Three businesses announce expansions in Virginia Beach
Two manufacturers and a catering company will expand in Virginia Beach.
The three companies received Economic Development Investment Program (EDIP) grants Tuesday from the Virginia Beach Development Authority to assist in their expansion plans. The grants are awarded based on the creation of new jobs and new capital investments.
The companies are moving into areas near Naval Air Station Oceana where the city provides incentives under a program known as YesOceana to encourage businesses that are compatible with the jet base. The city also provides incentives for incompatible businesses to relocate elsewhere in Virginia Beach.
“This award-winning program serves as a model for other localities with encroachment issues. These grants are examples of our recent efforts and the success of the program to attract compatible and appropriate businesses to this area of our city,” Michelle Chapleau, the city’s business development manager, said in a statement.
The three companies are:
Powertrain Industries Inc. The company, headquartered in Garden Grove, Calif., will relocate and expand its manufacturing facility to Oceana South Industrial Park. Powertrain manufactures automotive drivelines for many foreign rear-wheel-drive cars and light trucks. The Virginia Beach manufacturing facility opened in 2012.
The company has purchased a 20,000-square-foot building at 2503 Squadron Court, which will boost the company’s footprint from an existing 8,712-square-foot leased space.
“This is exactly the industry sector we are targeting for the Oceana area, and we know their manufacturing, wholesale and distribution operations will be a perfect fit with other businesses in the Oceana South Industrial Park,”Warren D. Harris, director of Virginia Beach Economic Development, said in a statement.
The new facility will occupy 10,000 square feet in the building. The relocation is expected to be complete by August. The total capital investment of $1.2 million includes real estate, improvements, business property, machinery and tools. The development authority approved an EDIP grant of $25,000.
S&S Precision will expand its manufacturing and distribution operation from 9,000 square feet to 14,850 square feet at 2504 Squadron Court. The company is a government contractor that specializes in product development and manufacturing of military, police and tactical equipment.
S&S started its Virginia Beach operations in 2007. The expansion of the manufacturing and distribution facility will be done by June. The current location also provides the company with enough space to expand an additional 4,950 square feet. S&S plans hire six new employees with average annual wages of $29,500, excluding benefits.
The Development Authority approved an EDIP grant of $40,000 based on the company’s capital investment of $2 million and the location in the APZ-1 compatible zone. The capital investment includes real estate, business property, machinery and tools.
Yummy Goodness is a small, woman-owned catering company that opened in 2012. It specializes in private and corporate catering. Yummy expanded its leased space at 317 Village Road from 1,350 square feet to 2,125 square feet and has extended the lease for an additional five years. The company also is adding a community kitchen that can be rented by other small culinary businesses.
The expansion and renovations are expected to be completed this summer. The company has received its second APZ-1 EDIP grant from the development authority in the amount of $25,000 based on the capital investment for this expansion of $414,000.