and then began to read the names aloud, one by one,” Carter writes. “He had a choked voice, and tears were running down his cheeks.” The two men sat down and began to talk. “After a few minutes, we agreed to try once more, and after some intense discussions we were successful,” Carter says. Begin and Sadat were jointly awarded the Nobel Peace Prize. A simple act of kindness resulted in an historic Mideast treaty that still stands today. 2016-05-28T11:45:00+00:00 http://www.virginiabusiness.com/uploads2/CVILLE_side_RioRoad.png Roadwork in Albemarle County Photo by Tom Saunders, courtesy VDOT http://www.virginiabusiness.com/news/article/untangling-traffic Untangling traffic http://www.virginiabusiness.com/news/article/untangling-traffic http://www.virginiabusiness.com/news/article/untangling-traffic#When:11:41:00Z Navigating Charlottesville-area traffic and finding a place to park are ongoing regional issues. Albemarle County, for example, is tackling a grade-separated interchange project at the intersection of Rio Road and U.S. 29 — the largest such intersection in terms of number of lanes in Virginia. Work on relocating utilities began in May 2015 with crews working only at night, between 9 p.m. and 6 a.m. Tim Hulbert, the head of the Char­lottesville Regional Chamber of Commerce, says some of the businesses in the area — about 600 with locations between Seminole Square and the Rivanna River bridge — have been “challenged” by the massive construction project. “Some businesses have had losses of 20 to 60 percent of their revenue,” he says. “Some businesses decided to move.” An even bigger road headache involves Rio Road — a main east-west thoroughfare in Albemarle. It was scheduled to be closed to traffic from late May through Sept. 2. Lou Hatter, a spokesman for VDOT, says “so far things are going well on the project. The contractor is out there working steadily and the winter weather was very nice to us.” The project is on schedule, Hatter says. While Rio is closed, crews will be working 24 hours a day, seven days a week “in getting the intersection reconstructed. There’s certainly been some inconveniences,” for businesses in the area, Hatter adds. “But we’re working real closely with them to minimize that.” Charlottesville City Council, meanwhile, is preparing an attack on the downtown area’s No. 1 problem — lack of parking. Though the downtown pedestrian mall remains a hive of business activity with its dozens of restaurants and other businesses, consumers are daunted by the lack of parking spaces. So the city has decided to run a parking meter pilot project. It’s expected that some 160 or so meters will be “tucked around the downtown mall,” says city spokeswoman Miriam Dickler, though no timetable for installation had been determined in late April. “The goal of this is to actually increase business activity. The goal is to free up some parking.” 2016-05-28T11:41:00+00:00 http://www.virginiabusiness.com/uploads2/iLab_Idea_Well_013.png UVa has helped fuel the area’s innovation boom with its i.Lab at the Darden School of Business. Courtesy UVa http://www.virginiabusiness.com/news/article/a-new-story-line A new story line? http://www.virginiabusiness.com/news/article/a-new-story-line http://www.virginiabusiness.com/news/article/a-new-story-line#When:11:20:00Z The Charlottesville area finally is emerging from a series of nightmarish events that grabbed national headlines. Local leaders now are ready for the region to makes news for another reason — its increasing momentum as a launching pad for entrepreneurs. The past 12 months saw continued fallout from a debunked Rolling Stone magazine story about a gang rape at the University of Virginia and the sentencing of a serial killer who stalked his last victim on Charlottesville’s downtown mall. A Charlottesville police investigation could find no evidence of the gang rape, but the controversy now continues in federal court. Nicole Eramo, a University of Virginia administrator, claims Rolling Stone defamed her and filed a $7.85 million lawsuit. Tim Hulbert, the head of the Charlottesville Regional Chamber of Commerce and a keen observer of life in the Charlottesville area, says he was “rooting for the lawsuit. When that [article] came out, it sullied our community and law enforcement.” Meanwhile, Jesse Matthew Jr. pleaded guilty to killing Morgan Harrington, a Virginia Tech student who vanished after a 2009 Metallica concert in Charlottesville, and Hannah Graham, a U.Va. student who was murdered in 2014 after being abducted from the city’s downtown mall.  As part of the plea agreement, Matthew, a former cab driver and hospital orderly, was sentenced in March in to four life terms with no possibility of parole. While those incidents are largely behind it, Charlottesville continues to have local controversies. Vice Mayor Wes Bellamy held a contentious news conference recently in front of the equestrian statue of Confederate General Robert E. Lee. Characterizing the statue as a symbol of a racist past, he called for its removal.  People opposed to that move — asserting the statue represents Southern heritage and American history — waved Confederate flags as Bellamy spoke. In early May, City Council voted to create a commission that will recommend whether or not the city should remove its Confederate memorials. The commission’s report, which will have public input, is due by Nov. 30. A business ‘hotbed’ These controversies overshadowed the region’s growing reputation as a home to entrepreneurs and innovators. Tracey L. Greene, executive director of the Charlottesville Business Innovation Council (CBIC), describes Charlottesville as a “hotbed … of startups and innovative businesses with intellectual property at its core.” The CBIC’s mission is to accelerate technology innovation and entrepreneurship in the region. Greene founded the Charlottesville Angel Network (CAN) last year, and qualified investors have already invested $1 million in 10 companies, she says. CAN includes high-net-worth individuals and successful entrepreneurs who meet monthly to evaluate early-stage companies. U.Va. has helped fuel the innovation boom with assistance to promising startups at its  i.Lab at the Darden School of Business. One beneficiary is Charlottesville-based KiraKira, which also has an office in San Francisco. Co-founder and CEO Suz Somersall says the firm aims to make technology and design programs more accessible to women. KiraKira offers online classes that essentially help empower women by teaching them how to design jewelry using 3-D printers. “We’re targeting young women and introducing the concepts behind engineering,” says Somersall, a Brown University graduate who is a jewelry designer. “The skills and concepts they learn are transferable to engineering and architecture.” Somersall says Charlottesville is “incredible in terms of advisers and potential investors. I can’t think of a better place to innovate … it’s a city full of brilliant people.” Venture capital also is pouring into the region. A recent report by the National Venture Capital Association found that nine companies in the Char­lottesville metro area received $27.7 million in venture funding last year.  The total includes $16.5 million invested by Chevy Chase, Md., venture capital firm New Enterprise Associates in Charlottesville-based PsiKick, which makes self-powering wireless sensors for “Internet of Things” applications.  Charlottesville ranked first out of 133 metro areas in both the greatest growth (55.2 percent) and the greatest rate of growth as measured by venture investment dollars with a 156.5 percent increase since 2010, says Greene. Greene says the Charlottesville region is popular with entrepreneurs because of its “small-town feel combined with lots of savvy people.” $87 million in investment Chris Engel, Charlottesville’s economic development coordinator, says the city’s economy is “vibrant and robust” with the “epicenter of activity around the downtown area.” About $87 million in commercial investment was spent in the city last year — one of its highest levels ever. “That $87 million means people are building for business purposes, and that connects to the job growth,” says Engel. Most of the job growth is coming from “small, fast-growing, gazelle-like companies” that are adding 10 to 15 jobs a year, says Engel.  They include companies like Apex Clean Energy, Relay Foods and WillowTree, a 9-year-old company that develops apps and already boasts more than 140 employees.   The hospitality sector is especially hot, Engel adds, noting that a significant part of the commercial investment came from the recent opening of a new Marriott Residence Inn on West Main Street.  A Fairfield Inn and Suites also is planned for the corner of Ridge Street and Cherry Avenue, driven by the city’s hotel occupancy rate of about 70 percent year round. U.Va. is partly responsible for that occupancy rate but so is “historical tourism” and four major Charlottesville festivals held each year that celebrate books, movies, photography and entrepreneurs, drawing tens of thousands of people into the city. The city’s business vacancy rate sits at 3.5 percent with the rate dropping to 2.6 percent around the downtown area, says Engel. He admits that the city is facing a parking problem downtown but adds, “it’s a good problem to have. People want to be there.” Rotunda project continues At U.Va., construction is going on as always. The second phase to renovate U.Va.’s iconic Rotunda is underway. The $42.5 million project includes updating utility systems, restoring historical features and reviving the building’s initial use as the center of academic and student life. That means adding classrooms and increasing access and programming. The first phase of the project, completed in spring 2013, included installing a new copper roof and making extensive masonry repairs. Counties surrounding Charlottesville are also making news. In Fluvanna County, land use has become an issue.  The land use program, which helps preserve rural spaces, cost the county about $2.7 million in uncollected taxes last year. That translates into about 10 cents of the tax rate. Supervisor Tony O’Brien recently raised questions about land use. “I’m not against land use per se, but I wonder if it’s a good deal for the county.” Supervisors plan to look closer at the issue. Nelson County, which over recent years has become home to a number of craft breweries, has attracted the attention of beer giant Anheuser-Busch. The company has agreed to acquire Devils Backbone Brewing Co. in Roseland. Some craft beer fans have bemoaned the loss of Devils Backbone from the ranks of upstart breweries. On the other hand, however, the deal recognizes Devils Backbone’s achievements since its founding in 2008. Now its beer should be available nationwide. In other words, a Charlottesville-area startup has become a national success. That’s the kind of news the region can build on.   2016-05-28T11:20:00+00:00 http://www.virginiabusiness.com/uploads2/DJI_0048.png Construction work on the Cregger Center has had an estimatedeconomic impact of $60 million over the past three years. http://www.virginiabusiness.com/news/article/punching-above-its-weight-class Punching above its weight class http://www.virginiabusiness.com/news/article/punching-above-its-weight-class http://www.virginiabusiness.com/news/article/punching-above-its-weight-class#When:11:08:00Z Salem-based Roanoke College is a small school with a big impact on its hometown and its region. Robert Stauffer, a now-retired Roanoke College economics professor, completed a study in 2008 that gauged the school’s local economic impact at more than $100 million. That figure included $21.5 million in gross wages paid to employees, $18.5 million in local college spending and $756,000 spent by visitors.  Stauffer estimates that the school’s annual impact is closer to $130 million today. “It’s a big operation,” Stauffer says of the college, which employs nearly 500 people and has about 2,000 students. His 2008 report, however, notes that many of the school’s contributions to the community are intangible. These intangibles include students’ community service and quality of life benefits offered by the school through education, entertainment and cultural events. The Roanoke College economic and cultural impact on the region could grow with the completion of the $35 million Cregger Center, the school’s largest-ever capital project.  The Cregger Center, a complex of classrooms and event space, is scheduled to open in August. It will include a performance gym with a 2,500-seat capacity and a 200-meter indoor track, the first of its kind in the Roanoke Valley. Stauffer says it’s difficult to estimate how successful the center will be, but if used as planned for many events in addition to those already hosted by Roanoke College, it could attract 10,000 visitors a year. Half of those visitors may spend the night in the area, generating an estimated annual economic impact of more than $700,000. The Cregger Center already has had a substantial economic impact on the area because of the construction jobs it has created. Stauffer estimates that when the center is complete, construction alone will have had an impact of more than $60 million over nearly three years. Roanoke College Vice President and Dean Richard Smith says that, while the financial impact of the school on the region is clear, “the more important part is what we do with our students and the kind of education we give them and the position we put them in to go on to acquire well-paying careers and fulfilling careers.” Smith believes that the broad liberal-arts program offered by the college gives graduates a well-rounded education, a potential advantage in competing for jobs. “[Employers] certainly would like to have students who have entry-level skills so they can move right into a position in their organization or their company, but they’re also looking for students who have a broader set of skills that really are necessary for leadership and management success and so on. These are skills that are right at the core of what we have to offer — critical thinking and writing well and being able to effectively make oral presentations. Our students get really great training in all that,” Smith says. By the time they graduate, Smith says, nearly all Roanoke College students will have had at least one experiential learning opportunity — such as an internship, undergraduate research, service learning or study abroad. The college also has established mentoring programs through which students are paired with graduates in a field of interest. “We really want to see our students succeed,” Smith says. Business and health and human performance majors are among the most popular at Roanoke College. These majors include athletic training, health and exercise science, sport management, and health and physical education. The college offers strong programs in biology, chemistry, biochemistry, math, physics, and applied and theoretical computer science. The college is discussing the creation of a humanities-based program that would focus on health care, Smith says. Salem City Planner Benjamin Tripp calls Roanoke College “an integral part of downtown and of Salem overall.” “It brings young people here who are seeking to pursue degrees from all over the world. It brings faculty and sports jobs in our area, and it also is a source [of new ideas]. Its influence on the community is pretty profound,” he says. Tripp, a 2002 Roanoke College graduate whose wife, brother and sister-in-law also attended the school, notes that most downtown Salem businesses accept the Maroon Card — the Roanoke College student ID, which can be loaded with money. It also serves as a facilities access pass and a meal plan card. Tripp says Roanoke College has been working closely with the city on efforts to improve the downtown area. Plans are in the works to redo the streetscape on College Avenue “so that it gives us the sort of college-community connection that we deserve,” Tripp says. Set to begin next year, work will involve replacing the sidewalks with the same type of brick used to construct Roanoke College buildings, adding parking areas and installing extra lights that will be strung over College Avenue. “Having a college right in your downtown, I think that’s one of the reasons our downtown does as well as it does is because you have that sort of vitality of the kids walking around downtown,”  Salem City Manager Kevin Boggess says. Boggess also touted the potential of the Cregger Center to draw people to Salem. “It’s going to create a whole new venue for the valley that doesn’t really exist in terms of the indoor competition track,” he says. The center could host NCAA tournaments and Virginia High School League events, bringing people into the city who will spend money on lodging and meals. College spokeswoman Teresa Gereaux says Roanoke College offers many cultural events, including lecture programs, art exhibits theater productions and a performing arts series.  A program called Elderscholar, which has been in place since 1984, offers six-week courses to senior citizens. The Copenhaver Institute program offers summer workshops for pre-K-12 teachers and administrators. And, Gereaux says, students perform a great deal of community service work through partnerships between the school or certain professors and nonprofit organizations and service organizations in the Roanoke Valley. Caroline Goode, executive director of the Salem-Roanoke County Chamber of Commerce, says Roanoke College supports every major community event sponsored by the organization. “Visitors, college employees and students are consumers to our local downtown businesses, and the college offers many educational opportunities to better the quality of life in our region.” 2016-05-28T11:08:00+00:00 http://www.virginiabusiness.com/uploads2/Residential_College_Principals_Melissa_Thomas-Hunt_10HR_DA.png “The big trend ... is the demand for women’s leadership programs,” Melissa Thomas-Hunt Photo by Dan Addison/UVA http://www.virginiabusiness.com/news/article/training-female-executives Training female executives http://www.virginiabusiness.com/news/article/training-female-executives http://www.virginiabusiness.com/news/article/training-female-executives#When:10:00:00Z Twenty years ago, there were no female CEOs at Fortune 500 companies. Today, there are 22, 4.4 percent of the total. About the same percentage lead S&P 500 companies. So, at best, the journey of women to the C-Suite has edged forward at a glacial pace. A  Pew Research Center study published a year ago found that Americans believe women are not moving into senior executive positions at a faster rate because they are being held to a higher standard. Women have to do more than their male counterparts to prove their leadership capabilities, the study suggests. Maybe that’s why more executive education programs are making more room for leadership training for women. Melissa Thomas-Hunt, senior associate dean and global chief diversity officer at the University of Virginia’s Darden School of Business, says more women are becoming interested in honing their leadership skills and so are the companies that employ them. “The big trend I’ve noticed at Darden and around the globe is the demand for women’s leadership programs. There were few of them 10 years ago … [But] today, companies need all the talent they can find. They are looking for the absolute best talent,” she says. Darden offers the Women’s Leadership Program, a short course, through the school’s executive education program. The course is designed for female executives and women with management responsibilities. Thomas-Hunt says that efforts to recruit and retain women in top positions, especially in technology companies, have reached a critical stage. Tech companies are concerned about the relatively low number of women entering, or staying, in the field, she says. Asking for help Rosanna Koppelmann, executive director of the Center for Corporate Education at the College of William & Mary’s Mason School of Business, says that — for the first time in her decadelong tenure at the school — a company recently asked her to put together a leadership program for women employees. “The CEO/president saw this as an important strategic, capital-development piece. They’re really trying to develop [talent among] women in their workforce,” Koppelmann says. In Mason’s executive education programs, she adds, instructors don’t distinguish between the leadership roles  of men and women. Instead, the process focuses on identifying and cultivating leadership characteristics and helping companies develop good leaders. Koppelmann encourages women to look at their professional goals in a much more intentional manner rather than seeing a move into upper management as a matter of happenstance. She laughs in recalling high-level discussions about plans for Miller Hall, the Mason School’s home, which was completed in 2009. The design called for a baby room for nursing mothers. Koppelmann says some of the men involved in the project drew a blank when they saw “baby room.” They wanted to know, “What do we do with that?” She uses the story to illustrate the importance of women’s input in leadership decisions. “You’re not going to have the right conversation if the diversity isn’t there,” she says. Few female deans Mary Gowan knows what it’s like to be one of the few women leading an organization in certain fields. When she was named the head of James Madison University’s College of Business in 2013, she was only the third female dean among the nation’s 15 top public undergraduate business schools. Gowan still notices the absence of women in the audience when business school deans gather. During the 2014-15 academic year, only 19.9 percent of business school deans were women, according to the Association to Advance Collegiate Schools of Business. Ironically, that percentage fails to reflect the rising number of women in business. In 2013, women held 52 percent of managerial and professional occupations in the U.S., a jump from about 31 percent in 1968, according to Pew research. Gowan has extensive consulting and executive education experience with private and public organizations in the areas of leadership, human resources management and organizational behavior. She says male executives are sometimes not sure how to deal with the increasing number of women in management. As a consultant, she once coached a male executive on how to address female leaders in his company. “He said if [the executive] was a male, he would know how to respond,” Gowan says. But in dealing with women, he was concerned about making missteps. The JMU dean says because, achieving leadership positions still represents a challenge for women, the College of Business is doing what it can to help. Three years ago, it started a conference focused on women in leadership. “We bring alums back to participate, to empower women to think about their future. And encourage them to lean in,” accepting leadership opportunities when they present themselves, even if the challenges seem huge, Gowan says. In a changing workplace where some women are breaking through to high executive positions, Gowan notes that traditional relationships between spouses also are changing. “I have seen a lot of successful women whose [husbands have paused] their careers to help their wives,” Gowan says. Changing an attitude Jenifer Alonzo, an associate professor of communication and theater arts at Old Dominion University, often conducts executive education workshops to help businesspeople learn how to better manage teams. She says many women attend her programs because they want to empower themselves in the workplace. “Women are more susceptible to thinking less of themselves,” Alonzo says, and a change of attitude can lead to a better job. She teaches women executives and managers — and those aspiring to such positions — techniques that can help them navigate a communications code that they may not even be aware of. For example, Alonzo says, women often sit on the perimeter of a group, not positioning themselves among influencers who can help them. And women have a tendency not to make as much eye contact as they need to. “It is a difficult thing for women to unpack how they should present themselves,” she adds. While women are making leadership gains in the business world, the Darden School’s Thomas-Hunt says female managers and executives sometimes fall short advocating their own career advancement. “Women on average feel less comfortable entering into a negotiation when they are negotiating for themselves,” she says. New executive education leadership programs now in the works at many universities may help bolster their confidence. 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/GA_VTCRI.png Virginia Tech Carilion Research Institute http://www.virginiabusiness.com/news/article/a-busy-body A busy body http://www.virginiabusiness.com/news/article/a-busy-body http://www.virginiabusiness.com/news/article/a-busy-body#When:10:00:00Z With the help of $46.7 million from the commonwealth, the Virginia Tech Carilion Research Institute plans to double its facility in Roanoke. The new 105,000-square-foot building would employ another 275 to 300 workers, expanding the institute’s work in its research specialties, such as neuroscience, heart disease, infectious diseases, and breast and brain cancer diagnostics and therapeutics. The hope is the expansion will spawn economic development around the institute, in an area called the Health Sciences and Technology Innovation District.  “We want to build partnerships with industry,” says Michael Friedlander, executive director of the research institute. “With small businesses, we could attract innovative biotech companies. In other cases, we could bring in more established companies who want to put a branch here and want to be part of the excitement and the energy of what’s going on in Roanoke.” Funding for the new building is part of a $2.2 billion bond package passed by the General Assembly designed to make strategic investments in the state’s infrastructure and promising research at Virginia’s higher-education institutions. The bond package — combined with new and expanded research and development tax credits, economic development programs and workforce credential incentives — was a highlight in a session packed with more business-related legislation than any in recent memory. Although a partisan fight over the appointment of a Supreme Court appointment dominated headlines during the session, the Democratic governor and Republican-controlled legislature compromised on incentives primarily designed to accelerate Virginia’s growth in the “new economy.” “There was a significant focus on business, and frankly, I think it’s the right time,” says Barry DuVal, president and CEO of the Virginia Chamber of Commerce. “When you hear about the downsizing of defense spending and the fact that Virginia is growing at less than the national average for our gross domestic product, those are trends we want to reverse.” During a normal session, the chamber typically tracks 400 bills and takes positions on 40 to 50. This year, the chamber tracked 620 bills and took positions on 125. Commercializing research This year’s legislation could create a new era in research at Virginia’s universities. Through additional money and incentives, legislation this year put a major focus on the commercialization of university research. Much of that focus involves new programs and funds to develop Virginia’s biosciences industry. “This was the best year by far for bio,” says Jeff Gallagher, CEO of the Virginia Biotechnology Association (Virginia Bio), which represents the life sciences industry in the commonwealth. “The governor did a great job of lifting the topic and vision in his budget, which eventually was cut down, but it’s at least a couple times more than bio has ever received.” Under the budget that begins July 1, a current program, The Catalyst, will receive a major funding boost in its efforts to incentivize universities to collaborate with each other and work with industry partners to commercialize biosciences research. Previously, the program, officially named the Virginia Biosciences Health Research Corp., had about $2.5 million to spend each year. In the budget starting in July, it will receive a total of $10 million over  the next two years, including $2.5 million specifically dedicated to health research with commercialization potential.“Great research is being funded, but it has a real impact on growing commercial opportunities,” says Gallagher. A new initiative is designed to advance university research in all technologies. This year, the General Assembly created the Virginia Research Investment Fund (V-RIF). The fund, which will include $28 million in general funds during the next two years and $29 million available from the bond package, will have two major objectives. The first goal is to help Virginia’s universities attract top-notch researchers with track records in commercialization. Bringing in first-rate researchers can make a big economic impact, says Gallagher, pointing to Friedlander at Carilion and Virginia Tech as an example. “This is a way to help get the right talent,” he says. “It’s very competitive out there nationally and globally, when people distinguish themselves not only as crack researchers, but who also are really interested in answering, ‘Is this really going to help people? Is this research really going to get into the clinic?’”  V-RIF’s second goal is to fund the creation of centers of excellence focused on a specific area of research, such as diabetes or neuroscience. This fund will encourage universities to create partnerships with the private sector in various industries. Increasingly, research-funding organizations are interested in backing collaborative projects rather than research that is specific to one university. “It’s a way to bring expertise together and become best in class by collaborating,” says Gallagher. The fund was based partly on the Georgia Research Alliance, which Virginia Bio persuaded Gov. Terry McAuliffe to visit on a fact-finding mission last fall. The bond package also includes major investments to promote economic growth. In addition to doubling the Virginia Tech Carilion Research Institute, the bond issue includes money for the expansion of Virginia Commonwealth University’s School of Engineering and construction of a new STEM laboratory building on campus. It also supports the creation of the University of Virginia Center for Human Therapeutics, a research center focused on using medical research to create commercial drugs. Inova Health System also is a major beneficiary under the bond issue as it develops its Center for Personalized Health campus in Northern Virginia. The campus is focused on developing research around personalized medicine, which aims to predict, prevent and treat disease based on a person’s genetic makeup. The bond package includes $20 million for research at the Global Genomics and Bioinformatics Research Institute at the Center for Personalized Health. The money would fund lab renovations for research projects with the institute that involved at least two of Virginia’s higher education institutions or one higher education institution and one private-sector company. Legislators also agreed to expand an existing research and development tax credit for small businesses and add a new tax credit aimed at attracting larger research and development companies. The current research and development tax credit was capped at $5 million, but demand had exceeded that the past few years. This year’s legislation will increase the cap to $7 million a year. The legislation also increased the cap for each company to $45,000. That cap rises to $60,000 if research is done in conjunction with a Virginia university. The new research and development tax credit is designed for companies spending more than $5 million a year on research. The new credit is capped at $20 million per year. “It’s been utilized and over-subscribed,” Josh Levi, vice president for policy at the Northern Virginia Technology Council, says of the current tax credit. “So the intention this year was to strengthen the current credit for small businesses and to recognize at the same time that there are some companies that have a much larger research spend that are constantly making decisions and re-evaluating where they do their research activity.” Economic development Other legislation passed this year will put a new emphasis on developing exporting opportunities for Virginia companies. The Virginia Chamber of Commerce, along with the Virginia Maritime Association and the Virginia Manufacturers Association, led an initiative to establish the Virginia International Trade Corporation (VITC). That new organization will pull international trade activities from the Virginia Economic Development Partnership. VITC will be designed to help companies take advantage of existing trade programs at the federal, state, regional and local level. A first-of-its kind study funded by the chamber showed that from 2009 until 2014, 30 percent of Virginia’s economic growth came from increased exports. The separate agency would allow more Virginia businesses to take advantage of Virginia’s popular exporting-assistance programs, says DuVal. “One of the ways we can help Virginia’s existing businesses is by aligning the trade activities of the commonwealth and therefore making it easier to access affordable costs and higher-quality trade programs that will help Virginia businesses expand their export products,” he says. The VITC will be organized during the fiscal year starting July 1, and its powers and duties become effective April 1 next year. The chamber also backed another major economic development initiative passed this year — GO Virginia — although the program will require further legislative action next year. The program is designed to encourage localities to work together on economic development by offering state grants. “Regions grow along economic boundaries and not political boundaries,” says DuVal. “Therefore we should craft incentives that reward regional economic growth and promote legislation that rewards regional economic thinking. GO Virginia is an implementation of that.” In the budget, GO Virginia received $36 million for grants encouraging collaboration among businesses, school systems and governments in each region. The legislation established the Virginia Growth and Opportunity Board to administer the program and regional councils that would apply for grants. The legislation, however, was almost held up by disagreements between the governor and the legislature over control of the GO Virginia board and the power to approve exceptions to the bill. The legislation includes a hardship provision for smaller localities that could not meet minimum project standards — an  investment  of $25 million and the creation of 200 jobs. In the end, a compromise was reached, which allows the board and regional councils to be set up, but regional grant funding won’t take place until the second year of the budget. A working group will study the issue, and the legislature must revisit the legislation next year. “We think the agreement was a constructive step forward, and we are pleased at the bipartisan nature of the agreement,” says DuVal. Not every industry benefited from the 2016 General Assembly.   McAuliffe vetoed a bill that would have extended tax credits for Virginia’s coal industry. The governor pointed out that the credits have cost Virginia $610 million since 1988. During the same period, the number of Virginia coal mine jobs fell from 11,106 to 2,946. The coal industry in Virginia has been suffering from increased regulation and competition from natural gas. On the horizon Details on many of the new programs established this year will be cemented during the next couple of years. Specifics on many of the programs, including the new bioscience initiatives and funds, will be written into regulations stemming from the legislation. These will require provisions that allow the programs to run smoothly and ensure applications are properly vetted, says Gallagher of Virginia Bio. “It’s great to be created on paper,” he says. “Now all these people, including us, are going to have to work really hard to make sure they are built up in a way that provides excellent results and are completely accountable to citizens of the commonwealth. There’s a lot of work ahead just to get them ready to go.” Many issues punted this year could become major issues next year. Certificate of Public Need (COPN): A number of bills were introduced this year that would have dismantled or changed Virginia’s COPN regulations. The Senate carried over legislation that would have removed imaging services, such as MRIs and CT scans, from the state’s COPN regulations. Hospitals have argued these services help pay for their charity care and emergency-room services, while proponents say this change could help to lower health-care costs. Airbnb: Legislation that would protect Virginians’ ability to rent lodging through Airbnb and create a process to collect taxes was approved with a re-enactment clause. That legislation requires the General Assembly to approve the legislation again next year and instructs the Virginia Housing Commission to study the issue. Angel investor tax credit: This credit, provided to investors in companies, has been over-subscribed. In fiscal year 2014, investors submitted applications for $9 million in tax credits, although the credit is capped at $5 million. Legislation introduced this year would have increased the limit to $9 million. Another bill would have eliminated the credit altogether. Both bills were defeated, but the legislature plans to study the issue during the next year. Other notable legislation The Port of Virginia will receive $350 million — the biggest piece of the bond package — to increase capacity of its largest terminal. The project will allow the terminal to stack containers higher and more closely together. The larger terminal will help the port respond to growing cargo traffic and the increased usage of large container ships. The New Economy Workforce Credential Grant Fund and Program (SB 576/HB 66): The program, administered by the State Council of Higher Education for Virginia, will allow higher education institutions to provide grants of up to $3,000 to Virginia students for completing noncredit workforce training programs. New tolling legislation (HB 1069) prevents an administration from adding tolls to existing highways, bridges and tunnels without General Assembly approval. The restriction would not apply to new construction or to HOV and HOT lanes. The extension of a data center tax credit (HB872/SB64) until 2035. The tax credit was scheduled to sunset in 2020. “We’re at the point where more than half of the states offer a sales tax exemption, so the competitiveness has really ramped up,” says Josh Levi of the Northern Virginia Technology Council. Passage of a law (HB412) that prohibits localities from regulating unmanned aerial vehicles/systems (drones) for three years while the state conducts its own study of the technology. The addition of computer science and computational thinking, including coding, (HB831) to the Virginia Standards of Learning (SOLs). The Virginia Board of Education will determine how to add these into schools’ curriculum. 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/Brach-7830.png Sherrie Armstrong worked with United Way Worldwide before joining the community foundation. Photo by Mark Rhodes http://www.virginiabusiness.com/news/article/new-role-for-a-familiar-leader New role for a familiar leader http://www.virginiabusiness.com/news/article/new-role-for-a-familiar-leader http://www.virginiabusiness.com/news/article/new-role-for-a-familiar-leader#When:10:00:00Z Sherrie Armstrong has a new job and a new last name, but she is a well-known figure in Virginia philanthropy. Nearly a year ago, she became president and CEO of The Community Foundation Serving Richmond and Central Virginia (TCF), the largest of 27 community foundations in Virginia. “Sherrie is a proven community leader whose commitment to, and influence in, Richmond and Central Virginia is a source of continuing respect,” Tom Chewning, a retired Dominion Resources CFO who is chairman of TCF’s board, said in announcing her appointment. “Her familiarity with the region and her strong record of effective community-building has prepared her well to lead TCF and build on our successes and momentum.” Before taking the community foundation job, Armstrong had served in many leadership positions for 26 years with the United Way, including 11 years as CEO of the United Way of Greater Richmond and Petersburg.  Her last job was executive vice president of investor relations with United Way Worldwide in Washington, D.C. While working in Washington, she maintained a residence in Richmond. She was Sherrie Brach then. In April, she married Gary Armstrong, Richmond regional president for Charlotte, N.C.-based bank Park Sterling. The marriage added three stepdaughters to her family of one daughter, a son and a daughter-in-law. Armstrong sees the United Way and community foundations as complementary parts of philanthropy. The United Way, in part, serves as an on-ramp for philanthropy, providing opportunities for employees to participate in charitable giving that meets immediate social needs in the community. Community foundations, on the other hand, provide grants funded mostly from revenue from endowments rather than annual contributions. The foundations invest and administer permanent charitable funds set up by families, businesses, and organizations to help their communities. Their objectives tend to be long range rather than focused on immediate needs. The scope of community foundation grants often is broad, including the arts and cultural groups, for example, in addition to social services. In addition to serving Central Virginia, TCF has helped create regional community foundations for the Northern Neck and Middle Peninsula during the past 20 years. While they now are components of TCF, each fund has its own advisory board and eventually may become independent. TCF’s endowment is managed through an unusual arrangement with the University of Richmond. Since, 2008, Spider Management Co. LLC, the manager for the university’s endowment, also handles TCF’s investments.  Armstrong says the arrangement is  a good fit because the university and the community foundation are both investing for long term results. As of the end of last year, TCF had a 5-year rate of return of 7.38 percent on its investments. Around the country, some community foundations are moving beyond their grant-making role to take leadership positions in the transformation of their community. The Hampton Roads Community Foundation, for example, set up study groups to address economic development issues in a region that is vulnerable to swings in federal spending. Armstrong says TCF is pondering what role it can play as a facilitator of discussions in Central Virginia. The big issue confronting community foundations and nonprofits alike, she says, is the emergence of millennials as the next generation of Millennials are generous, Armstrong notes, but many of them do not define their community as a geographic area. Away from the office, Armstrong stays active — attending concerts, playing golf and exercising. On the day after this interview, she participated in the annual Ukrop’s Monument Avenue 10k on a chilly Saturday in Richmond. Virginia Business talked with Armstrong at her office in the Boulders Office Park in Chesterfield County on April 8. Virginia Business:  What sort of trends are you seeing in philanthropy in Virginia? Armstrong:  There is going to be, with the baby boomers, this big transfer of wealth.  So, resources are going to be available to support community needs ...  We have this opportunity to make sure organizations are well positioned to really take advantage of that.  VB:  You are talking about the transfer of wealth from baby boomers? It used to be to baby boomers. Armstrong:   [Yes, there was a transfer of wealth to baby boomers], and now it’s going to be from them. There is this mindset, particularly in the older baby boomers and the traditionalists, that giving to the community is part of what you do … There’s a pool of dollars out there, and we’re starting to see that translate into planned gifts and bequests.  For organizations that have set themselves up to benefit from that trend, it’s a huge opportunity.  The other interesting trend is that everyone is very worried about millennials … Some people think they are self-centered, but they are giving and volunteering their time at a much younger age than baby boomers were … They’re giving more, they’re giving to causes, and they’re less institutional … The other important thing is the way they define community.  It’s not the traditional way that we would define community … Somebody who has an online community may have a relationship with somebody in Africa, and they’re willing to try to support them. They’re more cause-oriented, they’re supporting global causes, and they really want to be engaged that way. Engagement translates into giving, and that translates into community. I think we’re having to figure out what’s the best way to attract that type of person.   VB:  So, being a geographically defined community, is that an issue? Armstrong:  It’s going to be, I think … So we have to understand when we talk about community, there’s the geographic place [where millennials live], and they’re still going to care about where they’re raising their kids, but they also look far beyond their [local] community.  They’re just much more knowledgeable globally.  They’re traveling more at a younger age.  So I think what we’re going to have to do as a region and community is really be on top of the fact we can’t just always talk about our isolated place. We’ve got to look at our region in the context of how we’re playing nationally, how we’re playing globally. Those things impact what people are thinking.  There’re some trends coming from the millennials that I think we can learn from in terms of how do we do a better job of engaging people, getting them connected … I think  the other thing we’re seeing with millennials is they want to be more part of the solution [instead of being passive donors] ... I think as an organization you have to have the willingness to let people come into your business and help you think about it differently and that just takes a different kind of management. VB:  How much of your income comes from the management of your endowment and how much of it is from various sources? Armstrong:  The majority of the money that we use to make grants to the community comes from the income, or the investment return, we get off of our endowment.  We granted out $36 million last year, and that’s inclusive of money that we’re able to generate that’s unrestricted to us  …We do get outright contributions, but that’s small, honestly, and typically when we get contributions, they’re in the form of setting up donor-advised funds or endowed donor-advised funds.  We don’t necessarily go out and raise certain pools of dollars and then grant them out.  VB:  This foundation is the biggest in Virginia, and that would include bigger metropolitan areas. How did the one serving Central Virginia and Richmond become the biggest? Armstrong:  I think one of the big reasons is that in this organization, particularly under [Darcy Oman’s] leadership over the last 30 years, there was an effort to focus on growth and to build our assets as much as we can. But I also think that it’s reflective, too, of Central Virginia and Richmond and the generosity we’ve always had here, the ability for people to give.   We have a segment of our population here that has done well in their lives, but they’ve also been very generous in giving back.  I think that, when the Community Foundation started to evolve, there was a real community effort to help it be successful.  So that was a big part of it.  The interesting thing about the model is it’s not just these funds we’ve been able to build with families and individuals, but we also have created a support structure for family foundations or other foundations that may not want to do all the back-office [work] of grant making. VB:  In reading about community foundations, I’ve seen there is a push in some areas to go beyond grant making, pulling various segments of the community together for a certain purpose.  Is that a thrust that the Community Foundation here is going to follow in any way? Armstrong:   The board has recognized we’re really in a strong financial position.  We’re doing great work, and we have been providing a level of leadership in the community for a long time. Now the question is:  How do you move more towards being a strategic organization that can really anticipate what’s coming our way and be that convener and facilitator on certain issues in the community? More and more you’re seeing community foundations involved in thought leadership as well [as grant making] … With so many different stakeholders and partners, you can be seen as a neutral convener, and you can help the community organize work ...  Since I’ve been here having conversations with community leaders and community members, I’ve found there’s a real appetite in the community for us to step into those types of things … So, yes, absolutely, I think we’ll be following more in those trends ...  One of the big things we’ve done that’s been helpful to Richmond and the region is participate in the Capital Region Collaborative that’s trying to come together around priorities across the region and align different organizations.  The Chamber of Commerce and the planning district commission are driving that, but we actually funded the project to get regional-level community indicators around different areas we all care about. VB:  Tell me about some of the programs that you support. Armstrong: We have four big areas of focus.  One is around educational success … We have another area around healthy communities.  We’ve got an area around economic prosperity, and we also look at arts and culture.  Those are the big areas that we will get involved with. For example, if you look at the education space, we support early education.  We may fund several programs that are supporting preschool, kindergarten readiness, those types of things. We also sit on the board of Smart Beginnings, which is driving the systemic side of things.  The other area that we’ve been incubating in the education space with other partners is middle school, middle-school success.  We’re working with several of our large companies — Dominion, Altria. It’s called NextUp, and we are working in partnership with Richmond Public Schools to create quality out-of-school time for middle schoolers.  That’s been happening for the last couple of years, and it’s continuing to evolve.  In the arts area, we have been trying to pull many of the arts organizations together to figure out how they measure outcomes.  It’s more difficult in arts programs to really show outcomes that are tied to individual success, but there’s been a coalition of organizations that we’ve been working with to get agreed-upon metrics where we can demonstrate return on investment for charitable dollars. VB:  Now I’ve noticed mention of the Partnership for Nonprofit Excellence? Armstrong:   Now, that’s a big one.  We also believe strongly in capacity building for our nonprofit network. Partnership for Nonprofit Excellence has been part of us for the last 10 years, and that is really focusing on providing training access to technical assistance for the nonprofit sector, helping them to manage their organizations better… Then under that, we’ve got HandsOn Greater Richmond. It works to really promote volunteer engagement, civic engagement.  It’s kind of the bridge between people who want to volunteer and agencies.  So we bring volunteers into organizations and many of our companies utilize HandsOn to actually create events or opportunities for their corporate employees to really engage in the community and volunteer in nonprofits. 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/Commencement_CassieFoster11.png Eighty-one undergrads and one graduate student received degrees in May at Sweet Briar College. Courtesy Sweet Briar College http://www.virginiabusiness.com/news/article/redefining-college-ties Redefining college ties http://www.virginiabusiness.com/news/article/redefining-college-ties http://www.virginiabusiness.com/news/article/redefining-college-ties#When:10:00:00Z “At Sweet Briar, The Impossible Is Just Another Problem To Solve”                                            — posted on a sign at Sweet Briar College Phillip C. Stone was working at his Harrisonburg law office in March 2015 when he learned that Sweet Briar College, a 115-year-old women’s college in Amherst County, planned to close because of what its administration and board described as “insurmountable financial challenges.” He was shocked and saddened by the news. A firm believer in the value of a liberal-arts education, Stone was president of Bridgewater College for 16 years before he retired in 2010. The prospect of Sweet Briar’s closure rang like a death knell for a family member. He also was surprised to hear Sweet Briar’s alumnae were starting a movement to save the college.  “I wouldn’t have given you a nickel for their chances at success,” he says. Nonetheless, a friend in higher education whom Stone had known for years suggested that he could assist the alumnae in an advisory role. Stone agreed to help because, as a Virginian, he values the state’s great landmarks and the kind of education that young women receive at Sweet Briar. “I took seriously my offer to come and help. But I did think it was a long shot,” he says. The long shot, however, paid off. After a flurry of lawsuits, a hard-won settlement permitted the college to remain open, under a new board and a new president, Stone. The school’s financial position was bolstered by  $12 million in cash donations raised by alumnae in over 100 days, with overall pledges totaling $28.5 million, to be paid over several years. Fundraisers had assured donors that, if they were not successful in getting the keys to the college, the donors would not have to fulfill their pledges. “To actually pull it off in litigation, with terms that were favorable to them, was a shocker. To raise the money they raised, it was amazing,” Stone says of the alumnae. By the time he became president of the school in July 2015, many of Sweet Briar’s students already had left for other colleges, and every faculty and staff member had been terminated on June 30, except those absolutely necessary to effectuate the closing. Stone rehired everyone in a posting on the college’s website. Nearly a year later, he says, “I’ve never experienced a more successful academic year in my life. Ours has been a remarkable journey of human exceptionalism and perseverance.” New president next year The journey is not over, but the 73-year-old Stone soon will be leaving. He announced in late April that he would step down around July 1 next year after a successor is chosen. Stone says he always knew that his role in helping to revive the college would not be a long-term assignment.  His wife’s health and his age contributed to his decision to retire along with the achievement of financial and enrollment milestones during the past year that have exceeded  initial expectations. Until he steps down, Stone says, he will continue to be heavily engaged in raising money and recruiting students. Higher-education officials from across the nation have told Stone that what Sweet Briar has accomplished — in reversing an impending closure — has been historic, if not miraculous, and will be studied for years. The Sweet Briar president says that one lesson for him has already emerged: A college must change if its graduates revise the relationship they have with the school. In Sweet Briar’s case, alumnae took over fundraising, acquired legal counsel, recruited students and even performed many maintenance chores. In return, Stone says, the college needs to provide its alums with an ongoing abundance of information about all aspects of the college’s operations, its finances, its budget, student recruiting and the like. “I would expect this robust engagement of alumnae to continue.  I would expect to see volunteer work days,” he says, referring to the surge of alumnae who descended on the college’s campus last summer to paint classrooms, clean buildings and perform a wide range of landscaping chores. Stone says he once stepped out of his office and found an alumna, a medical school professor, weeding a flower bed. That level of passion and can-do spirit, he says, has become a defining element of the Sweet Briar experience. A compelling message Stone has instructed admissions officers to bring every prospective student to him, whether he is in his office, in a meeting or somewhere else on campus. He wants to say hello and encourage prospects to enroll. Stone believes Sweet Briar has a compelling message to deliver to any student considering the school. “What we are now able to say to young women who are taking a look at us is: Have you seen what the women of Sweet Briar did? Don’t you agree that that represents extraordinary leadership? If you want to be like that, you have to come here to get it.” He is repelled by naysayers who even now believe Sweet Briar doesn’t have a chance to survive. “Give me a break,” Stone says. “Colleges have faced hard circumstances before. Why are we so wimpish about stuff like this? Let’s have the courage to do the things that are pretty obvious to make it work right.” The future of Sweet Briar, Stone acknowledges, relies very much on  numbers: more enrolled students and more donations from alumnae and supporters. According to the college’s 2014-15 fact sheet, the degree-seeking undergraduate enrollment last year at Sweet Briar was 561.  This year, it was 236, a 58 percent drop. The freshman class had only 24 students. Aiming for 800 students Stone hopes to have 200 new students  this fall, including freshmen and transfers. Sweet Briar had received deposits from about 125 students by May 1, but more continued to come in after that “soft” deadline.  “It will take us about three years to get us back to the place where we were,” Stone says, referring to the enrollment at the time of the closing announcement. In its recent history, the college’s high mark for student enrollment came in 2008, when 647 students were on campus. Sweet Briar this year received a record number of applications, nearly 1,400, officials report. To remain financially stable long-term, Stone says, Sweet Briar will eventually need 800 students. He says the space and facilities for that many students mostly exists already. A renovated and expanded library opened in 2014, for example, and a new fitness and athletic center opened several years earlier, along with eco-friendly residential facilities. An $11 million bond issue in 2008 helped finance the fitness center and the new residence halls. Sweet Briar’s tuition for the 2016-17 school year is set at $35,800; with room and board and various fees, the total cost of attendance will be $49,060. The school recently was named to Forbes 2016 lists of Best Value Schools and Best Value Private Colleges. First-year students last fall received an average grant or scholarship totaling $21,032, with all degree-seeking undergraduates receiving an average of $20,052. Similar aid is expected this year, college officials say. Not a face in a crowd Amelia Currin, a 19-year-old freshman from Coats, N.C., says Sweet Briar’s small classes and the mentoring provided by its professors encouraged her to enroll last year, a time that could not have been more precarious. “A lot of people still ask me, ‘What if the school closes, what will you do?’ And I always answer the same way: It’s not going to close. I don’t have to think about what I’m going to do,’” Currin says. She says that at Sweet Briar she’s not just another face in the crowd, as she would be at a large university. With small classes, she says, everyone has a chance to participate. “Here, the professors say ‘We want to hear your voice,’” Currin says. Katie Craig, a 22-year-old senior from Fredericksburg, says Sweet Briar’s willingness to meld her interests into a customized program sold her on the school. “Business major, dance minor,” Craig says. “I’m incredibly happy with all the experiences I’ve had at Sweet Briar. It’s helped me grow so much as a person.” Craig, who is Sweet Briar’s student government president, says she learned about tenacity, resilience, loyalty and sisterhood at the women’s college. “It shouldn’t surprise anyone that the alumnae bound together and saved it. The ties are so great,” says Craig, who planned to take a job with a major insurance company after graduation. $10 million by June 30 Stone says the aborted effort to close Sweet Briar cost the college approximately $40 million in economic damage. Included in those costs is lost tuition from students who transferred and others who were deterred from enrolling because of the uncertainty. Legal fees, $5 million in severance for faculty and staff, as well as the expense of repurchasing seven faculty homes, under a contractual arrangement, added to the financial burden. Sweet Briar has a goal of raising an additional $10 million by June 30, the end of its current fiscal year. In late April, the college’s governing board reported that more than $6 million had been raised to that point. Overall, the college wants to raise $30 million in its “Next is Now” fundraising campaign to carry it through the next few years as it recovers from the attempted closure, rebuilds its faculty and staff, and implements business and enrollment plans. Among other initiatives, development officials and Stone are asking the college’s biggest donors for major gifts of $1 million each. In addition, those who made pledges in the Saving Sweet Briar campaign will be asked to accelerate payment of their pledges. “Pay them early — get them in this year,” Stone says. The college is looking for every possible revenue source, including reviving the sale of hay on its 3,250-acre campus — once a standard practice — and renting rooms to travelers, wedding parties and others at its on-campus hotel. Under the settlement agreement that kept Sweet Briar open, Virginia Attorney General Mark Herring freed $16 million in unrestricted funds from the college’s endowment to use for operational expenses. College officials had no plans to tap those funds during this fiscal year. As of March 31, total value of Sweet Briar’s endowment was $74.5 million, including about $7 million in a perpetual trust that is held apart from the endowment. The trust provides an annual income to the college. By comparison, the endowment total was $77.4 million at the end of last year and $94 million at end of 2014, according the school. A Moody’s Investor Service report issued in April last year noted that Sweet Briar had operating revenue of only $27 million in fiscal year 2014, the lowest of 14 women’s colleges it follows. Moody’s said the school relied upon unrestricted funds from its endowment to help it meet operating deficits for at least six fiscal years,  2009-14. Sweet Briar’s goal is to limit annual spending from unrestricted funds to no more than 5 percent of the endowment’s total value. That spending rate, however, averaged 8.7 percent from 2011-14 and hit 9.4 percent, $8.5 million, in 2014, according to court documents filed during litigation over the school’s closing. Stone says the school incurred many additional costs last year as a result of the aborted effort to close it. Nonetheless, because of the closure scare, Sweet Briar has been able to negotiate new contracts with vendors on more attractive terms to the college, Stone says. This year, the college also shaved expenses by not contributing to the faculty’s retirement plan, a move that saved half a million dollars. “That’s a painful thing,” Stone says. “But the faculty knew we had to do some things.” Alums fill vacancies Megan Behrle, 28, is among a number of Sweet Briar alumnae who stepped away from their jobs to help the college. In Behrle’s case, she left a position with the International Monetary Fund to become the college’s interim lacrosse coach. She says that like many alumnae she wanted to give back to a college that had helped shape her life. “At the end of the day, empowering young women is something I’m incredibly passionate about,” Behrle says. Perhaps no one has done more to mobilize fundraising at Sweet Briar than Mary Pope Maybank Hutson, class of ’83, who left a job as executive vice president of the Land Trust Alliance in Washington, D.C., a national land conservation organization, to lead a major donor task force. “We mobilized immediately to organize ourselves in what many of us, having spent 20 or 30 years in the working world, or in the volunteer world, knew we needed to do,” Hutson says. “It was a multifaceted approach that included communications, legal leadership and fundraising leadership.” She says Alexander Haas, a capital campaign consulting firm in Atlanta, donated 90 days to being the alumnae organization’s back office counsel. Meanwhile, a core of professional fundraisers, public relations executives and web graphic designers and internet marketers were drawn from the ranks of alumnae, and satellite fundraising offices were established in every state and in foreign countries where alumnae lived. Alumnae also recruited students. Hutson says the college had not had a dean of enrollment for two years before its closing announcement. “As soon as we were able to regain the keys to the college in June, we trained over 450 alumnae through our office, the alumnae relations office and the enrollment office, to go out to college fairs, high schools and tell the story of Sweet Briar College,” says Hutson, now the college’s vice president of alumnae relations and development. Stacey Sickels Locke, a senior director of development at the University of Maryland and a Sweet Briar alumna, says fundraisers had no access to the college’s alumnae records or to annual giving or major gift data, as the former administration moved toward a path of closure. Alumnae created donor lists using donor honor rolls from past issues of the alumnae magazine, and the daughter of a former catering department employee found a seating chart from a fundraising campaign dinner and entered those names onto a spreadsheet. The internet was a godsend, Locke says, allowing alumnae to set up a hub for strategic planning and a portal for keeping alumnae informed about legal updates, news coverage, fundraising progress and the like. “People respond to urgency and they respond to truth,” Locke says, noting one of her main takeaways from Saving Sweet Briar effort. If any single moment can be remembered from Sweet Briar College’s year of tumult, it might be last year’s commencement address by Teresa Pike Tomlinson, the mayor of Columbus, Ga., and now chair of the college’s board of directors. Addressing what many thought would be the college’s last graduating class, Tomlinson inspired the students  with a call to leadership in the face of what many perceived to be a hopeless cause — saving Sweet Briar. Reflecting on her speech, and on the actions of alumnae and supporters of Sweet Briar since then, Tomlinson says one lesson of leadership has emerged. “Giving up is always on the table,” Tomlinson says. “Effective leaders, however, are defined by those that do not choose it. They choose to persevere.” 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/SweetBriar-7971.png Mary Pope Maybank Hutson and Megan Behrle are two alumnae who left careers to work for the college. Photo by Mark Rhodes http://www.virginiabusiness.com/news/article/leaving-a-legacy2 Leaving a legacy http://www.virginiabusiness.com/news/article/leaving-a-legacy2 http://www.virginiabusiness.com/news/article/leaving-a-legacy2#When:10:00:00Z Sometimes donors give money with hopes of seeing quick results from their contributions — helping people in distress, for example, with food or clothes. Other donors, however, have long-term goals that may not even be achieved in their lifetimes. These contributors are building philanthropic legacies intended to benefit future generations. In this seventh edition of the Generous Virginians Project, Virginia Business examines recent gifts made with that long-term view. The lead story looks at the prospects for Sweet Briar College, a 115-year-old women’s college in Amherst County that was given up for dead last year because of a financial crisis. Alumnae rallied to its rescue, taking control of the school and raising millions of dollars. The college’s current president, who will step down next year, says the startling turnaround could fundamentally alter the relationship between educational institutions and their graduates. Another story looks at the impact of a $50 million gift made by NVR Inc. founder Dwight Schar and his wife, Martha, to an innovative cancer research center being developed by Inova Health System in Fairfax County. The center will focus on the specific genetic makeup of each patient and type of cancer being treated. A third story examines a $100,000 donation used to establish a fund at the Virginia Historical Society in memory of J. Stewart Bryan III, a fourth-generation Richmond newspaperman, who died in January. The fund, which has attracted many additional donations, will be used to support research on journalism history and freedom of the press issues. Also in the section is an interview with Sherrie Armstrong, the new president of The Community Foundation Serving Richmond and Central Virginia. TCF, the largest community foundation in Virginia, makes grants focused on long-term solutions. The Generous Virginians Project includes a series of charts showing donations made by individuals, corporations and foundations during 2015. The chart information was primarily gathered in a survey of hundreds of businesses, foundations and nonprofit organizations throughout the commonwealth. Redefining college ties Alumnae devote money and talent to Sweet Briar’s revival.  by Gary Robertson New role for a familiar leader Community foundation CEO was longtime United Way executive.  by Robert Powell Transforming treatment Schars’ $50 million gift boosts efforts to build a personalized cancer center.  by Heather B. Hayes Continuing a cause Media General’s donation celebrates Stewart Bryan’s passion for journalism.  by Jack Cooksey Charts: Grants by community foundations Donations by companies and corporate foundations Total corporate donations Donations by independent foundations, groups Donations by individuals and family foundations 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/companies/article/people-june-2016 People - June 2016 http://www.virginiabusiness.com/companies/article/people-june-2016 http://www.virginiabusiness.com/companies/article/people-june-2016#When:10:00:00Z EASTERN VIRGINIA  Kenny Alexander , a state senator and Norfolk native, will become Norfolk’s mayor in July. He will be the first African-American to hold the post. Elected in May, Alexander will succeed Paul Fraim, the city’s mayor since 1994. (The Virginian-Pilot)  Jennifer Boykin , vice president of engineering and design for Newport News Shipbuilding, is a recipient of a 2016 YWCA Women of Distinction Award. The award honors women who have blazed a trail for other women through professional leadership, volunteer efforts and civic involvement. (News release)  Victoria Dietz  has been promoted to vice president of The Curtis Group in Virginia Beach. She joined the firm in 2013 as a consultant. (News release) Norfolk Planning Director George M. Homewood was named to the American Institute of Certified Planners College of Fellows for his achievements in urban planning. (Daily Press)  Mary Ann Melchers  received the James P. Kirsch Lifetime Achievement Award from the Virginia Credit Union League. She is a longtime credit union volunteer and current board member of ABNB Federal Credit Union, which has locations in Hampton Roads and North Carolina. (Daily Press) [INSERT PIC]  Tom Warburton , promoted to senior vice president, marketing and communications, at Beacon Health Options. Warburton, who is based in Norfolk, was vice president, marketing and communications, at Beacon and its predecessor company, ValueOptions. (News release) SHENANDOAH VALLEY  Mike Ahrnsbrak  has been named general manager of The Lexington Golf and Country Club. Ahrnsbrak has served as general manager at the Blue Ridge Shadows Resort and Golf Club in Front Royal and the Musket Ridge Golf Club in Myersville, Md. (News release) Front Royal Mayor  Tim Darr  announced in April that he will not seek a fourth term. Darr, a security specialist with the Department of Defense, was elected mayor in 2010 and re-elected in 2012 and 2014. The election will be held in November. (The Warren Sentinel) The Shenandoah Valley Electric Cooperative has hired  Michael Hastings  as president and CEO. He will begin work by Aug. 1, succeeding Myron D. Rummel, who is retiring. Hastings is president and CEO of Jo-Carroll Energy in northwestern Illinois. (Daily News-Record) The Virginia Hospital & Healthcare Association elected a slate of officers to its board of directors. Appointments include Augusta Health President and CEO  Mary N. Mannix  as chair and Valley Health System President and CEO Mark H. Merrill as secretary-treasurer.  (News release)  Bradley Polk was named director of Shenandoah County’s community development office. Polk was a staff planner and proffer auditor for Loudoun County. (The Shenandoah Valley-Herald) SOUTHERN VIRGINIA Danville Regional Medical Center (DRMC) announced that    Dr. James Klena    — a Duke Medicine-affiliated cardiothoracic surgeon now practicing at Danville Heart & Vascular — has joined its medical staff. Klena comes to DRMC from the University of Pittsburgh Medical Center, where he was assistant professor of surgery and medical director of the adult intensive care unit. (Work It, SoVa) Hargrave Military Academy in Chatham has named    Dewitt “Hunter” Powell    academic dean. Powell previously led schools at three locations around the country and also served as an instructor at Virginia Military Institute and a TAC Officer at St. Jones Military Academy. His military experience includes service with the Marine Corps and the Army National Guard. (Work It, SoVa) All four Danville City Council incumbents —    Lee Vogler   ,   Sherman Saunders  ,  Larry Campbell  and Fred Shanks —   were re-elected in  May and will be joined by Madison Whittle. Sheila Williamson-Branch also was elected the city’s next treasurer. (Danville Register & Bee) Greyhound Lines Inc. is pulling out of Danville. “I can confirm that effective today, we have eliminated service in Danville due to very low ridership,” Greyhound spokeswoman Lanesha Gipson said in an email written in April. “Our operating expenses have exceeded our revenue in this location for some time.” (Danville Register & Bee) SOUTHWEST VIRGINIA Marc Edwards, a Virginia Tech civil engineering professor who was instrumental in exposing a water crisis in Flint, Mich., was named to Time magazine’s list of 100 most influential people. (The Roanoke Times) The Roanoke Valley Convention & Visitors Bureau announced the following awards: Vicki Gardner, Smith Mountain Lake Chamber of Commerce, Tourism Ambassador Award; Matt Hankins, Harvester Performance Center, Golden Star Award; and Jeff Marks, Gray Television Inc. (formerly with WDBJ), Chairs’ Tourism Excellence Award. (The Roanoke Times) Radford University President Penelope W. Kyle was honored April 22 with a series of commemorative events at the university, including the dedication of Kyle Hall, the home of the College of Business and Economics. Kyle will retire in June. (News release) The Roanoke-Blacksburg Technology Council inducted into its Technology Hall of Fame a new member, Joe Meredith, president and CEO of Virginia Tech Corporate Research Center. (VirginiaBusiness.com) Former U.S. Rep. Jim Moran has been named a professor in the School of Public and International Affairs in the College of Architecture and Urban Studies at Virginia Tech.  He will be located at the Old Town Alexandria campus in the National Capital Region. (VirginiaBusiness.com) NORTHERN VIRGINIA McLean-based Hilton Worldwide said Thomas J. Baltimore Jr. will become president and CEO of the hotel chain’s real estate business. Hilton announced in February that it would spin off its real estate and timeshare businesses to create three independent companies. Hilton also has named Sean M. Dell’Orto chief financial officer of the new real estate investment trust (REIT). Dell’Orto will continue to serve as senior vice president and treasurer of Hilton Worldwide. (VirginiaBusiness.com) Spotsylvania Regional Medical Center has appointed Michael Clark as its CEO, effective June 1. Clark was president of LifePoint Health’s American Division, overseeing a 14-hospital system. (Fredericksburg Free Lance-Star) Arlington-based BAE Systems Inc. has added retired Navy Adm. Jonathan W. Greenert to its board of directors. Before his retirement in October, Greenert served a combined six years as the chief of naval operations and vice chief of naval operations, the two most-senior military positions in the Navy. (VirginiaBusiness.com) Karen McKee, senior account executive with WUSA 9, and Tracey White, vice president of community and government relations for Reston Hospital Center, have been named new members of the board of directors of the Northern Virginia Chamber of Commerce. (Inside NoVa) Nova Medical Group has announced a partnership with Inova Medical Group, a division of the Inova Health System. Founded by Dr. Grace Keenan in 1988, Nova Medical Group has locations in Ashburn, Sterling, Leesburg and Gainesville.  The partnership with Inova is intended to increase medical access while providing a patient portal and foreign language assistance services, according to Nova’s website. (Loudoun Times-Mirror) CENTRAL VIRGINIA Bon Secours Richmond Health System has named Christopher Accashian CEO of St. Francis Medical Center in Midlothian. Accashian was CEO of Parkland Medical Center in Derry, N.H., which is part of the Hospital Corporation of America. (VirginiaBusiness.com) Toni R. Ardabell has been named CEO of Bon Secours Virginia Health System, which has eight acute-care hospitals in Richmond and Hampton Roads. She remains CEO of Bon Secours Richmond. (News release) Ann Huckle Mallek has been named to the Virginia Board of Workforce Development. She is on the Albemarle County Board of Supervisors and operates Currituck Farm in Earlysville with her husband. (News release) Michael J. Schewel, a former Virginia secretary of commerce and trade, has joined Chesterfield-based Tredegar Corp. as vice president, general counsel and corporate secretary. He was with McGuireWoods LLP. (VirginiaBusiness.com) Virginia Commonwealth University announced that Meredith Weiss will become vice president for administration on Aug. 1 and that Karol Kain Gray is now vice president for finance and budget. Weiss has been senior associate vice chancellor for finance and administration at the University of North Carolina at Chapel Hill. Gray was chief financial officer at Applied DNA Sciences Inc. in Stony Brook, N.Y. (Richmond Times-Dispatch) 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/companies/article/for-the-record-june-2016 For the Record - June 2016 http://www.virginiabusiness.com/companies/article/for-the-record-june-2016 http://www.virginiabusiness.com/companies/article/for-the-record-june-2016#When:10:00:00Z EASTERN VIRGINIA Bon Secours Health System Inc. and one of its surgical oncologists, Dr. Eugene Y. Chang of Suffolk, have agreed to pay $400,000 to settle civil fraud allegations that, while at Bon Secours Maryview Medical Center in Portsmouth, Chang billed Medicare and other federal health-care payers for non-covered breast examinations and ultrasounds. The civil claims settled by this False Claims Act agreement are allegations only; there has been no determination of civil liability. (Richmond Times-Dispatch) The restoration of The Cavalier Hotel in Virginia Beach is costing $20 million more than anticipated and taking more time to complete, according to a letter from Bruce Thompson, manager of Cavalier Associates LLC, which is developing the property. The company is spending more than $200 million on the Cavalier property. Thompson did not ask the city for additional money and said that he and his partners plan to honor their commitment to restore the 89-year-old hotel and develop the adjacent properties. The anticipated opening date is next April. (The Virginian-Pilot) Dollar Tree Inc. announced the former CEO of Family Dollar has resigned from the Chesapeake company’s board of directors. Dollar Tree said Howard R. Levine resigned April 19, adding there were no disagreements between Levine and the company. Dollar Tree acquired Family Dollar and its more than 8,200 stores last year in a deal worth $9.2 billion. Levine stepped down as CEO of Family Dollar in January. (The Virginian-Pilot) Endurance IT Services, which has offices in Virginia Beach and Newport News, acquired the information technology support team of Virginia Beach-based Doran Consulting Technology Group. Endurance specializes in managed services and IT infrastructure. Doran will continue to offer web, data and SharePoint services as well as project management. (Daily Press) SHENANDOAH VALLEY A small cidery in Highland County received nods at the Great Lakes International Cider and Perry Competition in April. The contest awarded Big Fish Cider Co. a Best-in-Class award, which marks the first time in the competition’s 11-year history that a Virginia cidery has earned that distinction. The cidery received four medals in the competition, which drew 1,003 entries. (The News Leader) Eight finalists competed for $21,000 in startup money in April as part of a new program called Grow Waynesboro. Three local business projects received funding — Ula Tortilla ($8,000). The Faded Poppy ($7,000) and Make Waynesboro ($6,000). Grow Waynesboro seeks to find, fund and support startups in the area. (The News Leader) The city of Harrisonburg, James Madison University, and dpM Partners are collaborating on the Hotel Madison & Shenandoah Valley Conference Center, which will be located on the southern end of downtown Harrisonburg, on the edge of JMU’s campus. The 235-room boutique hotel is slated to open in fall 2017. The $36 million hotel will be privately owned and operated by dpM Partners. (News release) Edinburg-based Shenandoah Telecommunications Co. (Shentel) has completed its acquisition of Waynesboro-based NTELOS Holding Corp.  The deal, announced in August, will more than double Shentel’s wireless customer base. (VirginiaBusiness.com) Augusta Health’s Wal-Mart Convenient Care Clinics in Waynesboro and Staunton have closed. During the past five years, Augusta Health has opened Urgent Care Centers in Staunton, Waynesboro, Stuarts Draft and Weyers Cave. During that time, patient traffic at the Wal-Mart-based clinics has significantly declined. (The News Leader) SOUTHERN VIRGINIA Dominion Virginia Power’s Brunswick Power Station began producing electricity in April. The 1,358-megawatt natural gas plant is expected to generate enough power for 325,000 homes. The company said the power plant was needed to meet growing demand and to replace electricity from older, coal-fired plants. The plant will have 43 employees with an annual payroll of $7.5 million. The station will pay about $4 million a year in local property taxes until 2017 and up to $5 million annually beyond that year. (VirginiaBusiness.com) Nationwide Custom Homes is expanding production at its Martinsville manufacturing operations, creating 59 jobs. Nationwide President Andy Miller said the $986,342 project involves renovating one of its four plants at its Rives Road site to extend its production line.  Nationwide produces modular housing for the single and multifamily residential markets. It also serves commercial markets, producing apartments, hotels, student housing and rental cottages. It is an operating division of Palm Harbor Homes, which is part of the Phoenix-based Cavco family of manufacturers. (VirginiaBusiness.com) URW Credit Union held a ribbon-cutting and grand-opening ceremony in April at its new South Boston location on Halifax Road. According to URW’s website, members of the United Rubber Workers Local 831 Labor Union started the credit union in 1970. URW also has branches in Danville and Chatham. (The Gazette-Virginian) Virginia’s Department of Labor and Industry has issued three citations and recommended a fine of nearly $17,000 for violations it deemed serious at the Goodyear Tire and Rubber Co. in Danville after the death of an employee at the plant last summer. Since then, two other plant employees have died on the job, and a third suffered second-degree burns in an accident. According to Jennifer Rose, safety director for the Virginia Occupational Safety and Health Compliance Program, Goodyear is contesting the citations, so the case remains open. (VirginiaBusiness.com) SOUTHWEST VIRGINIA Developers of the proposed Atlantic Coast Pipeline anticipate delaying the start of construction of the $5.1 billion project until summer 2017. The pipeline would be about 600 miles long, beginning in West Virginia and terminating in North Carolina.  Its route in Virginia would pass through 14 counties and cities. (The Roanoke Times) The Roanoke nonprofit Local Environmental Agriculture Project has opened The Kitchen in the city’s West End neighborhood. The Kitchen is designed to support development of small, food-related businesses. (The Roanoke Times) A multiproperty deal worth just over $90 million has placed the New River Valley’s only mall in new hands. Philadelphia-based Pennsylvania Real Estate Investment Trust — PREIT — announced that it completed the sale of four “non-core” mall properties, placing the nearly three decades-old New River Valley Mall under the ownership of an affiliate of global asset management firm Farallon Capital Management LLC. (The Roanoke Times) Radford Army Ammunition Plant officials broke ground on a gas-fired electricity and steam plant in April, saying the $60 million project will reduce the facility’s environmental impact. The commander of the U.S. Army-owned, contractor-operated plant, Lt. Col. Alicia Masson, also said that $7 million has been released by the Army Contracting Command for the design of an enclosed incinerator to handle much of the waste that now is disposed of at the facility’s much-criticized Open Burning Ground. (The Roanoke Times) The Roanoke Valley Convention and Visitors Bureau has a new name: Visit Virginia’s Blue Ridge. After operating for 31 years under the old name, the time had come for a new identity, according to bureau President Landon Howard.  The organization represents the cities of Roanoke and Salem and the counties of Roanoke, Franklin and Botetourt. (The Roanoke Times) NORTHERN VIRGINIA Capital One Financial Corp. plans to open a café branch in Richmond’s Carytown shopping district. The McLean-based company also plans to open other banking cafés in Chesterfield County and western Henrico County, sources close to the deal say. (Richmond Times-Dispatch) Event management company Cvent has agreed to be acquired by affiliates of Vista Equity Partners for $1.65 billion in an all-cash deal. Under the agreement, Cvent stockholders would receive $36 per share, a 69 percent premium over Cvent’s closing price on April 15. Cvent’s headquarters would remain in Tysons. The transaction is expected to close in the third quarter. (VirginiaBusiness.com) Fairfax County supervisors agreed in April to allow the county’s Economic Development Authority to accept $1.3 million in state grant funding to help accounting firm Ernst & Young LLP expand operations in Tysons. The state also will provide $227,200 from the Virginia Jobs Investment Program. By Dec. 31, 2018, Ernst & Young must invest nearly $12.7 million in the facility and create and maintain at least 462 additional positions beyond the 1,422 employees working for the company in Tysons as of Nov. 1, 2014. (Inside NoVa) McLean-based Gannett Co. will ask shareholders of Tribune Publishing to withhold their votes for the June election of eight nominees to Tribune’s board of directors. The move is an attempt to prod Tribune’s  management to begin negotiations on Gannett’s $815 million takeover bid. Gannett owns USA Today and 107 local news properties. Chicago-based Tribune owns the Los Angeles Times, Chicago Tribune,  Daily Press in Newport News and eight other dailies. (USA Today) Dulles-based Orbital ATK Inc. has received a $121.4 million contract to convert old supersonic air-to-ground tactical missiles into another batch of Advanced Anti-Radiation Guided Missiles, or AGM-88Es. The AGM-88E is currently used on U.S. Navy and Marine Corps F/A-18 Hornet and EA-18G Growler aircraft. It is a joint program involving the Pentagon and the Italian Ministry of Defense. (Washington Business Journal) CENTRAL VIRGINIA Two subsidiaries of Lynchburg-based BWX Technologies Inc. have been awarded $3.1 billion in contracts for the manufacture of naval nuclear reactor components and fuel by the U.S. Naval Nuclear Propulsion Program. The reactor components contracts were awarded to BWXT Nuclear Operations Group Inc. while the nuclear fuel contracts were awarded to Nuclear Fuel Services Inc. (VirginiaBusiness.com) Richmond-based Hardywood Park Craft Brewery plans to open a brewery and taproom in Charlottesville later this year. The facility will be located in the Uncommon student apartment building at 1000 W. Main St. It will have a 3.5-barrel brewery, 1,100-square-foot taproom and outdoor beer garden. Hardywood plans to open the brewery and taproom by September. (The Daily Progress) Hunton & Williams LLP has launched a 3-D printing team to advise clients as they use the technology, which is being adopted by many manufacturers. The team aims to give clients an advantage as they consider the opportunities presented by using 3-D printing. Hunton & Williams serves clients from 19 offices around the world, including locations in Richmond, Norfolk and McLean. (VirginiaBusiness.com) Quirk Hotel in downtown Richmond is officially complete with the opening of its rooftop bar and terrace. Construction on the two-level space picked up last September when the 74-room hotel opened, says Kate Brown, the hotel’s director of sales and marketing. The 2,800-square-foot space offers a panoramic view of Richmond from the eight-story, boutique hotel. (VirginiaBusiness.com) Richmond Mayor Dwight Jones, the Richmond Flying Squirrels and Virginia Commonwealth University said in April they are working together to identify a location for a new ballpark. They are seeking a site that is near the current ballpark, The Diamond, but not on the city-owned 60 acres bounded by the Boulevard and Hermitage Road. The announcement follows the issuance of a report recommending development of the city property and inclusion of sports and entertainment venues in the larger area. (News release) 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/CVA_Embraer%2BE175.png More than 60,000 passengers fly between Richmond and Denver each year. http://www.virginiabusiness.com/news/article/richmond-launches-nonstop-service-to-denver Richmond launches nonstop service to Denver http://www.virginiabusiness.com/news/article/richmond-launches-nonstop-service-to-denver http://www.virginiabusiness.com/news/article/richmond-launches-nonstop-service-to-denver#When:10:00:00Z Good things come to those who wait. That was the case, anyhow, for the Richmond International Airport (RIC), which in April launched a direct United Airlines flight to Denver. “If I go back to communications with United, I can track solid mentions of requests and considerations of this route to at least 2003, so more than a decade,” says Troy Bell, the airport’s spokesman. According to the airport, Denver is the 11th most popular destination from RIC. More than 60,000 passengers travel between the two cities each year. “United’s new daily service to Denver provides our customers from throughout Virginia’s Capital Region with convenient access to another major economic center and home to one of our largest hub airports,” Kellie Clough, United’s sales manager in Richmond, said in a statement when the flight was launched. The new flight is welcome news for the Greater Richmond Partnership (GRP), which takes almost 200 flights per year out of the Richmond airport. The organization helps companies interested in locating or expanding in the Richmond area. It now is able to meet with more prospective companies and consultants than before. “I think this is particularly big, not just because it goes to Denver … this is big because Denver gives us access to the whole Western half of the United States,” says Barry Matherly, GRP’s president and CEO. About 35 percent of GRP’s prospective companies are from the U.S., and almost half of those firms are from the West, Matherly says. United spokeswoman Mary Clark says it’s too early to assess the flight’s performance, but the company is “satisfied with the response so far.” For competitive reasons, she was unable to provide specific passenger loads. RIC spokesman Bell also is mum on specific passenger numbers but says the flight “appears off to a very good start.” The airport used a $750,000 Department of Transportation grant to help reduce the airline’s risk in establishing the route plus $150,000 in funds from local jurisdictions. The Capital Region Airport Commission also contributed $85,000 in marketing and in-kind donations. RIC now has 20 direct flights. It served 3.5 million passengers in 2015, up 4.79 percent from the previous year. 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/NOVA_Puri.Amit_.Ingenicomm_LE-web.png Amit Puri is president and CEO of Ingenicomm. http://www.virginiabusiness.com/news/article/fast-growing-ingenicomm-aims-for-the-stars Fast-growing Ingenicomm aims for the stars http://www.virginiabusiness.com/news/article/fast-growing-ingenicomm-aims-for-the-stars http://www.virginiabusiness.com/news/article/fast-growing-ingenicomm-aims-for-the-stars#When:10:00:00Z Ingenicomm can legitimately say business is out of this world. Products developed by the Chantilly-based company are used by NASA, the International Space Station, Japanese Aerospace Exploration Agency and Canadian Space Agency. “Targeting the international market is a natural for our company,” says Amit Puri, the company’s president and CEO. The company’s programmable telemetry processor (PTP), for example, is designed to process spacecraft telemetry. A spacecraft sends collected data to operators on the ground with information that includes the status of the spacecraft as well as scientific data gathered by its instruments. “It’s an extraordinarily flexible product,” Puri says of PTP. “The standard PTP contains more than 200 different software modules that perform different types of processing for spacecraft data. Users can select and configure individual modules as they need for their unique mission needs.” Puri and three colleagues started the business in 2010 after working at companies that worked with international and domestic space agencies. “My first job out of college was as a ground-systems engineer at Avtec Systems, a small aerospace contractor located in Fairfax,” Puri says. “At the time, Avtec was a key supplier of data-processing equipment to NASA, and the job introduced me to the aerospace market.” The market has been good for Ingenicomm. It ranked No. 8 on the 2016 Fantastic 50, an annual list of the fastest-growing small companies in Virginia. The company recorded a revenue growth rate of 692.5 percent from 2011 to 2014. Ingenicomm has 40 employees, about half of whom work in Chantilly and an office in Greenbelt, Md. The other employees are located in White Sands, N.M., supporting the NASA facility there. Ingenicomm supports a significant portion of the scientific and exploratory spacecraft operated by NASA, the National Oceanic and Atmospheric Administration (NOAA) and the United States Geological Survey (USGS). The company also works with a variety of domestic defense and intelligence programs. Ingenicomm-developed equipment is used to support critical early warning and missile detection systems such as the Space-Based Space Surveillance and Space-Based Infrared system operated by the U.S. Air Force. Puri is pleased with the support the company has received from the commonwealth in developing international markets. “It’s clear that Virginia is deeply interested in expanding its export footprint in the global marketplace and is prepared to offer practical assistance and not just encouraging words,” he says. “This makes it an ideal location from which to run a global business such as ours.” 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/Film_Crew_Big_Stone_Gap.png A “Big Stone Gap” film crew sets up in Big Stone Gap, one of the towns that was featured in "Save our Towns." http://www.virginiabusiness.com/news/article/virginia-tech-web-series-aims-to-help-small-towns Virginia Tech web series aims to help small towns http://www.virginiabusiness.com/news/article/virginia-tech-web-series-aims-to-help-small-towns http://www.virginiabusiness.com/news/article/virginia-tech-web-series-aims-to-help-small-towns#When:10:00:00Z A monthly web series is targeting an unconventional audience — small-town mayors and town managers. Virginia Tech’s “Save Our Towns,” program aims to guide and inspire Appalachian leaders working to improve their towns. The show has mostly been filmed in Virginia’s Appalachian region. The region includes 24 counties and 80 towns and cities. Some areas have been hit hard by the decline of the coal, tobacco and furniture industries.  “We’ve had a lot of great response and feedback to show us that this is something of value,” says Andrea Brunais, the show’s executive producer who is director of communications for Virginia Tech’s office of outreach and international affairs. Each season, the video series follows a small town and chronicles its triumphs and challenges in economic development.  The first season focused on St. Paul, a small town in Southwest Virginia with a population of just under 1,000. “It went well,” St. Paul Mayor H. Kyle Fletcher says about the experience. “We were able to cover the town, talk about small towns in general, some of the problems we had and some of the things we wanted to do.” Every 10-minute episode also features an economic development tip from an expert. More information from that expert can be found on the “Save Our Towns” website, including contact information. Past experts have included James Baldwin, head of the Cumberland Plateau Planning District Commission, and Basil Gooden, state director of the U.S. Department of Agriculture (USDA) Rural Development. Virginia Tech also will hold the Save Our Towns Summit Sept. 15 in Blacksburg. The event will explore challenges and opportunities facing small towns and rural communities. It also will look at best practices and examples of projects that are underway or completed and available resources. About 80 people attended the event last year when it was held for the first time, and Virginia Tech hopes to increase that to 100 this year. The show recently got a boost from the Virginia Cooperative Extension. The extension, a partnership between Virginia Tech, Virginia State University, and the U.S. Department of Agriculture, provided a $5,000 grant to cover the show’s travel and equipment expenses. The show also has won three awards this year, including two in the Bulldog Reporter competition, which is the only public relations competition judged by journalists. The third season of “Save Our Towns” will begin by Sept. 1 and can be viewed at http://www.saveourtowns.outreach.vt.edu. 2016-05-28T10:00:00+00:00 Eva Doss, the president and CEO of The Launch Place, says the companies are good fits for Danville. Photo by Steven Mantilla http://www.virginiabusiness.com/news/article/the-launch-place-invests-1.94-million-in-eight-companies The Launch Place invests $1.94 million in eight companies http://www.virginiabusiness.com/news/article/the-launch-place-invests-1.94-million-in-eight-companies http://www.virginiabusiness.com/news/article/the-launch-place-invests-1.94-million-in-eight-companies#When:10:00:00Z Jason Barton, co-founder and chief technology officer for KSI Video, wasn’t sure that opening his company in Danville was the right move until he learned about The Launch Place. “It has turned out to be the best thing for us,” he says. “We do video and data management for drones and ground and underwater robots, and Danville wound up in the heart of an area for drone research.” The Launch Place is constantly searching for companies like KSI — firms with ideas for the next best thing that are willing to turn those ideas into businesses in Danville. The organization’s latest investment — $200,000 — will go to Roobrik, a company that provides an interactive software tool for making decisions about long-term care. The program began in 2012 when the Danville Regional Foundation approved a $10 million grant to transform the Southside Business Technology Center and rebrand it as The Launch Place. To date, The Launch Place has made nine investments totaling $1.94 million in eight companies. Six of the investments came from a seed fund for companies that are well along in developing products. Another three investments came from a pre-seed fund for companies that are not as far along in that process. The companies receiving investments represent fields ranging from information technology software development to advanced manufacturing. Additional companies are in the pipeline. The organization has received 283 applications for investments from the two funds. “All of these companies we invested in were a good fit for Danville and met the requirements of creating five jobs in a three-year period,” says Eva Doss, the president and CEO of The Launch Place. “We didn’t want companies to make a commitment just because of the money. They have to take advantage of our Danville location.” The organization’s biggest challenges are finding strong companies that want to create a presence in Danville and helping those companies get additional investments as they grow. “We have had success in establishing partnerships with venture capitalists and angel funds,” Doss says. “If the companies need additional funding, we can introduce them to other angel funds and share professional due-diligence info.” The program has helped Barton of KSI find additional investors. “We have raised $1.2 million over three years,” he says, noting his company initially received a $250,000 investment from The Launch Place and a year later got an additional $100,000. Doss believes The Launch Place has burnished Danville’s reputation as a community that takes entrepreneurship seriously. “Danville is interested in helping new businesses to form,” she says. “This is definitely an atmosphere where entrepreneurship occurs.” 2016-05-28T10:00:00+00:00 http://www.virginiabusiness.com/uploads2/VALLEY_Chamber_Time_Capsule1_DL.png Photo courtesy Daily News-Record http://www.virginiabusiness.com/news/article/chamber-of-commerce-marks-100th-anniversary Chamber of commerce marks 100th anniversary http://www.virginiabusiness.com/news/article/chamber-of-commerce-marks-100th-anniversary http://www.virginiabusiness.com/news/article/chamber-of-commerce-marks-100th-anniversary#When:10:00:00Z As part of its 100th anniversary celebration, the Harrisonburg-Rockingham Chamber of Commerce dug up a time capsule it had buried 50 years ago. “We wanted to dig it up on the official day that we got our charter signed, which was April 26, 1916,” says Frank Tamberrino, the chamber’s president and CEO. The chamber invited to the ceremony some people who had been present when the capsule was buried in 1966. The group included Ed Seidel who was executive vice president of the organization from 1965 to 1968. “He helped put the time capsule in the ground 50 years ago,” Tamberrino says. “We hosted a reception in advance of digging up the capsule, and we had about 20 past presidents and chairmen there.” The time capsule contained items from area companies, such as Merck and Reynolds Metals (which was acquired by Alcoa in 2000), as well as a number of canned turkey and poultry products. (Poultry remains a significant industry in the Shenandoah Valley.) Tamberrino notes that many of the items were covered by shrink-wrap made by the former Reynolds Metals plant in Grottoes (now Reynolds Flexible Packaging, a part of Pactiv Foodservice).“They wrapped a lot of products so there wouldn’t be any problems if the cans leaked, and one had leaked.” Other items in the capsule included a tube of Brylcreem, some annual reports, a zoning code, a land use plan and two pairs of pants, one from Metro Garments and the other from H.D. Lee, two garment companies in the area at the time. “Garment companies were important here in the 1950s and 1960s,” Tamberrino says. During the event, the son of a former H.D. Lee employee read a note his father had put in one of the pairs of pants. The note explained the permanently creased pants were from the company’s facility in Broadway. All of the artifacts are now on display in Tamberrino’s office. “We are scanning some of the items and they will eventually make their way to either James Madison University’s special collections library or the Harrisonburg-Rockingham Historical Society, which has The Heritage Museum in Dayton,” he says. The chamber plans to bury another time capsule in the same spot on Court Square in June or July. “We are taking suggestions from folks as to what should go in there,” Tamberrino says. 2016-05-28T10:00:00+00:00