The new facility will house the electronic media division, whilethe existing locale will continue to serve as the company'scorporate headquarters. Trader, which was established in the cityin 1991, will spend an estimated $51 million to complete theproject.

When all is said and done, Trader's new approximately 20-storybuilding will replace what is now a city-owned parking lot, and itwill not only offer new office space, but will also feature 25,000sf of street-level retail space, as well as a parking facility toaccommodate up to 440 vehicles. As many as 1,300 employees will beable to make their home in the structure.

The local site beat out other potential locations in Washington,Ohio and Texas. "Trader Publishing Co.'s commitment to itsemployees and residents of the Commonwealth is evident in itsdecision to keep its expansion efforts at home," Gov. Mark R.Warner says in a statement on the announcement of the project. "Thepro-business leadership of the Hampton Roads area coupled with theregion's well-educated and highly trained workforce made for theperfect match."