New Warehousing Operation Approved for Investment Grants

Tuesday, October 15, 2019

​SRP Companies, a leading supplier to more than 60,000 retailers nationwide headquartered in Castle Rock, Colorado, is moving its warehousing operations to Virginia Beach. The company received an Economic Development Investment Program (EDIP) grant of $75,000 from the Virginia Beach Development Authority (VBDA) in recognition of its planned capital investment of $1.160 million over the next four years in the target industry sector of warehouse/distribution. It will occupy 218,680 sq. ft. at 2600 International Parkway.

SRP Companies (and its parent company, Soloray), is consolidating and expanding its storage, warehousing and distribution services, currently located in Pennsylvania, Utah, California and Ohio.

"SRP Companies will nearly double its warehousing space, which speaks to its success and its expectations for the future Virginia Beach as a strategic location to support its operations," said Economic Development Director Taylor Adams. "Bringing this company to Virginia Beach was the result of productive collaboration among our economic development partners, including the Virginia Economic Development Partnership, the Hampton Roads Economic Development Alliance and the Port of Virginia."

The City Council put the program in place 25 years ago to help qualifying companies with their growth needs. Economic Development Department staff work with potential award seekers to evaluate a business' potential to qualify for an award and the VBDA administers the program. Awards are not guaranteed. Criteria for awards is based on a number of factors, from the amount of capital investment and/or job creation over a 36-month period to whether the company will locate in the APZ-1 area or is among the City's target industry sectors.

"We are very excited to be expanding our warehouse and distribution operations into Virginia Beach in 2020.  We are especially looking forward to being in such high-quality facilities so close to the Port of Virginia. This enables us to improve the efficiency of our import activities and better serve our customers.  Virginia Beach provides an excellent work environment for our employees and operations," said Chief Executive Officer Darrin Eisle.

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