IDA sells property

Published 12:00 am Thursday, June 9, 2005

The Industrial Development Authority on Wednesday moved a step closer to welcoming the newest resident of Suffolk Industrial Park.

On Wednesday, the IDA unanimously approved the sale of 6.5 acres in the Carolina Road industrial park to Western Branch Metals for $162,500.

The Chesapeake-based company, which manufactures propeller shafting for pleasure boats, yachts and ferries, will be investing approximately $5.6 million in a 44,000-square-foot warehouse, production and corporate office facility.

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The company will have room to grow to more than double the size of its facility, said Thomas

O’Grady, the city’s director of economic development.

The company, which should be opening by early 2006, will be bringing 30 new jobs to the city with pay ranging from $10 to $20 per hour.

With five businesses already open, the 150-acre park is about 35 percent full and growing, said O’Grady.

Just last month, city and IDA officials joined Empire Development in breaking ground on a new warehouse/distribution center at the intersection of Obici and Carolina Road.

Within the next 30 days, the city will begin a $775,000 extension of Obici Industrial Boulevard, said O’Grady.

Extending the road by about 750 feet deeper into the industrial park will open up room for an additional five or six sites for development, he said.

&uot;There is a lot of interest in Suffolk Industrial Park,&uot; O’Grady said. &uot;We do have several interested parties looking at sites in the park right now.&uot;