virginir.com - Port 460 Logistics Center Breaks Ground in Suffolk, Virginia

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SUFFOLK, Va., Sept. 4, 2024 ~ Suffolk, Va. - The highly anticipated Port 460 Logistics Center in Suffolk, Va. has officially broken ground today, marking the first phase of development for this industrial real estate project. The joint venture partnership between Rockefeller Group, Matan Companies, Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC will deliver 2.4 million square feet of industrial space across five buildings in phase one. The first two buildings and the development's infrastructure are expected to be completed by next year, with a second phase totaling 2.6 million square feet to follow.

JP Matan, Director of Leasing for Matan Companies, expressed excitement for the start of this new chapter at Port 460. He credited the support and vision from experts in development as well as state and local government officials for making this project possible. Matan also highlighted the potential impact of this development on the industrial sector in the country.

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Hilary Allard Goldfarb, Senior Managing Director and head of Development for Rockefeller Group throughout the Mid-Atlantic, emphasized the partnership between the public and private sector that made this world-class development possible. She also noted the diverse opportunities that Port 460 offers for various industries such as advanced manufacturing, life sciences, logistics, port operations and warehousing.

In June, Governor Glenn Youngkin allocated $30.1 million to the Route 460 Road Improvement Program from Virginia's Transportation Partnership Opportunity Fund to enhance access to the site and serve the Port of Virginia. In August, he announced a $3.5 million grant through the Virginia Business Ready Sites Program (VBRSP) to support infrastructure projects like Port 460.

Governor Youngkin highlighted the economic impact of this project which is expected to create 2,600 jobs during construction and potentially support over 9,000 jobs when fully built out. He also emphasized Virginia's commitment to top-notch infrastructure and its position as a leader in the global economy.

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The Port of Virginia, which ranks in the top three most efficient ports in the country, is thrilled to welcome Port 460 to Virginia. Stephen A. Edwards, CEO and Executive Director of Virginia Port Authority, highlighted the strategic addition of this logistics center to America's most modern gateway. He also mentioned the Gateway Investment Program which has committed $1.4 billion to further enhance the port's capabilities and capacity.

JLL's Gregg Christoffersen and Kristopher Kennedy will be handling leasing at Port 460. For more information about this project and its progress, visit port460.com. With its prime location within a 100-mile radius of 3.7 million customers and a 200-mile radius of 18.6 million customers, including affluent residents with high average median incomes, Port 460 is expected to have a significant impact on the region's economy.

As construction begins on this groundbreaking project, all eyes are on Suffolk, Va. as it positions itself as a hub for logistics and supply chain investment as well as domestic manufacturing and innovation. The completion of Port 460 will offer direct access to the Port of Virginia and serve 75 percent of the U.S. population, solidifying Virginia's position at the forefront of the global economy.

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