NORFOLK, Va. (WVEC) -- A privately held mortgage company is planning to invest $2 million to relocate its operations center from Virginia Beach to the former JCPenney store at Military Circle in Norfolk, Governor Terry McAuliffe announced Friday.
The city of Norfolk owns the property and will lease it to Movement Mortgage, according to the governor's office.
Virginia successfully competed against Arizona, North Carolina and South Carolina for the project, which will retain 550 jobs and create 200 new jobs in Norfolk.
“We are pleased and excited to welcome Movement Mortgage to Norfolk,” said Mayor Paul D. Fraim. “Movement Mortgage is one of the nation’s fastest growing mortgage companies, and will bring new energy to the Military Highway corridor, setting the tone for the future redevelopment of Military Circle.”
The renovations will result in a state-of-the-art operations center to support Movement’s rapid national growth.
Governor McAuliffe approved a $600,000 grant from the Commonwealth’s Opportunity Fund to assist Norfolk with the project.
Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
Movement Mortgage Co-founder Toby Harris says he is looking forward to bringing vitality to the neighborhood.
"I really think that us moving there will bring a lot back to that area, to the neighborhoods, the jobs, the income for the region," Harris said.
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