SUFFOLK, Va. (WAVY) — Gov. Glenn Youngkin (R-Va.) headlined the turning of dirt for a major economic project near Route 460 that was dogged by protests when it was first announced two years ago.
Port 460 will use more than 500 acres that had to be rezoned from light commercial and agricultural to heavy commercial. Developers of the $660 million complex are promising more than 2,500 construction jobs and more than 9,000 permanent jobs once the project is completed in about 10 years.
Port 460 is aiming to attract logistics and shipping companies by leveraging its proximity to the Port of Virginia, approximately 20 miles away.
Youngkin said it will be a linchpin for development moving forward throughout Hampton Roads.
“This is just the tip of the spear,” Youngkin said. “Hampton Roads is the best place to live. Just recently I saw Virginia Beach was ranked the best place to live on the East Coast. So we have a fabulous workforce here. We’ve got great schools and universities. And on top of that, we’ve got businesses coming and investing.”
A main concern among early opponents in the latter half of 2022 was the additional truck traffic Port 460 will surely bring to an already congested area.
Mayor Mike Duman said Port 460 is already nearly halfway to the $80 million needed for road improvements that will come with that additional traffic. Development partners Rockefeller Group and Matan Companies are kicking in more than $6 million and the Port of Virginia another $1 million. But the lion’s share of the road money secured so far is from Richmond’s Transportation Partnership Opportunity Fund at $30 million.
Duman said that money was tied to the Port 460 project itself.
“If [Port 460] had not happened, we definitely would not have gotten that road money, because the TPOF money is not based on congestion,” Duman said. “It’s strictly based on economic development.”
The developers say they’re working on prospective tenants, but so far, none has committed to the first two buildings.
“They’re speculative buildings, meaning without a tenant,” said Vincent Burke, Matan’s director of development. “One is about 340,000 square feet, and one’s about 260,000.”
Burke said he hopes to have construction on those spec buildings completed by the end of next year or the beginning of 2026, and Wednesday’s groundbreaking was more than symbolic when it comes to attracting businesses to the complex.
“Usually what happens is when you start moving dirt and the market can feel that you’re a real prospect and they can plan on it, that’s when it really picks up,” he said.
Mark Matan, whose Maryland-based development firm partnered with Rockefeller Companies out of New York City, said he was impressed with the Port of Virginia and the commitment from Richmond to make Port 460 leverage the power of the port.
“You cannot fake infrastructure and capital spending, and you are reaping the benefit of it, so thank you,” Matan said to local and state officials at Wednesday’s ceremony.
With so much money at stake and so many jobs promised, the key players know there’s pressure to deliver.
Port of Virginia CEO Stephen Edwards said bring it on.
“It’s time to go and start selling,” Edwards said to about 200 people gathered for the ceremony. “Our team and I look forward to bringing the best logistics companies to Virginia, bringing the best international shipping companies to Virginia.”
Duman sees Port 460 as potentially more than shipping and logistics. “We’re expanding our possibilities, opening up not just for warehousing but also for technology and manufacturing.”