Followups – January 2019
Norfolk Southern makes relocation to Atlanta official
Norfolk Southern in early December made official its plans to relocate its headquarters to Atlanta.
The news comes after officials in Atlanta signed off on a complicated redevelopment project that was tied to Norfolk Southern’s relocation.
The Virginian-Pilot reported that Atlanta’s economic development arm approved financing for the construction of a new $575 million headquarters for the Fortune 500 company. The newspaper noted that plans call for the first 100 Norfolk Southern executives to relocate by next summer and for the other 400 or so to leave by summer of 2021, but that operations at the Port of Virginia would remain. Hampton Roads economists have said the loss of Norfolk Southern will likely be of a blow to the region’s branding.
The railroad may owe the city of Norfolk and the Commonwealth of Virginia repayment of some of more than $4 million in incentives it received two years ago to keep its headquarters in Norfolk.
Virginia Business explored Norfolk Southern’s possible headquarters move — and its potential issues with the 2016 incentives deal — in stories in the December issue and on VirginiaBusiness.com.
Firm receives $1.3 million
Richmond-based startup ARtGlass closed a $1.3 million angel financing round in late November.
The company provides technology used to create augmented reality tours at cultural and historic sites.
Investing in ARtGlass are: CAV Angels, Central Virginia Angels, Charlottesville Angel Network, Trolley Venture Partners and the Center for Innovative Technology (CIT) GAP Funds. A number of business executives also made investments.
The money will be used to bolster the company’s software platform, enhance intellectual property and scale deployment to additional historic and cultural sites.
Virginia Business looked at ARtGlass’ plans for U.S. expansion in the December issue.