City sees almost #036;80 million in investments

Published 12:00 am Thursday, March 3, 2005

Thirty-one new and expanding Suffolk businesses pumped more than $78.3 million into the city’s economy last year.

Thomas O’Grady, the city’s economic development director, told the Suffolk City Council Wednesday that private investment by the business community in 2004 created 680 new jobs.

The biggest investment by a new business is the Suffolk Center for the Cultural Arts, a $20.5 million project that is considered a cornerstone in the revitalization of the city’s historic downtown. Twelve people will work in the 62,880-square-foot facility located in the former Suffolk High School.

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With a price tag of $5 million, the 40,000-square-foot addition at the Lakeview Technology Center is the largest investment by an expanding business. The project will provide employment for 200 people.

Other investments in Suffolk include:

Expanding Businesses

*Ciba Specialty Chemicals, $3.5 million investment

*Holiday Ice, $3.5 million

*SuffolkFirst Bank, $2 million

*Duke Automotive, $2 million

*Lockheed Martin, $1.5 million

*FLEXA Furniture, $1 million

*Parr Funeral Home, $900,000

*Chick Building, $250,000

New Businesses

*North Suffolk Family YMCA, $5.8 million

*Bridgeway Commerce Center, $5.5 million

*Ferguson Enterprises, $5.4 million

*Luigi Bormioli, $3 million

*Bank of America, $2.6 million

*Amadas Coach, $2.5 million

*Science International Applications Corp., $2 million

*Overton Office Building, $2 million

*Farmers Bank, $1.5 million

*Marva Marble and Granite Inc., $1.5 million

*Evans Distribution Systems, $1.5 million

*Reading Equipment and Distribution Inc., $1.5 million

*Newport News Credit Union, $750,000

*Centex Homes, $500,000

*Kuehne & Nagel Logistics, $492,000

*Steve C. Taylor PC and Alliance Legal Group, $475,000

*The Addison Group, $375,000

*Echostorm, $300,000

*Atlantic Capital Group, $250,000

*McEntire Design, $130,000

*Coastal Art Inc., $120,000