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

Eyes in the sky


Members of the Henrico Citizens Police Academy Alumni (pictured) got a rare peek at the “high” side of law enforcement recently, with a trip to the Metro Aviation Hangar adjacent to Richmond International Airport.

About 25 academy alumni gathered at the hangar July 11 to hear Officer Shaun McCarthy describe a typical day aloft - and some not so typical – in a Cessna owned by the Metro Aviation Unit. > Read more.

Rock on!


The painted rocks craze is thriving in Henrico, as a walk around the grounds of local libraries and parks will demonstrate. This rock was spotted near Libbie Mill Library, and there's a slideshow of many more uniquely-painted stones on the RVA Rocks Facebook page (https://facebook.com/groups/RVARocks/).

Painting and hiding rocks is a family activity appropriate for all ages, and parents especially like the way it fosters creativity and gets kids outdoors. > Read more.

Goochland man arrested at RIC with gun


A Goochland County man was arrested at Richmond International Airport July 19 after Transportation Security Administration officers found a loaded semi-automatic handgun in the traveler’s carry-on bag.

A TSA officer detected the 9 mm caliber handgun inside the man’s carry-on bag as it entered the security checkpoint X-ray machine. The handgun was loaded with 12 bullets. > Read more.

Kansas man struck, killed while crossing West Broad Street

A 54-year-old Kansas man was struck and killed by a car while attempting to cross West Broad Street near Bethlehem Road in the Near West End at about 10:30 p.m., July 19.

Julius A. McBride of Overland Park, Kansas, was struck by a car traveling east on West Broad Street. > Read more.

Henrico Police warn citizens to ‘Take it, Lock it or Lose it’


Eastern parts of Henrico County have witnessed a recent increase in larceny from automobiles, so Henrico Police officials are spreading the word to encourage citizens to lock their vehicles.

Police are handing out and posting fliers and putting message boards in neighborhoods to educate residents.

There usually is a rise of larceny from automobiles during Christmas, spring and summer break, said Henrico Police Officer James Bupp. > Read more.

Henrico Business Bulletin Board

July 2017
S M T W T F S
·
·
·
·
·
·
3
5
·
·
·
·
·

Calendar page

Classifieds

Place an Ad | More Classifieds

Calendar

West Broad Village’s Rock & Roll Summer outdoor concert series continues at “The Pad,” adjacent to Aloft Hotel at 3939 Duckling Dr., from 7 p.m. to 10 p.m. Teaze, an 80s and 90s hair metal tribute band, will perform. The concert is free and open to the public. Several parking decks feature free parking. The series continues every other Friday through August. For details, visit http://www.shopwestbroadvillage.com or www.facebook.com/WestBroadVillageShopping. Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers

The Plate