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VIRGINIA BEACH – The production company Studio Center will receive a $150,000 economic development grant as part of its plan to invest $3 million in a short move and expansion to make way for an interstate project.
The company will move its video production services from 240 Business Park Drive to 149 Business Park Drive, which is next door to another building where Studio Center has offices, and buy the 9,300-square-foot building at the new location. It expects to invest $1.2 million in real estate, $1 million in improvements and $800,000 in business property, according to the city.
The Virginia Beach Development Authority on Tuesday approved a $150,000 Economic Development Incentive Program grant based on the company’s planned capital investment.
An upcoming Interstate 264 expansion project forced the move, the city’s release said.
Studio Center was founded in 1966 and became one of the country’s first production studios to specialize in broadcast advertising, according to the release. It has more than 700 employees across six U.S. locations, which include Richmond; New York; Washington; Las Vegas; and Santa Monica, Calif.
The company’s Virginia Beach expansion will add 20 full-time jobs to the 33 it has in the market, with average salaries of $52,000, according to the release.