Dollar Tree Moves Forward with $110M Virginia HQ
- Aug 05, 2016
By Keith Loria, Contributing Editor
Chesapeake, Va.—Dollar Tree Inc. will move forward with its existing $110 million plan to develop its corporate headquarters on a 70-acre site in Chesapeake, Va.
“Dollar Tree has seen tremendous growth over the past 30 years,” Bob Sasser, Dollar Tree CEO, said in a company release. “We have grown from a small number of stores to a leading retailer with more than 14,000 retail stores across North America. To facilitate our continued growth, we are investing in the development of corporate facilities.”
The company’s rezoning application was approved by the Chesapeake City Council back in September of 2013, but the development was put on hold while Dollar Tree considered an expansion in North Carolina. Those plans eventually fell through. Virginia Governor Terry McAuliffe, the Commonwealth of Virginia and the city of Chesapeake have facilitated the company’s expansion through grants, tax credits, and the Greenbrier Tax Increment Financing.
According to the Virginian Pilot, the state is providing more than $9 million to encourage the expansion, with Chesapeake adding another $4.5 million in incentives.
The new development will include a broad mix of possible uses such as retail, office, civic, hotel, and multifamily, as well as a public parking deck. The village-style development will be vertical, maximizing open space for greenery, plazas, and spacious streetscapes.
According to Sasser, the company expects the additional office space will allow it to expand organically by at least 100 new jobs annually over the next six years.
“We are proud to be part of the Hampton Roads community,” Sasser said. “We are appreciative of the support we have received from the City of Chesapeake and the Commonwealth of Virginia throughout the past three decades. We are excited about this development and the opportunity to create more jobs, as we grow our business.”
Image courtesy of InvenTrust Properties