Bank of America buying site at White Oak Technology Park

The future site of a Bank of America complex in Sandston.

(Henrico Citizen Exclusive) –
A major employer is planning to expand its presence in Henrico County in a major way.

Bank of America has reached agreement to purchase 65 acres in Eastern Henrico’s White Oak Technology Park for $910,000, the Citizen has learned. The company intends to locate a financial services processing center at the Sandston site, which sits across Technology Boulevard from QTS (the former Qimonda semiconductor plant) and just west of a Hewlett Packard facility.

Initially, Bank of America plans to build a two-story, 400,000-square foot building on the site to house about 50 employees. Its master plan calls for another building of the same size and an eventual total of 106 employees on site, working 24 hours a day in three shifts, according to a plan of development (POD) it filed with Henrico County last month. Bank of America officials did not return calls seeking comment by press time and have not yet publicly discussed their plans.

The jobs that locate at the new facility are expected to be new jobs, Henrico Economic Development Authority Executive Director Gary McLaren told the Citizen, adding that Bank of America likely would announce more detailed plans about the facility in the coming weeks.

The development would be another boost for the county and the White Oak park, which saw Qimonda, its chief tenant, vacate its 1.3-million square-foot semiconductor plant in 2009 as the result of a difficult economy – costing about 2,500 employees their jobs. But last year, the U.S. Postal Service moved its Richmond Processing and Distribution Center to a new 715,000-square-foot facility in the park, bringing jobs with it from Richmond.

And last April, QTS purchased the former Qimonda plant – which was assessed in 2008 at $155.5 million – for $12 million. QTS is turning the facility into one of the world’s largest data centers. It recently won its first federal job for the site, McLaren said, and the company has partially occupied the facility for several months.

“The data centers aren’t huge employers, just significant capital investments,” McLaren said.

Greater Richmond Partnership Chairman Greg Wingfield said the news of Bank of America’s plans represented another step in White Oak’s post-Qimonda future.

“It starts to reinvent itself, rebrand itself,” Wingfield said of the park, “particularly for companies looking for alternative, secondary sites. For us, any kind of huge job creation through a new facility obviously is a very positive step for the region. As we watch the unemployment rate continue to go down, this will help.”

Henrico County and its Economic Development Authority purchased the 2,272 acres that comprise the White Oak Technology Park from the state in 1996. The site, formerly known as the Elko Tract, previously was the site of a decoy “airport” built to confuse potential German bombers who might have planned to attack the Richmond Army Air Base at the Richmond airport three miles away.

As part of the 1996 agreement, the state must consent to the sale of portions of the property within the park (including the Bank of America site) before a sale is finalized. The state, not the county, receives payment for any land sold. Henrico, however, realizes the benefit of new tax revenues from new tenants, McLaren said.

The property sale was approved by a 9-0 vote of the Henrico EDA’s board of directors at its Jan. 13 meeting. Final state approval is forthcoming.

The arrival of Bank of America to Eastern Henrico is encouraging, Porter Realty Executive Vice President Cliff Porter said.

“It’s a good sign for the region,” he said. “That’s a nice park, and you’ve got all that infrastructure, so that’s probably what they were looking for.”

Porter theorized that the relatively low sale price – $14,000 per acre – may have provided extra incentive for Bank of America to buy in White Oak. The price also may have reflected that certain portions of the land were undevelopable, he said.

“I could find you more expensive land,” Porter said.

Porter’s own company recently finalized a lease with Meadwestvaco, which this spring is moving one of its facilities from Charlotte to 48,000 square feet of space at the Airport Distribution Center at Darbytown Road and Laburnum Avenue. Though large-scale tenants in Eastern Henrico and the airport region traditionally have occupied industrial and warehouse space, the Bank of America facility could signal the value of the region for more traditional office developments, Porter said.

Bank of America’s POD request is scheduled to be heard by the county’s Planning Commission at its March 23 meeting. In a report, county planners wrote that they would recommend approval of the POD once several minor site plan issues are resolved.

Bank of America has a significant presence in northern Henrico; its operations center on Villa Park Drive is believed to employ more than 600 people. In 2009, the company announced that it would begin a $150-million expansion on that property and create more than 100 new jobs there.

In all, the company employs nearly 3,000 people in the Richmond region.

Contact Tom Lappas at .(JavaScript must be enabled to view this email address).
Bail Bonds Chesterfield VA

Earnhardt gives Redskins a ride


Dale Earnhardt Jr., driver of the Hendrick Motorsports No. 88, stopped at Richmond Raceway Aug. 8 in advance of the track’s NASCAR weekend in September. He was joined by five players from the Washington Redskins, who were in town for the team's training camp, which concluded Aug. 14. The day in Richmond gave Earnhardt and the Redskins players an opportunity to see how the athletes compete in their respective sports. > Read more.

READ Center a finalist for $25k grant


The READ Center is a top-200 cause finalist in State Farm’s Neighborhood Assist program, making it eligible to earn a $25,000 grant to support adult literacy in the Richmond region. The 40 organizations from across the nation with the most votes will win grants.

The READ Center, based in Henrico, provides classroom instruction and one-to-one tutoring to adults with very low literacy. > Read more.

Henrico County property transactions, Aug. 1-6


A sample of property transactions during this period appear below:

1847 New Market Road – $137,000, 1,659 SF (built in 1935), from Philip J. Whiteway, III and Donna H. Whiteway et. al to David T. and Katherine W. Benckert.
6304 Trailing Ridge Court – $165,000, 1,246 SF (built in 1999), from Carol A. Allen to Sandra R. Jefferson.
1722 Devers Road – $169,950, 816 SF (built in 1949), from Heather K. Brunner to Kasey A. Sheridan and Jason Talbot.
3201 Purvis Road – $175,000, 2,051 SF (built in 1997), from Geneva Moore LLC to Jessica I. Bolling. > Read more.

Glen Allen wins 2 of first 3 games at 14U Babe Ruth World Series


The host Glen Allen 14-year-old all-star baseball team won two of its first three games in pool play at the 14-year-old Babe Ruth World Series, which is it hosting at RF&P Stadium in Glen Allen. The team beat the Midwest Plains champions, 9-4, in its first game Aug. 10, then topped the Southwest champions, 7-3, Aug. 11 before dropping a 5-4 result to the Ohio Valley champions. > Read more.

Filipino Festival draws thousands


Thousands of attendees visited the annual Filipino Festival at Our Lady of Lourdes Church in Lakeside Aug. 11-12, enjoying native foods, entertainment, clothing and commemorative items and much more. > Read more.

Henrico Business Bulletin Board

August 2017
S M T W T F S
·
·
27
·
·

Calendar page

Classifieds

Place an Ad | More Classifieds

Calendar

The 12th annual Filipino Festival will be held from 5 p.m. to 10 p.m. Aug. 11 and from 10 a.m. to 10 p.m. Aug. 12 at Our Lady of Lourdes Catholic Church, 8200 Woodman Rd. Enjoy authentic Filipino cuisine, live bands, line dancing, traditional and contemporary entertainment, hands-on crafts and games for children, specialty vendors, health screenings and more. Admission is free. For details, call 262-7315 or visit http://www.filipinofestival.org. The 4th annual Race ‘N’ Roll 5K, a charity race to benefit the Colorado Fund for Muscular Dystrophy, will take place at 7 a.m. Aug. 12 on the festival grounds. Register at http://www.coloradofmd.org/race. Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers

The Plate