A new era begins with Port 460 groundbreaking
Published 9:19 am Thursday, September 5, 2024
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SUFFOLK, Virginia — After many contentious meetings, public hearings, and water cooler conversations, the Port 460 Logistics Center’s groundbreaking took place Wednesday, signaling the beginning of a new era along Pruden Blvd. in Suffolk.
Once complete, Port 460 is said to bring 2,600 jobs to the area during construction and has the potential to support over 9,000 jobs when fully built out.
Before the ceremonial dirt turning, Gov. Glenn Youngkin discussed what the project represents for the area and Virginia.
“It’s doubly exciting because of what it represents. It represents the world-class gateway, both in and out of Virginia, for manufacturers, for service providers, and for a logistic system that stretches around the world and is now recognized as being the best in the world,” Youngkin said. “Our port is frequently rated the best operating port in America, and as I told my competitors up and down the East Coast, when we finish this latest capital project, we will be the deepest and the widest and we will be the best. This project represents a belief that Virginia is the place with the best workforce, and by the time all phases are completed here, 9000 jobs will be supported by this amazing facility.”
The first phase aims to deliver 2.4 million square feet of industrial space across five buildings, and the first two buildings and the development’s infrastructure will be delivered by next year. Following the first phase, the second phase, totaling 2.6 million square feet, will follow. A joint venture partnership with Mitsubishi Estate New York, Chu Nittochi and Taisei USA LLC., the project is expected to serve U.S. and international businesses seeking direct access to the expanding Port of Virginia. During the ceremony, Duman called the project “a significant step forward” for Suffolk and the Hampton Roads region.
“The Port 460 Logistics Center is strategically positioned to leverage the unique advantages of our region and is designed to serve a variety of industries, including advanced manufacturing, life sciences, logistics and port operations,” Duman said. “Being the closest development opportunity of scale to the Port of Virginia, this site will play a crucial role in enhancing our city’s position as a pivotal logistics element. The Port of Virginia is one of the largest seaports in the United States, and with this project, we are strengthening our connection to global commerce.”
With traffic congestion among the many concerns Suffolk residents voiced, Duman said improvements along Route 460 were in the works alongside the massive project.
“We are fortunate to have recently received approval of $30.1 million from the Transportation Partnership Opportunity Fund, professionally known as TPOF, to be applied to the 2.3 miles of road enhancements,” Duman said. “That [$30.1] million dollars combined with the $6.6 million proffer for Matan Companies, and an additional $1 million provided by the Port Opportunity Fund, means that this road project is 47% funded.”
Rockefeller Group Senior Managing Director Hilary Goldfarb and Matan Companies Senior Director Mark Matan both shared their thoughts following the ceremony.
“We have a lot of work ahead of us,” Goldfarb said. “So it’s exciting, but we look forward to working really hard to build an institutional project.”
Matan called the project a “true partnership with the state of Virginia.”