NEWPORT NEWS, Va. – (August 2017) – W. M. Jordan Development Company is pleased to announce that construction on Building One @ Tech Center Research Park will begin with the official groundbreaking on August 24. The 80,000-square-foot building is the first of many in the 50-acre research park located at the intersection of Jefferson Avenue and Hogan Drive in Newport News.
Tech Center Research Park is being developed by W. M. Jordan Development Company and Virginia Tech along with the City of Newport News and is adjacent to Marketplace at Tech Center and Venture Apartments. S. J. Collins is the joint venture developer with W. M. Jordan Development Company on Marketplace at Tech Center, and Venture Realty Group is the joint venture developer on Venture Apartments.
Tech Center Research Park will provide the platform and synergy to attract tenants that desire a connected, collaborative and smart community that is focused on growing businesses that matter. The infrastructure has been designed to provide supportive services to help businesses succeed. Tenants in Building One @ Tech Center Research Park will have access to VT Knowledge Works, a business acceleration program, videoconferencing, conference rooms, research-grade internet speeds, networking events and co-working space. The location of Tech Center Research Park in Newport News’ Enterprise Zone includes economic and business incentives. The research park master plan includes walking and bike trails and access to all of the amenities at Tech Center.
“Everything is on track for Tech Center Research Park to become one of the premier research parks and innovation districts in the Commonwealth of Virginia,” said John Lawson, CEO of W. M. Jordan Company. “We anticipate the first businesses will move into Building One in August 2018. The proximity to the prestigious Jefferson National Lab is invaluable, and it is the only area in the City of Newport News that is zoned for research.”
“Newport News enjoys collaboration with Jefferson Lab that has already resulted in the commercialization of emerging technology based upon Jefferson Lab’s research,” said Mayor of Newport News McKinley L. Price. “Tech Center Research Park is another example of how we can work collaboratively, drawing in the resources of Virginia Tech, one of the nation’s premier research universities, to further increase innovative R&D opportunities and entrepreneurial endeavors in our City. We are excited that this project will attract and retain the brightest minds of the current and emerging workforce generations, further diversifying the economic foundation of Newport News.”
“We are very excited and look forward to becoming a destination for the University as it extends beyond the boundaries of Blacksburg in support of the entrepreneurial ecosystem we are catalyzing here in Hampton Roads,” said Jeff Johnson, Director of Tech Center Research Park.
W. M. Jordan Development Company purchased the vacant property at the corner of Oyster Point Road and Jefferson Avenue in 2010 from the College of William and Mary Foundation. When complete, Tech Center will comprise 100 acres. The concept is a hybrid that fuses the best components of today’s research parks and innovation districts to create a new, unique environment. The scope of the $450 million development includes Tech Center Research Park with nearly one million square feet of office and laboratory space on 50 acres; 288 residential units at Venture Apartments; and Marketplace at Tech Center, anchored by Whole Foods, with more than 250,000 square feet of retail space.
An Economic Impact Study by Magnum Economics projects that Tech Center will create more than 5,500 new jobs in Newport News, half of them in the highest paying employment sector – Professional, Scientific and Technical Services. The study also predicts the state and local tax impact of Tech Center at build-out to be in excess of $28 million annually.
Tech Center Research Park will also leverage the presence of the Jefferson Laboratory’s high-tech scientific and technical workforce and the international user community it serves. Additional benefits are the proximity to other national corporate, research and defense entities including NASA Langley Research Center, Langley Air Force Base, Canon, Alion Science and Technology, C² Technologies and Triumph Aerospace Systems, in addition to numerous colleges and universities.
CBRE|Hampton Roads along with Virginia Tech is leasing Building One @ Tech Center Research Park. “Tech Center Research Park is one of a kind in the region and perhaps the Commonwealth,” said Perry Frazer, managing director and senior vice president of CBRE|Hampton Roads. “We are happy to be a part of this unique office development and are excited to see the identity of the project begin to take shape. The intellectual capital that is coming together under one roof is remarkable.” For leasing or additional information, visit www.techcenterva.com.