• A $3 million grant from the U.S. Economic Development Administration to construct a new state-of-the-art Virginia Seafood Agricultural Research and Extension Center in Hampton, Virginia, paves the way for further economic growth and collaboration in the commonwealth’s $550 million seafood industry.

    Announcing the award last week, U.S. Secretary of Commerce Wilbur Ross stated that the project will assist the fishing and seafood industries across the commonwealth and those located in the Eastern Shore counties of Accomack and Northampton in particular. The new facility, located in a Tax Cuts and Jobs Act-designated Opportunity Zone, is expected to retain 408 jobs.

    The new comprehensive $8.4 million project will be located adjacent to the AREC’s current South King Street location in Hampton. This new 21,700-square-foot facility will have expanded seafood technologies/processing and microbiological laboratories, upgraded aquaculture and fisheries research facilities and water chemistry labs, expanded classrooms, outreach/ demonstration and training facilities, and additional workstations and accommodations for visiting faculty, students, and industry collaborators.

    This announcement follows a list of other partners and stakeholders in the project who have helped contribute funding toward the building’s construction and who recognize the value of investing in research and Extension programs. Other major funding sources include $1.5 million from the City of Hampton, $2.5 million from the Commonwealth of Virginia, and $2 million financed by the Virginia Tech Foundation.

    Read the full article on the VT News here.

  • The Virginia Tech Foundation is asking the town to change zoning regulations so it could build a six-story building on the edge of downtown that would feature retail, classroom space and a rooftop restaurant. The building would be on the site of the former Buffalo Wild Wings near the intersection of North Main Street and Prices Fork Road. The foundation hasn’t submitted formal plans yet, but is instead requesting a zoning ordinance change that would allow it to submit a formal conditional use permit in the future.

    The foundation has indicated the building could be up to 235,716 square feet. For reference, the nearby North End Center on Tech’s campus is 141,000 square feet. “We’re excited about it [the development project] and we think it will be a great addition to Blacksburg,” Tech Foundation CEO John Dooley said.

    The building would host a “national mercantile retailer,” restaurants on the main level and on the rooftop that features an outdoor terrace, space for computer science faculty, behavioral health faculty including counseling offices and the Outreach and International Affairs department, according to the letter. There would also be additional retail space for two or three tenants.

    Read the full article on The Roanoke Times here.

  • The Virginia Tech Foundation Executive Committee will consider the annual budget for WVTF Public Radio and RADIO IQ at its meeting June 21 at The Hotel Roanoke & Conference Center, 110 Shenandoah Ave. NW in Roanoke.

    The portion of the meeting dealing with WVTF will begin at 11 a.m. and is open to the public because a portion of the WVTF budget comes from public funds. Only the portion of the meeting concerning the WVTF budget will be held in open session.

    Services of Virginia Tech, WVTF Public Radio, and RADIO IQ are listener-supported National Public Radio member stations. They broadcast locally and nationally produced classical and jazz music programs, NPR and BBC news shows, and locally produced news and other cultural and entertainment programs. The stations cover central, southwest, and southern Virginia, as well as parts of North Carolina and West Virginia.

  • The endowment payout for the upcoming fiscal year will remain the same as the current FY 18-19 payout of 4.31%. Read the full memo for additional details.

  • Nearly two years after the creation of the VTC Innovation Fund, the Virginia Tech Foundation and Carilion Clinic have again partnered to create the VTC Seed Fund, a $7 million venture capital fund, to facilitate additional pathways for innovative products and technologies to be commercialized.

    The VTC Seed Fund expects to further increase engagement and mentorship with Virginia Tech alumni, Carilion faculty/employees, regional entrepreneurs, and high-net-worth individuals. Read the full article on VT News here.