A diversified portfolio
Region brings in companies of different stripes
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From tea to trucks to technology, an eclectic blend of industries settled into the Roanoke/New River Valley region in 2020. Some companies brought new operations to the region, while others expanded existing facilities. Traditional Medicinals kicked off 2020 with its January announcement of a new facility in Franklin County, manufacturing herbal teas and supplements —
Rolling forward
Mack Trucks gets new medium-duty trucks out fast
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Once a big economic development is announced, it can be years before it comes to fruition. But that wasn’t the case with Mack Trucks Inc., one of North America’s largest producers of heavy-duty trucks, which took only nine months from announcement to starting full production of medium-duty trucks in the Roanoke Valley. In January 2020,
Commercial leases take a more generous turn
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As Northern Virginia has been hit hard by rising office vacancies during the pandemic, companies there are increasingly seeking more generous lease terms and benefits. “There has been a shift toward short-term renewals of existing leases,” says David Ritchey, executive vice president of JBG Smith Properties, a real estate investment trust based in Bethesda, Maryland,
Hotel owners switch focus to residential
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Hit hard by the economic effects of the coronavirus, the hotel industry isn’t expected to fully recover until 2023 or 2024. Meanwhile, several hotel properties, including two in Northern Virginia, are being redeveloped into more profitable residential units. Sunburst Hospitality won approval in October 2020 to convert the 187-unit Arlington Court Suites Hotel into one-
Downtown Buena Vista buildings go to auction
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Updated Oct. 29 Some things just don’t work out as planned, but that doesn’t mean it’s the end. Roanoke developer Ed Walker purchased 16 properties in downtown Buena Vista for $1.3 million during 2017 and 2018, with a plan to revitalize the small city nestled in the Blue Ridge Mountains just southeast of Lexington. Walker
Nothing to complain about
Average Va. CEO pay fell in 2019, but the top earner still made $21.37 million
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Virginia’s top-paid CEOs brought home an average total compensation of $6.68 million each in 2019. That’s not too shabby, considering their average annual base salary was $900,218. Conducted by Redwood City, California-based executive compensation firm Equilar, Virginia Business’ most recent top executive pay report examined the earnings of 50 CEOs from 49 public companies with
Blurred lines?
Banks accuse credit unions of unfairly encroaching on their territory
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The battle between banks and credit unions is flaring up again and it could wind up before the Supreme Court of Virginia. Bankers say nonprofit credit unions are morphing into roles that look like traditional banks, becoming larger than many community banks while facing lighter tax and regulatory burdens, giving the credit unions an unfair
They say they want an evolution
CPA exam is changing to adapt to digital era
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Forget the CPA number nerds of the past with pencil marks on their starched white shirts. Tomorrow’s CPAs will be better versed in information technology, analysis and problem-solving techniques. An evolution is taking place in the accounting industry to enhance analytical and critical thinking skills among future certified public accountants. The shift focuses on putting
Walking out the door
Law firms grapple with gender equality
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During her 13 years of practicing law, Christy L. Murphy has been called “honey” and “sweetie” by older men when they were adversaries in legal cases. “This is an old boys’ network,” says Murphy, 40, a partner at Bischoff Martingayle in Norfolk. “It’s hard to get people out of the mindset.” Law firms are modernizing
