Introducing the first edition of Unlocking Hampton Roads, your resource for economic development and international business expansion in the region, delivered monthly to your inbox by the Economic Development Task Force at Willcox Savage.

APRIL 2025

In This Edition

Feature | Trade & Tariffs Tactics, updates from customs & trade attorney, Len Fleisig

Here & Now | How Virginia is Safeguarding its Critical Infrastructure, a report from the VEDP

Word in the ‘Roads |Digest of significant press releases and investment announcements from over 40 of the region’s economic development authorities, alliances, chambers, incubators, and local governments

Legislative Affairs & Regulatory Compliance | Legislation impacting economic development that goes into effect on July 1, 2025

Where’s WilSav | Catch up with attorneys on our Economic Development Task Force at the region’s upcoming conferences and conventions

Willcox Savage Business Solutions Series | Calendar May and June programs from our lunch and learn speaker series delivering timely and operational-critical information to businesses operating in Hampton Roads

You’re Invited | Announcing the Willcox Savage Pickleball Open on May 16th

Trade: The New Tariff Paradigm

Want an orientation on tariff hikes and their impact on the business community?

Leonard Fleisig and Michael Collett deliver a packed hour of content including:

Executive Authority to Take Unilateral Action
Current State of Play
Potential Savings Mechanisms

Watch Webinar

Trade & Tariffs Tactics

CBP Confirms Reciprocal Tariffs Will Be Stacked on Existing General Duty Rates

Importers have inquired whether reciprocal duty rates will be stacked on top of the current general duty rates. The U.S. Customs and Border Protection (CBP) issued a clarification today, April 8, 2025, via its Cargo Systems Messaging Service (CSMS), addressing this issue. Refer to CSMS Message #64680374 for the full guidance.

CBP confirmed that reciprocal duty rates will indeed be stacked on top of the existing general duty rates, rather than replacing them. The official statement from the CSMS message is clear: “The additional rates of duty established by reciprocal tariffs are in addition to any other duties, taxes, fees, exactions, and charges that apply to imported articles.”

Goods on the Water Before April 9 Subject to Generic 10% Reciprocal Tariff, CBP Announces

Additionally, the CSMS message specified that goods on the water after 12:01 a.m. EDT on April 5, 2025, but before 12:01 a.m. EDT on April 9, 2025, will be subject to the generic 10% reciprocal tariff, rather than the higher country-specific rates that will take effect on April 9. These goods must be entered by May 27, 2025.

Here & Now

Hampton Roads -- A premier destination for international businesses

Securing the Future | How Virginia is safeguarding its critical infrastructure

A report from the Virginia Economic Development Partnership

States, nations, and any municipality can build and tout their critical infrastructure that, on the surface, may appear second to none.

Think: thriving, automated food and agriculture ecosystems. Sprawling office buildings outfitted with remote smart sensors. Unflappable financial markets. Hyper-efficient transportation systems. Ubiquitous utility and energy access. Dependable and downstream supply chains.

All in the name of securing everything needed to sustain and grow a thriving society. Impressive, right?

But dig deeper. None of it is possible without a comprehensive plan and collaborative approach to securing all of these systems from myriad, ever-changing cyber threats.

This is the journey that the Commonwealth has embarked on, like other states but in a uniquely Virginia way: to evolve from difficult spot fixes and upgrades to planning, developing, and maintaining all critical infrastructure assets with cybersecurity top of mind from Day One.

“The only way to address cybersecurity is from the get-go,” said Paulo Costa, Professor and Chair of George Mason University’s (GMU) Cybersecurity Engineering department. “You don’t develop it and then make it secure. You make it secure from the very beginning.”

And that’s precisely the destination the Commonwealth is charting toward.

Read full report.

Word in the ’Roads

Recent press releases from the regional economic development authorities

Hofmann Engineering Establishes U.S. Subsidiary in Hampton Roads

Norfolk, VA (APRIL 16, 2025) — Hofmann Engineering, a family-owned precision engineering company headquartered in Perth, Australia, has established Hofmann Engineering Defense LLC, a U.S. subsidiary based in Hampton Roads, Virginia.

With the formation of Hofmann Engineering Defense LLC, the company is positioning itself to support the U.S. maritime industrial base, contributing to both commercial and defense programs through advanced manufacturing, engineering, and supply chain collaboration.

TowneBank's Bold Acquisition of Old Point National Bank: What it Means for Hampton Roads' Innovation Economy

You have probably heard about the upcoming seismic shift in our financial landscape. On April 2, 2025, Suffolk-based TowneBank dropped a bombshell, announcing its $203 million acquisition of Old Point Financial Corporation, the parent of Old Point National Bank. This isn’t just a merger—it’s a turbocharge for our region’s innovation economy, and Innovate Hampton Roads is here to break down why this matters for you, our trailblazing entrepreneurs and visionaries.

TowneBank, born in 1999 from a garage in Hampton Roads, has grown into the region’s banking titan, boasting $14 billion in assets and a knack for community-driven growth. Old Point, a Phoebus icon since 1923, brings a legacy of resilience—think cashing checks during the Great Depression to keep Hampton afloat. Together, they’re forming a financial juggernaut with $19.5 billion in assets, 45 local branches, and a fierce commitment to fueling our region’s future.

TST Fabrication and Machine Expands Norfolk Headquarters

“We at TST Fab & Machine are thrilled to deepen our roots in Norfolk with this expansion,” said TST Fab & Machine President Matt Hemsley. “This $3 million investment not only signifies our commitment to the region but also reinforces our dedication to supporting the Navy and our national defense. I am incredibly proud of our team and grateful for the continued partnership with the Commonwealth of Virginia and the City of Norfolk. Together, we are setting the stage for future growth, innovation, and job creation, enhancing our community and strengthening our contributions to America’s industrial and defense sectors.”

ViDARR Inc. to Open New Manufacturing Facility in Virginia Beach

“ViDARR is proud to open a new, state-of-the-art facility in Virginia Beach,” said ViDARR Inc. President Cliff Byrd. “Our new Virginia headquarters will provide advanced solutions tailored to the unique needs of the region’s vast defense sector. This expansion will support our growing production and distribution capabilities while allowing us to collaborate with local businesses to drive economic growth. As we settle into our new home, ViDARR is excited to deepen our impact in the Virginia Beach area. This is more than a move—it’s a commitment to a brighter, more connected future for all.”

The company’s night vision and thermal integration for drones and night vision goggles feature advanced sensor integration that provide exceptional clarity in near-total darkness, essential for military and tactical operations.

DOE Approves Jefferson Lab's 12-Month Contract Extension

[Newport News] "The Secretary of Energy has approved a 12-month extension of the contract for Jefferson Science Associates, LLC (JSA) to continue to manage and operate the Thomas Jefferson National Accelerator Facility (Jefferson Lab) through May 31, 2026. Jefferson Lab is a critical part of the DOE’s National Laboratory complex, contributing to scientific breakthroughs that strengthen our nation’s global competitiveness and is a critical part of the Department’s commitment to restoring America’s leadership in technology, energy, and innovation.

REaKTOR’s Psionic Soars to New Heights with NASA F-18 Space Tech Test!

We’re beyond proud to share a monumental achievement from one of our own—Psionic, a trailblazing portfolio company, has just made history with their Space Navigation Doppler Lidar (PSNDL) system. On March 18, 2025, Psionic’s cutting-edge tech took to the skies aboard a NASA F-18 fighter jet, proving its potential to revolutionize space exploration. As part of the REaKTOR family, managed by Innovate Hampton Roads, Psionic is putting Hampton, Virginia, on the map as a hub for groundbreaking innovation.

Virginia Beach to Host 2025 International Partnering Forum

The City of Virginia Beach is host-sponsor of the 2025 International Partnering Forum (IPF), the largest offshore renewable energy conference in the Americas, taking place April 28-May 1, at the Virginia Beach Convention Center.

Virginia Beach is a leading global hub for offshore wind development and innovation. As the base of operations for America’s largest offshore wind project, the city will host the 2025 IPF, while Dominion Energy continues the installation of its 176 turbines that will generate 2.6 gigawatts of electricity.

Start Peninsula 2025 Ignites Entrepreneurial Spirit in Hampton Roads

Legislative Affairs & Regulatory Compliance

Navigate the political and regulatory landscape with confidence and precision.

HB2163: Enterprise zone grant program; real property investment grants, report.

Establishes an elevated tier for investments over $20 million

25% of investment over $500,000 for construction of new building/facility
25% of investment over $100,000 when rehabbing/expanding existing building/facility
Such grant shall not exceed $300,000 within any five-year period

Adds daycare centers as an approved use for Enterprise Zone Real Property Investment Grants

Establishes a workgroup between DHCD, VEDP, and other stakeholders to review current zone utilization

Effective July 1, 2025

HB1901: Virginia Sports Tourism Grant Program; work group; report.

Creates the Virginia Sports Tourism Grant Program to provide grants to sports tourism activity sponsors in order to develop and attract sports tourism activities to the Commonwealth.

Virginia Tourism Authority to establish guidelines and criteria for grant awards.

The Authority shall award grants exclusively to sports tourism activity sponsors to attract such sports tourism activities to the Commonwealth.

"Sports tourism activity sponsor" includes a convention and visitors bureau, chamber of commerce, sports and entertainment authority, sports commission, nonprofit sports support organization, or political subdivision of the Commonwealth, or any department thereof, that provides a venue for or hosts sports tourism activity.

Effective July 1, 2025

Where’s WilSav

Hope to see you at these upcoming events

Virginia Beach is hosting the largest offshore renewable energy conference in the Americas, International Partnering Forum (IPF), from April 28th - May 1st, 2025

Ventus Gala | April 29th

Catch up with Lisa Murphy & William Tew at the Ventus Gala, a formal event that bringing together the global offshore wind community to celebrate our collective accomplishments as well as honor the year’s Ventus Awards recipients – companies and individuals who are setting a path to move the offshore renewable energy industry forward with their innovative, collaborative, and groundbreaking work.

Ocean Renewables Summit | April 30th

Catch up with Kevin Cosgrove, Lisa Murphy & Mike Collett at the inaugural Ocean Renewables Summit at IPF bringing together the offshore wind industry and providers of other ocean-based energy technologies such as wave, tidal, offshore solar, and more.

Workforce Summit | May 1st

Catch up with Jimmy Wood at the annual U.S. Offshore Wind Workforce Summit, hosted by Oceantic Network, a participatory gathering of workforce development leaders, industry experts, government officials, and others to engage on topics such as training needs, current and future programs, research activities, and understanding regional and national workforce issues.

Upcoming presentations from our attorneys

Navigating the New Tariff Landscape | Apr. 30th | 11 AM - 12 PM | Virtual

Customs and trade attorney, Len Fleisig, delivers an up-to-the-minute report on the status of tariff policy, historical context for executive authority to set tariffs, and most importantly, mitigation strategies at this program sponsored by the Hampton Roads Alliance. RSVP here.

Willcox Savage Business Solutions Series

Our lunch and learn speaker series delivering timely and operation-critical information to businesses operating in Hampton Roads

Navigating OSHA’s Dynamic Landscape: Key Insights for Employers | May 20th

For Virginia employers, particularly those with multi-state operations, navigating OSHA’s evolving landscape will require a proactive approach to staying apprised of the latest developments and their potential impact on their industry, projects, workers and safety programs. Join us in-person, or remotely for a 1-hour presentation by Joe Moriarty on OSHA's shift in its operational approach and enforcement priorities.

Economic Development: Regional Resources Roundtable | June 10th

A panel of local economic development professionals will highlight key resources available to support business growth, with a focus on targeted industries, how professional services can provide critical support throughout the business lifecycle, and expansion programs, grant opportunities, and infrastructure support are offered for companies already operating in the region. We'll also address local workforce needs and opportunities to build a strong talent pipeline. Join us in-person, or remotely.

Email us to register.

You’re Invited!

Announcing the Willcox Savage Pickleball Open | May 16

The most glorious sporting spectacle of the season

Compete, learn to play, or simply spectate and feast, but definitely do not miss it!

RSVP

Comprehensive Checklist for Setting up an International Business in the U.S.

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