Panattoni to Build New State-of-the-Art Distribution Center Across from Richmond Marine Terminal
Mayor Levar M. Stoney today announced Newport Beach, CA-based Panattoni Development Company, Inc., one of the largest full-service development companies in the world, has acquired over 62 acres for development of a new state-of-the-art distribution center to be located along Commerce Rd., just south of the Bells Rd. / I-95 interchange and across from Richmond Marine Terminal (RMT) at the Port of Virginia. John Reinhart, the CEO and executive director of the Port of Virginia, said Panattoni’s confidence in Virginia’s business environment “will create more supply chain capacity in Central Virginia,” among numerous other benefits. Panattoni will proceed in two phases, with plans that include and total nearly one million square feet of cross-dock warehouses with multiple trailer drops. Phase one is expected to be completed by late summer 2018. In welcoming Panattoni to the city’s port area, Mayor Stoney said, “Richmond is happening; we’re on the move and we are growing as an epicenter of t