NFKjeff

Growing corporate pirating between Virginia Beach and Norfolk

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Today it was announced that TASTE Unlimited is moving it's corporate HQ from Hampton Boulevard in Norfolk to a Virginia Beach address near the airport. There was a $85K economic incentive from the city.

It was also reported today that BN Media LLC is moving it's headquarters to Virginia Beach. I was unaware of BN media so I looked them up. They are currently headquarter at 999 Waterside Drive, in Norfolk. A $45K economic incentive from the city was used to secure this move.

Soon Chartwat Federal Credit Union will move it's corporate Headquarters from Newtown Rd. in Virginia Beach to the corner of Princess Ann and Newtown Rds. in Norfolk. I'm not sure what, if any economic incentives were given by Norfolk

Is this type of local corporate raiding becoming more prevalent in Hampton Roads, or is this the norm across the country?

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4 hours ago, NFKjeff said:

Today it was announced that TASTE Unlimited is moving it's corporate HQ from Hampton Boulevard in Norfolk to a Virginia Beach address near the airport. There was a $85K economic incentive from the city.

It was also reported today that BN Media LLC is moving it's headquarters to Virginia Beach. I was unaware of BN media so I looked them up. They are currently headquarter at 999 Waterside Drive, in Norfolk. A $45K economic incentive from the city was used to secure this move.

Soon Chartwat Federal Credit Union will move it's corporate Headquarters from Newtown Rd. in Virginia Beach to the corner of Princess Ann and Newtown Rds. in Norfolk. I'm not sure what, if any economic incentives were given by Norfolk

Is this type of local corporate raiding becoming more prevalent in Hampton Roads, or is this the norm across the country?

I, too, was surprised to read how Taste got an $85,000 economic incentive. My first impression was that the money could have been used more wisely and that the Virginia Beach economic planners have nothing else lined up.

In reference to Chartway, I did a bit of research and could not find any documentation for economic incentives from Norfolk. If anything, there was a bit of a problem with allowing a drive through per zoning though their request was eventually allowed per vote of City Council last February with Whibley voting no.

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8 hours ago, NFKjeff said:

Today it was announced that TASTE Unlimited is moving it's corporate HQ from Hampton Boulevard in Norfolk to a Virginia Beach address near the airport. There was a $85K economic incentive from the city.

It was also reported today that BN Media LLC is moving it's headquarters to Virginia Beach. I was unaware of BN media so I looked them up. They are currently headquarter at 999 Waterside Drive, in Norfolk. A $45K economic incentive from the city was used to secure this move.

Soon Chartwat Federal Credit Union will move it's corporate Headquarters from Newtown Rd. in Virginia Beach to the corner of Princess Ann and Newtown Rds. in Norfolk. I'm not sure what, if any economic incentives were given by Norfolk

Is this type of local corporate raiding becoming more prevalent in Hampton Roads, or is this the norm across the country?

I think it's always been this way. It's not that big of a deal because the players in these cases are relatively small. In other metros,  these moves might've been within the same county.

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This has been the norm in this area for a while.  I think a big focus has been on pulling in new businesses lately.  I recall Clark Nexsen moving to Va Beach was a big deal.

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Clark Nexsen was big, but Norfolk kinda shot themselves in the foot on that one. They had an opportunity to have Nexsen stay but passed it up. Just be glad they stayed in region. As far as corporations moving back and forth it happens all the time and is not a big deal. The cities are so integrated they might as well be one anyway. I pay taxes in Va Beach, but spend an equal amount of money in both cities. It's really all just a wash anyway and nothing to be overly concerned about.

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Taste moving isn't much of a big deal. Their tiny offices were up above their Hampton Blvd. location, which originally was offices for a single grocery store. They are doing some major expansion soon, and those offices just weren't big enough. Plus, the company was born in Virginia Beach years ago. It's not like any stores are closing.

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