​Economic Development Announces Two Expansions in Virginia Beach

Tuesday, June 21, 2016

Studio Center to Add 20 New Jobs and $3 Million in Capital Investment

Studio Center, headquartered in Virginia Beach, will expand and move to a new location within the city. The expansion will add 20 full-time jobs to the existing 33 in Virginia Beach with average annual salaries of $52,000.

Current Virginia Beach operations are housed in two buildings off Greenwich Road at 240 and 161 Business Park Drive. Expansion work on I-264 necessitates the move from 240 Business Park Drive where the company's video production services are housed. Conveniently, Studio

Center will purchase 149 Business Park Drive, next door to its other location to accommodate the move. The .99-acre parcel includes a 9,314-square-foot building.  

Studio Center will invest $1.2 million in the real estate and add $1 million in improvements and $800,000 in business property. Based on the capital investment, the Virginia Beach Development Authority has approved a $150,000 Economic Development Incentive Program grant.

Studio Center is the largest, fastest growing production company of its kind in the country. Founded in 1966, Studio Center was one of the first production studios to specialize in the production of broadcast advertising. It employs more than 700 people and has five additional locations in Santa Monica, Richmond, Las Vegas, New York and Washington, D.C.  

 

Back Bay Brewing Co. Expands with new Farmhouse Brewing Co. in Historic Farmhouse

Farmhouse Brewing Co., in a partnership with Back Bay Brewing Co. and local general contractor Axis Global Enterprises Inc., will renovate the historic Wood Family farmhouse at 1805 Kempsville Road for Back Bay's second brewery location in Virginia Beach. The farmhouse was built in 1910, and plans include tasting rooms, lounges and ADA-accessible facilities.

The 8.6-acre parcel will also include a brewery building, pergola, fruit orchard, a horseshoe area, picnic tables, open-air market, tented outdoor wedding and special-event space and an area for crops that will support the onsite brewing operations.

The capital investment is $1.4 million for the improvements and equipment. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant in the amount of $35,000 based on the capital investment.

Future plans could include a restaurant or retail on the site to complement the brewery and event operations.

The property is the last of the original 500-acre farm owned by the Wood family. The home was previously occupied by William E. Wood & Associates, a realty company founded by William E. Wood Jr. in 1972, which has been sold and is now Howard Hanna William E. Wood. Wood, who was born in the farmhouse, along with future Wood family generations developed a majority of the land along Centerville Turnpike heading towards the Chesapeake city line. 

The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach is the most populous city in Virginia with a population of 450,000, and it is the 37th largest in the United States. It is recognized as one of the Best Run Cities in America by 24/7 Wall St. The Department of Economic Development received re-accreditation through the International Economic Development Council in 2012 and is one of only 29 economic development organizations in the world to have this recognition. It is listed among the Top Five Overall Mid-sized American Cities of the Future, Top 10 for Economic Potential and Top Five for Infrastructure by fDi magazine. CNNMoney.com ranked Virginia Beach as the Easiest Place to Start a Business and the 2nd Most Business-Friendly City in the country. For more information, visit www.yesvirginiabeach.com.

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