Posted by Brandon Jarvis
Mayor Levar M. Stoney today announced Newport Beach, CA-based Panattoni Development Company, Inc., one of the largest full-service development companies in the world, has acquired over 62 acres for development of a new state-of-the-art distribution center to be located along Commerce Rd., just south of the Bells Rd. / I-95 interchange and across from Richmond Marine Terminal (RMT) at the Port of Virginia.
John Reinhart, the CEO and executive director of the Port of Virginia, said Panattoni’s confidence in Virginia’s business environment “will create more supply chain capacity in Central Virginia,” among numerous other benefits.
Panattoni will proceed in two phases, with plans that include and total nearly one million square feet of cross-dock warehouses with multiple trailer drops. Phase one is expected to be completed by late summer 2018. In welcoming Panattoni to the city’s port area, Mayor Stoney said, “Richmond is happening; we’re on the move and we are growing as an epicenter of trade and commerce.”
Richmond’s 8th District Councilwoman Reva Trammell, in whose district RMT is located, cited the jobs and new employment this development will create. “This adds to the health of our economy in a myriad of ways,” said Councilwoman Trammell. “It will ultimately lower our unemployment rate and benefit us citywide.” Richmond Marine Terminal is located along the west bank of the James River, is owned by the City of Richmond and is leased by the Virginia Port Authority.
“We were influenced by the positive momentum taking place at the Port of Virginia,” said William Hudgins, Panattoni’s senior development manager for the Mid-Atlantic market. “We’re now looking forward to being an integral part of this momentum.”