THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, January 12, 1996 TAG: 9601100148
SECTION: CHESAPEAKE CLIPPER PAGE: 04 EDITION: FINAL
SOURCE: BY JENNIFER C. O'DONNELL, STAFF WRITER
LENGTH: Medium: 52 lines
For anyone who didn't notice the growth that took place in Chesapeake last year, now there are figures to back up the claims.
Approximately 28 firms either announced new operations in Chesapeake in 1995 or expanded their current business facilities, according to the city's economic development department.
The growth is a boon for Chesapeake. The economic development department estimates that the new businesses invested nearly $90 million in land, real estate and equipment and added nearly 1,000 jobs to the city's job market.
Although the past few years have been busy ones for the Chesapeake business environment, last year was busier than most. Business growth during 1995 was up 69 percent over 1994, and that proved a surprise to area business leaders.
``We weren't exactly expecting the numbers to be as good as they were last year,'' said Donald Goldberg, director of economic development.
The 28 firms that located to the city consisted of a mix of distribution, office, service and manufacturing businesses. Among them are big name companies like Canon Computer Systems, a technical support center for Canon products; Cummings Atlantic, a manufacturer of diesel engines; and retail firms such as Lowe's and Regal Cinemas. Most of the new firms set up shop in the Cavalier Business Park in Western Branch or one of the Greenbrier industrial parks.
William Holloran, executive director of the Chesapeake Division of the Hampton Roads Chamber of Commerce, attributes recent growth to Chesapeake's port proximity as well as the city's large tracts of undeveloped land.
But Gerald Divaris, president of Divaris Real Estate, a commercial real estate company in Virginia Beach, said Chesapeake's land prices, when compared to other Hampton Roads regions, are less.
``That's attracting many new businesses, especially ones that are forced to build their own complexes,'' said Divaris.
Divaris added that industrial businesses, such as manufacturing or warehouse operations, will likely have to build their own structures should they locate to Chesapeake in the coming year.
``Industrial space is tight right now in Chesapeake and all of Hampton Roads,'' said Divaris, who added that there is a fair amount of existing retail and office space available.
Chesapeake business leaders and Divaris agree the coming year will bring more growth for the city.
``1996 will be a bullish year,'' said Goldberg. by CNB