Suffolk City Council members voted last Wednesday to approve the rezoning of Matan Companies’ Port 460 Logistics Center project in Virginia from general commercial and agriculture use to M-2 industrial. The 540-acre site, located at the intersection of US-460 and US-58, will deliver up to five million square feet of warehouse, distribution, truck terminals, and industrial outdoor storage.
“We are eager to kick Port 460 into the development stage in an effort to support the Port of Virginia and create an employment hub that will stimulate economic growth, both locally and regionally,” said Karl Morris, Director of Development for Matan. “And we are excited about being a part of the Suffolk community.”
The initial phase, consisting of two 350,000 square foot buildings and one single million square foot building, will commence construction on a speculative basis in the second quarter of 2023 and is anticipated to deliver in the first quarter of 2024.
“Business-ready commercial, industrial and warehouse sites and facilities are needed to support the Commonwealth’s efforts to identify economic development opportunities to attract new business. Port 460 Logistics Center in Suffolk is such a site,” said Shep Miller, the Virginia Director of Transportation.
Port 460 is the closest new development with direct access to the Port of Virginia – the fastest growing port in the U.S. – and will provide exceptional access to over 75% of the U.S. population within a two-day drive via I-95, I-64, and I-264. In addition to providing much-needed industrial space in a market where demand has outpaced supply, Port 460 will also be a critical job creator. The project is projected to be an integral part of creating more than 2,000 construction jobs and up to 9,000 long-term jobs.
“We see Matan’s decision to develop the Port 460 Logistics Center as a vote of confidence in the future of The Port of Virginia,” said Stephen A. Edwards, CEO and Executive Director of the Virginia Port Authority. “It is a strategic move to capitalize on this port’s growth and the $1.4 billion we are investing to ensure we remain modern, competitive, and efficient.
“When the private sector begins matching the investments we’re making in our facilities and capabilities, it supports our growth and sends a very clear signal to the industry that Virginia is open for business. This project will drive job creation and economic investment and bring growing companies to the region. We’re ready to collaborate with Matan to support the success of the Port 460 project.”
About Matan Companies
Matan Companies, headquartered in the Washington, D.C. suburbs, is one of the region’s premier commercial real estate services and development firms. Founded over 45 years ago on the principle of providing a comprehensive, full-service approach, the firm’s current portfolio consists of over 6 million square feet of industrial/bio-life science/office assets, 16 million square feet in the development pipeline, several active residential developments, and a separate portfolio of multifamily and manufactured housing units. The company delivers a full range of services to their real estate investors and tenants including asset and property management, leasing, and tenant services. For additional information about the Matan Companies, please visit www.mataninc.com.
Marketing Manager, Matan