Rockefeller Group and Matan Companies have marked the start of construction of the first phase of the Port 460 Logistics Center with a ground-breaking ceremony in Suffolk, Virginia, US.
The industrial real estate development is anticipated to provide US and international businesses direct access to the expanded Port of Virginia.
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In 2022, Suffolk City Council approved the rezoning of the Port 460 Logistics Center from general commercial and agricultural use to M-2 industrial.
The logistics centre is located within a 100-mile radius of 3.7 million customers and a 200-mile radius of 18.6 million customers, offering a significant customer base for potential businesses.
The partnership between Rockefeller Group and Matan Companies, which began in 2023, has expanded to include Mitsubishi Estate New York, Chuo Nittochi, and Taisei USA in a joint venture partnership.
Matan Companies Leasing director JP Matan said: “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.
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By GlobalData“We look forward to delivering a premier asset in phase one, which will set the stage for what’s to come.”
The first phase of the logistics park is expected to deliver 2.4 million square feet of industrial space across five buildings.
The initial two buildings and the development’s infrastructure are set for completion by next year.
Following the first phase, a second phase will introduce an additional 2.6 million square feet of industrial space.
Rockefeller Group Mid-Atlantic senior managing director and development head Hilary Allard Goldfarb said: “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.”
The project has received support from the state, with its governor Glenn Youngkin directing a $30.1m allocation from the Commonwealth Transportation Board to the Route 460 Road Improvement Program.
Furthermore, last month, a $3.5m grant was announced from the Virginia Business Ready Sites Program, which distributed $126m across 23 sites within the commonwealth.
