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EDA/IDA Board Meeting
September 5, 2025
Page 6
Mrs. Kingston reported that at the end of last month, Newport News Redevelopment and
Housing Authority, in partnership with the Norfolk Redevelopment and Housing Authority
and the Real Estate Developers Academy, launched the Hampton Roads Real Estate
Academy Accelerator Program. She shared that the initiative is an opportunity to identify
and train developers interested in increasing the scope, scale and availability of housing in
Hampton Roads, with applications for this program accepted through October 13th.
Mrs. Kingston announced that the City officially broke ground on the new Newport News
Trades Center, with a groundbreaking ceremony August 12th. She thanked the Board
Members that were able to attend and expressed appreciation for the work of staff to make
the event happen. Chair Williams echoed Mrs. Kingston鈥檚 sentiments and congratulated
staff.
Mrs. Kingston reported that staff, under the leadership of the EDA Chair, hosted two Small
Business Roundtable events in August. She noted that during each session, an intimate
group of businesses gathered to network and learn more about city programs and
resources offered by the EDA and Purchasing. Mrs. Kingston explained that there was a
lot of positive discussion and productive dialogue about things that are done well and areas
that can be improved. She stated that staff is aggregating the notes and comments from
the event for distribution, noting that additional sessions are anticipated in early 2026.
Mrs. Kingston reminded the Board that the Newport News Economic Development Growth
and Expansion (EDGE) Summit is quickly approaching October 1st and 2nd. She added
that invitations have been distributed, the event landing page has launched and staff has
continued to receive additional inquiries and firms reaching out to express interest in
attending. Mrs. Kingston noted that staff will be working closely with the Communications
team on event logistics and coordination over the next month.
Mrs. Kingston noted that the IDA received a request to waive its right of repurchase in
connection with the sale of property located at 120 Enterprise Drive within Oakland
Industrial Park. She explained that the 21.1-acre property is being sold by current owner,
Mercana US Real Estate LP, to Box Acquisitions LLC, later to be assigned to 120
Enterprise Drive Owner LLC, for a purchase price of $14 million, adding that Mercana will
continue its operations in the facility under a lease with the new owner. Mrs. Kingston
concluded by noting that after receiving the concurrence of Chair Williams, the request to
waive the IDA鈥檚 right of repurchase for the property was approved.
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