Virginia Beach announces four business expansions and a corporate relocation.
Virginia Beach will soon get 177 new jobs, as the result of four business expansions and one relocation.
The city said that the Virginia Beach Development Authority has approved incentive grants totaling $165,000 to the five businesses.
The biggest job creator is expected to be Chantel Ray, a woman-owned residential real estate company founded in 2011. It plans to launch a national franchise from a new headquarters location in Virginia Beach, with the expansion creating 87 new jobs.
The company’s headquarters curreuntly is in Virginia Beach in the Hilltop area on Republic Road. It has purchased a 3,652-square-foot building at 5308 Indian River Road. The company plans to continue to operate its other Hampton Roads offices in Virginia Beach, Chesapeake and Newport News.
Chantel Ray has 125 real estate agents and 24 salaried employees. It will add 70 new real estate agents and 17 new salaried employees with salaries above $39,117 for the expanded franchise program.
The Virginia Beach Development Authority approved an Economic Development Investment Program grant of $20,000 based on the number of jobs created. Additionally, Chantel Ray plans to make a capital investment of $620,000 for real estate, fixtures, equipment, machinery and tools.
Chantel Ray says its has grown because of its focus on the customer and consistent levels of service. The company guarantees to sell homes in 90 days or the commission is free.
Architectural Graphics Inc. (AGI) plans to expand into an additional 50,000 square feet of manufacturing space at 2600 International Parkway. That will bring the company’s total square footage in the city to 320,208 square feet. The company also has locations in Atlanta; Knoxville, Tenn.; and Cypress, Calif.
Founded in 1969, Architectural Graphics provides signage and other onsite branding solutions for some of the world’s leading brands, including General Motors, Ford, Nissan, Mercedes-Benz, Firestone, FedEx, Bank of America, CVS and others. It has 580 employees nationwide, with more than 420 in Virginia Beach. Within four years of the expansion, it expects to add 45 jobs in Virginia Beach, with average annual salaries of $43,000. AGI also plans to make a $750,000 capital investment in real estate improvements, property and equipment.
The city’s development authority awarded an APZ-1 Economic Development Investment Program grant of $50,000, based on the capital investment because the location is within the YesOceana footprint.
Sunrise Global Marketing LLC, the marketing and distribution arm of Globe Tools, a Chinese manufacturer of electric lawn and garden tools and consumer power tools, also plans an expansion. Headquartered in Mooresville, N.C., the company has leased 218,000 square feet of warehouse space at 2600 International Parkway in the Oceana West Corporate Park and will move its distribution operations to Virginia Beach.
That move is expected to create 25 jobs in Virginia Beach. This will be in addition to the 70-plus employees in its U.S. operations and more than 4,000 in Europe, Russia and China.
The city’s development authority awarded an APZ-1 Economic Development Investment Program grant of $20,000 based on the $229,000 capital investment in real estate improvements, property, machinery and tools. The location sits within the YesOceana zone.
Anchor Innovation Inc., a service-disabled veteran-owned small business with 42 employees nationwide, will expand its small-craft maintenance operations in Virginia Beach. As part of the expansion, the company will create 15 new jobs.
It has purchased 532 Central Drive a 9,432-square-foot building that will support the growth of its small-craft maintenance and repair business. Anchor plans to add technicians and mechanics at the new facility, and the company will also add Navy simulator flight instructors at NAS Oceana, creating 15 new jobs. Average salaries for the new personnel are expected to be $80,000.
The Virginia Beach Development Authority approved an Economic Development Investment Program grant of $55,000 based on the number of jobs created. Additionally, Anchor Innovation will make a capital investment of $825,000 for real estate, fixtures, equipment, machinery and tools.
Young Veteran’s Brewing Company, established in Virginia Beach in 2012, will triple the size of its footprint. Its location at 2505 Horse Pasture Road is currently 2,000 square feet. It will expand by an additional 6,000 square feet, and the company will add five new jobs in the city. The expansion will include a 750-square-foot tasting room, a 400-square-foot cooler, office space, manufacturing space and storage space.
The city’s development authority awarded an Economic Development Investment Program grant of $20,000 based on the company’s capital investment of $669,000, which includes real estate improvements, business property and machinery and tools.