CHESAPEAKE, Va. - Governor Terry McAuliffe announced Wednesday that Dollar Tree, Inc., headquartered in Chesapeake, will be expanding, creating 600 new high-paying jobs in Hampton Roads.
Dollar Tree will invest $110 million into the expansion, building a new 12 story building on the 70 acres of land they own.
“This is a tremendous project for the City of Chesapeake and the Commonwealth,” said Governor McAuliffe, speaking at the event. “Dollar Tree has been an outstanding corporate citizen for 30 years in Virginia and these 600 new jobs are a testament to the business climate, location and workforce the Commonwealth has provided. This project further solidifies Dollar Tree’s commitment to Virginia, and we are thrilled to see their headquarters grow and create hundreds of well-paid jobs. Ensuring our businesses succeed is key for building a new Virginia economy, and Dollar Tree continues to be a significant part of those efforts.”
After being in serious negotiations with North Carolina, an expansion in another state would have taken 825 high paying jobs out of Chesapeake. Not only are jobs being created in Hampton Roads, but retained.
The Virginia Economic Development Partnership worked with the City of Chesapeake and Chesapeake Economic Development to secure this project for Virginia. Governor McAuliffe approved a $4 million grant from the Commonwealth’s Opportunity Fund to assist Chesapeake with the project.
Gov. McAuliffe presented a $4 million check to the City of Chesapeake on Wednesday.
As an incentive, the Governor granted $5.3 million to Dollar Tree Inc., not only as an incentive, but as a way to grow our infrastructure.
“Dollar Tree has seen tremendous growth over the past 30 years,” said Dollar Tree CEO Bob Sasser. “We have grown from a small company to a leading retailer with more than 14,000 retail stores across North America. To facilitate our continued growth, we are investing in the expansion of our corporate facilities. Chesapeake will be our center of growth for services shared across the entire corporation. We are appreciative of the support we have received from the City of Chesapeake and the Commonwealth of Virginia. We are excited about this development and the opportunity to create more jobs, as we grow our business.”
Dollar Tree Inc. is a Fortune 500 company, jumping from the 300s into the 180 spot just last year.