{"id":1004720514,"date":"2024-07-10T02:50:53","date_gmt":"2024-07-10T10:50:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004720514"},"modified":"2024-07-10T06:37:21","modified_gmt":"2024-07-10T14:37:21","slug":"greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/","title":{"rendered":"GreenLink to Develop $681M Cable Plant in Virginia"},"content":{"rendered":"
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\"Rendering
The 753,400-square-foot facility will come online in 2027. Image courtesy of LS GreenLink<\/em><\/figcaption><\/figure><\/div>\n\n\n

LS GreenLink USA Inc. will develop a $681 million submarine power cable manufacturing facility in Chesapeake, Va. This marks the largest capital investment for the City of Chesapeake.<\/p>\n\n\n\n

South Korean company LS Cable & System’s subsidiary plans to break ground on the 753,400-square-foot project next year, according to the Korea IT Times<\/em>, while completion is scheduled for 2027.<\/p>\n\n\n\n

LS GreenLink will build the facility on a 98-acre brownfield site. Once operational, it will allow the company to meet global demand for submarine power cables, which are mainly used for offshore wind farms and renewable energy projects. This will be the largest such facility in the country.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Industrial Property Values on the Upswing<\/a><\/p>\n\n\n\n

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The manufacturing plant will rise at 1213 Victory Blvd., within the Hampton Roads Beltway, along the Elizabeth River and will feature a 656-foot power cable production tower. The site provides access to interstates 64, 264 and 464, as well as to the Norfolk Southern railway, and is 5 miles from the Port of Virginia.<\/p>\n\n\n\n

Largest capital investment in the city<\/h2>\n\n\n\n

The project qualified to receive $99 million in Qualifying Advanced Energy Project Credits (48C) this March, which are awarded to certified advanced energy projects to boost the renewable energy sector.<\/p>\n\n\n\n

LS GreenLink will also receive $48 million in subsidies and tax incentives from the Commonwealth of Virginia and the City of Chesapeake, facilitated through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority, Korea IT Times<\/em> reports.<\/p>\n\n\n\n

Additionally, LS GreenLink qualifies for state benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Upon completion, the development will create more than 330 full-time positions.<\/p>\n\n\n\n

A growing niche sector<\/h2>\n\n\n\n

The submarine power cable manufacturing sector in the U.S. is experiencing significant growth, driven by increasing demand for renewable energy and the expansion of offshore wind farms. This sector’s expansion supports the nation\u2019s transition to sustainable energy and bolsters energy infrastructure.<\/p>\n\n\n\n

Cenergy Holdings is also planning to build a cable manufacturing facility in Baltimore, Md. The company acquired a 38-acre waterfront property and will start with the construction of a land cables plant to address the growing need for grid upgrades. The total investment will be around $200 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Chesapeake, Va., factory will be the largest of its kind in the U.S.<\/p>\n","protected":false},"author":3355,"featured_media":1004720517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,11,21742,36153],"tags":[33818,32995],"class_list":["post-1004720514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-midatlantic","category-latest","category-richmond-hampton-roads","tag-commonwealth-of-virginia","tag-virginia-economic-development-partnership"],"acf":[],"yoast_head":"\nGreenLink to Develop $681M Cable Plant in Virginia - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"LS GreenLink USA Inc. will develop a $681 million submarine power cable manufacturing facility in Chesapeake, Va., on a 98-acre site.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GreenLink to Develop $681M Cable Plant in Virginia\" \/>\n<meta property=\"og:description\" content=\"LS GreenLink USA Inc. will develop a $681 million submarine power cable manufacturing facility in Chesapeake, Va., on a 98-acre site.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-10T10:50:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T14:37:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/LS_Cable_Chesapeake_Facility_2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\",\"name\":\"GreenLink to Develop $681M Cable Plant in Virginia - 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