Multi-phase, five-building project will deliver 2.4-million-square-feet of industrial space in first phase
SUFFOLK, Va., Sept. 4, 2024 /PRNewswire/ — Today, Rockefeller Group and Matan Companies broke ground on the first phase of Port 460 Logistics Center in Suffolk, Va., a highly anticipated industrial real estate development that is expected to serve U.S. and international businesses seeking direct access to the expanded Port of Virginia.
In a joint venture partnership with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC, the master-planned logistics park will deliver 2.4 million square feet of industrial space across five buildings in phase one, delivering the first two buildings and the development’s infrastructure by next year. A second phase totaling 2.6 million square feet will follow after the completion of phase one.
“Today marks the start of an exciting chapter at Port 460,” said JP Matan, Director of Leasing, Matan Companies. “We are breaking ground on what will become one of the most impactful industrial developments in the country and we could not have done it without the support and vision from so many experts in development as well as state and local government officials. We look forward to delivering a premier asset in phase one, which will set the stage for what’s to come.”
“This world-class development represents a true spirit of partnership between the public and private sector, bringing together highly experienced real estate investors and developers, the Port of Virginia and the Commonwealth,” said Hilary Allard Goldfarb, Senior Managing Director and head of Development for Rockefeller Group throughout the Mid-Atlantic. “The opportunities at Port 460 can meet so many different requirements, ranging from advanced manufacturing, life sciences and logistics, to port operations and warehousing, further positioning the city of Suffolk and the southeastern part of Virginia as a hub for logistics and supply chain investment as well as domestic manufacturing and innovation.”
In June, Governor Glenn Youngkin directed the Commonwealth Transportation Board to allocate $30.1 million to the Route 460 Road Improvement Program from the state’s Transportation Partnership Opportunity Fund – an investment in roadway and infrastructure enhancements that will serve the Port of Virginia and enhance access to the site. Additionally, in August, he announced a $3.5 million grant via the Virginia Business Ready Sites Program (VBRSP) program which awarded $126 million to 23 sites across the Commonwealth. The program identified Port 460 as a worthy infrastructure project to build operations-ready sites for employers and manufacturers ready to expand in the Commonwealth.
“Port 460 will create 2,600 jobs during construction with the potential to support over 9,000 jobs when fully built out,” stated Governor Youngkin. “The economic impact of this historic project will underscore our commitment to top-notch infrastructure for Virginians and all who come here to do business. Once completed, Port 460 will offer direct access to the Port of Virginia and 75 percent of the U.S. population. This is just the beginning of Virginia being at the forefront of the global economy, and I am confident the positive ripple effect will be felt far beyond the Commonwealth.”
The Port of Virginia ranks in the top three most efficient ports in the country. Port 460 is located within a 100-mile radius of 3.7 million customers, and a 200-mile radius of 18.6 million customers, including affluent residents of counties with some of the highest average median incomes in the U.S.
“The Port of Virginia is thrilled to officially welcome Port 460 to Virginia,” said Stephen A. Edwards, CEO and Executive Director, Virginia Port Authority. “The logistics center is a sound, strategic addition to America’s most modern gateway – providing even greater capacity, capability and speed to market for the supply chain industry. Through the Gateway Investment Program, we committed $1.4 billion to fund further enhancements, including dredging and widening the canal to become the deepest, widest channel on the East Coast, Norfolk International Terminal upgrades in equipment and technology that will drive efficiencies and growth, an extensive Central Rail Yard expansion that will accommodate 455,000 additional rail TEUs, and offshore wind implementation that will enable us to become 100 percent powered by clean energy this year and net-zero by 2040.”
JLL’s Gregg Christoffersen or Kristopher Kennedy are handling leasing at Port 460. For more information about Port 460 and its progress, visit port460.com.
ABOUT ROCKEFELLER GROUP
Rockefeller Group develops, owns and operates extraordinary properties across the United States. For nearly a century, the company has delivered exceptional experiences and value creation through dedication to quality in the built environment. The company’s portfolio spans the development of industrial, office, multifamily and mixed-use projects across six geographic regions as well as significant ownership interest in and management of approximately six million square feet of world-class office space in Manhattan. Visit RockefellerGroup.com.
ABOUT MATAN COMPANIES
Matan Companies, headquartered in the Washington, D.C. suburbs, is one of the region’s premier commercial real estate services and development firms. Founded over 45 years ago on the principle of providing a comprehensive, full-service approach, the firm’s current portfolio consists of over 7 million square feet of industrial/bio-life science/office assets, 15 million square feet in the development pipeline, several active residential developments, and a separate portfolio of multifamily and manufactured housing units. The company delivers a full range of services to their real estate investors and tenants including entitlement/construction management, asset and property management, leasing, and tenant services. For additional information about the Matan Companies, please visit mataninc.com.
SOURCE Rockefeller Group
