In addition to providing much-needed space for administration, distribution and processing activities, the headquarters will allow the company to consolidate under one roof. Its workers are currently located in leased space within four buildings at the 350-acre Norfolk Industrial Park.
"We will be able to process more tissue, and we will be able to distribute more tissue to our partners across the country," LifeNet's Dena Reynolds tells GlobeSt.com. "And for us to be able to move into one building will be great for the company."
Development of the facility will add 100 more employees to LifeNet's current list of 350 Virginia Beach-area workers. Realizing the employment-creation benefits, the Virginia Beach Development Authority signed off on the issuing of a maximum $21 million in industrial development revenue bonds to help facilitate the project in May. Virginia Beach's Economic Development Investment Program contributed $600,000 to the endeavor.
The first phase of the project will reach completion in 2005, at which point workers will be gradually moved in until the project's full completion in 2012. Looking ahead beyond the scheduled 2012 completion date LifeNet has arranged to have an option to purchase an additional 6.5 acres for further expansion down the road.
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