VIRGINIA BEACH, Va. (WAVY) — LifeNet Health will invest $12.25 million to expand its global headquarters operation in Virginia Beach.
WAVY’s Andy Fox reports LifeNet will add 321 new jobs with an average salary of $70,000. LifeNet will become one of the top employers in the Resort City.
The expansion will add an 18,000 square foot R&D facility, 20,000 square feet of office space and a 100,000-square-foot warehouse across three campuses. This will bring LifeNet’s total investment in Virginia Beach to more than $70 million.
LifeNet helps save lives through organ and tissue transplantation. According to a news release from the City of Virginia Beach, the company is “the world’s most trusted provider of transplant solutions — from organ procurement to bio-implants and cellular therapies — and a leader in regenerative medicine.”
LifeNet’s current headquarters campus is located in the VABeachBio corridor — a medical and higher education hub that’s also home to Sentara Princess Anne Hospital, Operation Smile, Tidewater Community College and more. Plans are also underway to develop the 155-acre VABeachBio Innovation Park, the city said in its new release Monday.
“LifeNet Health has been an important driver of the Commonwealth’s growing biotechnology field for more than 30 years, and has helped anchor the foundation for the robust Princess Anne Commons biomedical cluster in Virginia Beach,” said Governor McAuliffe. “The Commonwealth’s life sciences sector is fueled by a unique combination of renowned research universities and institutes, international companies, major manufacturers and innovative startups, and plays an important role in our efforts to diversify and build the new Virginia economy.”
“Virginia Beach is so fortunate to have strong corporations anchoring our key economic sectors, and LifeNet Health has led the way in health care and bio sciences for more than three decades,” said Mayor Sessoms. “Adding another 321 jobs provides a major boost, not just to the company, but to our local economy and our continuing efforts to establish Virginia Beach as a national center for bio sciences.”
Virginia successfully competed against Florida, North Carolina and Washington for the project.
The Virginia Economic Development Partnership worked with the city to secure the project for the Commonwealth. Governor McAuliffe approved a $700,000 grant from the Commonwealth’s Opportunity Fund to assist the city with the project. The Virginia Beach Development Authority is scheduled to approve a matching $700,000 Economic Development Investment Program grant based on the capital investment and jobs created. Additionally, a $288,900 Virginia Jobs Investment Program grant was awarded based on job creation, bringing the total economic development incentive package to $1,688,900.
Monday’s announcement is one of several stops the governor made in Hampton Roads on Monday.
McAuliffe also made stops in Norfolk, and is expected to attend the grand opening of Legend Brewery’s new Portsmouth location.
McAuliffe provided remarks at the annual Southern Association of State Highway and Transportation Officials meeting earlier in the day.
The governor then spoke at the launch of an education initiative at Norview High School.