Business Center
By capitalizing on our unique assets, Portsmouth has brought about a thriving economic environment brimming with opportunities and reminiscent of the potential foreseen by leaders in our colonial birth.
Investment initiatives have positioned Portsmouth as a great discovery for industries of all types, and we offer a wealth of opportunities for businesses focused on their futures.
MODELING & SIMULATION
| The new MAST (Modeling & Simulation Technology) Center neighbors the United States Joint Forces command and is the heartbeat of the modeling & simulation industry in Hampton Roads |
| Area military installations rely on cutting edge technology |
| Existing Companies: MYMIC, LLC, SimIS, Alion Science and Technology, EchoStorm (a division of Earl Industries) |
| Supporting Entity: Virginia Modeling, Analysis & Simulation Center (VMASC), Joint Training, Analysis & Simulation Center (JTASC) |
MARITIME
| Portsmouth is part of the Port of Hampton Roads, the world’s largest natural harbor and one of the busiest ports in the U.S. Ice free, unobstructed, 50-foot channel depth, direct link to 80+ ports worldwide. |
| Maritime operations constitute a large percentage of Portsmouth’s employment base |
| Existing Companies: Norfolk Naval Shipyard; Portsmouth Marine Terminal, APM Terminals Virginia, Inc., Earl Industries, CDI Marine |
| Supporting Entities: Virginia Port Authority, Virginia Maritime Association |
HEALTHCARE
| The Bon Secours Heart Institute, which opened in 2005, is a unique partnership with the Columbia University College of Physicians and Surgeons |
| The Beazley School of Nursing at the new Portsmouth campus of Tidewater Community College provides access to trained, local staff |
| Existing Companies: Naval Medical Center, Portsmouth, Bon Secours Maryview Medical Center |
| Supporting Entities: Eastern Virginia Medical School, Tidewater Community College School of Nursing |
RESIDENTIAL DEVELOPMENT
| The City's recent close-to-home initiative is creating greater awareness about Portsmouth's livability among homebuyers in the Hampton Roads area |
| Development and leasing of multi-family property was the hottest sector in Portsmouth in 2010 |
| Mixed-Use Development Incentives and Tax Exemptions for Rehabilitated Structures available for qualifying projects |
| Portsmouth's central location makes it attractive to homebuyers because of the proximity to employment and regional attractions |
GOVERNMENT CONTRACTING
| With the City's long standing relationship with government agencies, Portsmouth is committed to creating a business friendly environment for Government Contractors |
| Portsmouth is the home to the U.S. Navy's Norfolk Naval Shipyard and Naval Center |
| Portsmouth is an official U.S. Coast Guard City |
| Opportunities for local, state, and federal procurement projects in construction, security, transportation, and supplies |
RETAIL
| Portsmouth is focused on bringing national retailers back to the city to meet the needs of residents and contribute to the tax base. |
| Victory Submarket – Successful redevelopment of former Tower Mall site into Victory Crossing Shopping Center. Anchored by Lowe’s, Marshall's and Farm Fresh, the center’s 2007 sales exceeded $100 million. Direct access to I-264. eral crossroads of Portsmouth; located at Frederick Blvd., Airline Blvd., London Blvd., and High Street. |
| Midtown Submarket – City’s first Wal-Mart Supercenter opened in January 2007, followed by the announcement that the Sembler Company would develop a 243,000 square-foot retail center across the street. Area includes IHOP and Walgreens.Federal New Markets Tax Credit (39% of investment for qualifying developments) are available in Midtown and much of the area is in a designated Enterprise Zone offering state and local incentives |
| Downtown Submarket – Specialty shopping, entertainment and unique dining opportunities. Restaurant business sector features locally owned and operated staples such as Roger Browns Restaurant and Sports Lounge and nationally recognized Starbucks (among many others). Restaurant sector imports dollars from all over the region. |
| Supporting Entities: Retail Alliance; Business Associations |
Portsmouth's target industries
are in alignment with the targets for the region:
- Maritime
- Modeling and Simulation