BUSINESS REPORT: Virginia – HDL Expands Offices, Labs At VA BioTechnology Research Park
By Jonathan Sanders
From the July/August 2013 issue
With its nearly 650 employees into Phase I of its headquarters expansion in Virginia BioTechnology Research Park in Richmond, VA, Health Diagnostic Laboratory, Inc. (HDL) has begun construction on Phase II of the 283,000-square-foot complex. Phase II will be a mirror image of Phase I, and when completed in April 2014 will contain 95,000 additional square feet of office and wet laboratory space.
â€śIt is our mission to prevent and reverse heart disease and related diseases, and this real estate expansion is allowing us to do so as a team in a values-based, innovative environment in downtown Richmond,â€ť said Tonya Mallory, HDL, Inc.â€™s CEO and president.
When complete, HDL, Inc.â€™s offices and laboratories will encompass 283,000 square feet (approximately five football fields) and host an additional 400 employees. Features of the headquarters include a rooftop park and green space, a 24/7 gym for employees, and the buildingâ€™s atrium, which will eventually contain spiral slides connecting the sixth, fifth and fourth floors. The real estate is valued at roughly $80 million, and with equipment costs HDL, Inc.â€™s total investment in the biotech park will reach more than $100 million.
â€śFew believed that the research park could grow to become such an economic powerhouse when it was first launched 20 years ago. It has put Virginia on the map in biotechnology and the life sciences, and is helping us to compete globally to attract and grow this important sector of our regionâ€™s economy,â€ť said Robert T. Skunda, President and CEO of the Virginia BioTechnology Research Park.
INCENTIVES AVAILABLE TO BUSINESSESÂ IN SOUTHERN VIRGINIA REGION
- TOBACCO REGIONAL OPPORTUNITY FUND
The Tobacco Regional Opportunity Fund (TROF) is a discretionary incentive based on the number of new jobs being created along with their average wage and amount of new capital investment; must invest a minimum of $1 million and create at least 10 jobs over 36 months to be eligible.
- GOVERNORâ€™S OPPORTUNITY FUND
The Governorâ€™s Opportunity Fund is a discretionary incentive available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
- VIRGINIA INVESTMENT PARTNERSHIP ACT
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
- THE VIRGINIA ECONOMIC DEVELOPMENT INCENTIVE GRANT (VEDIG)
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.
- CLEAN ENERGY MANUFACTURING INCENTIVE GRANT
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
- VIRGINIA JOBS INVESTMENT PROGRAM
The Virginia Jobs Investment Program (VJIP) is a program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.
- VIRGINIA ENTERPRISE ZONE JOB CREATION GRANT
Qualified businesses in an Enterprise Zone are eligible for cash grants for permanent net new jobs created over a four-job threshold. Qualifying jobs must offer health benefits and meet certain wage thresholds.
- VIRGINIA ENTERPRISE ZONE REAL PROPERTY GRANT
Qualified investors (entities and individuals) making a qualified investment in industrial, commercial or mixed-use real property located within an Enterprise Zone are eligible for a cash grant.
- REGIONAL ENTERPRISE ZONE INCENTIVES
From building permit fee waivers to rebates on local machinery and tools taxes, Southern Virginia offers local incentives that help companies maintain competitive during their start-up phase.
The Lingerfelt Companies, a Richmond-based developer, has been involved with the project since its inception. â€śSince partnering with HDL in 2009, it has been a fast-paced development cycle and we are pleased to assist HDL in its expansion,â€ť Lingerfelt Companies Principal Ryan Lingerfelt said. â€śThis project is a prime example of how a growing healthcare provider, coupled with resources and development talents, comes together to benefit our community and many others worldwide.â€ť
The Virginia BioTechnology Research Park is located in the center of the nationâ€™s East Coast pharmaceutical and biotechnology corridor. The Park is home to 67 life science companies, research institutes, state/federal laboratories and is adjacent to Virginia Commonwealth University, a â€śTop 100â€ť life sciences research center.