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Charlottesville, VA Business News

Archive for August, 2007

CATEC House on Auction Block

Posted by lbanner on August 31, 2007

Students of the carpentry program at CATEC built a house last year that’s now on the auction block. The house is currently located behind CATEC, off Rio Road in Albemarle County, and there is an open house scheduled for Saturday, September 8th, 9am-noon. The auction itself is scheduled for Saturday, September 15th at 10am, with a viewing from 8:00-9:30am. The auction will take place in the vicinity of the home behind CATEC.

Last year’s CATEC house was built following the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) guidelines for sustainable buildings. The guidelines promote a more energy efficient, and environmentally friendly building. Several “Green” features of the CATEC house include: Hardi-plank Siding, Standing Seam Metal Roof, Non-toxic Cellulose Wall Insulation, Low VOC Caulks and Adhesives, Low E Argon-filled Window, and Energy Star Light Fixtures.

For more information on LEED, look to a C-VILLE Weekly story on LEED, August 14 issue, and its role in a number of local projects including the new Belvedere development project off Rio Road.

Posted in Uncategorized | No Comments »

Amusement park for kids to become dermatological playground

Posted by lbanner on August 27, 2007

What was once a retreat for kids, or maybe for their parents as their kids bounced from video game to video game, or literally bounced in the indoor moonwalk, is to become a retreat for seekers of beauty and comfort.

“Picture a combination of a four-star spa resort with a visit to the doctor,” says Dr. Bonnie Straka, owner of Signature Medical Spa and Albemarle Dermatology, of her recent purchase of the former Planet Fun building on Berkmar Drive. “The concept for our medical spa is to create a nurturing, high-end atmosphere to cater to our clientele, so that a visit to the doctor for aesthetic treatments ends up feeling more like a retreat.”

The Signature Medical Spa, a division of Albemarle Dermatology Associates, offers a number of services and caters to patients looking for aesthetic treatments, skin care products, and cosmeceuticals. It has become the region’s largest Botox provider, according to their news release on the recent building purchase.

Construction is now under way and the grand opening of the new medical office/spa facility is scheduled for early 2008.

Dr. Straka purchased the 8,400 square foot Planet Fun building from Stonehaus, Inc., but the relationship doesn’t end there. Stonehause Inc. will be managing the entire Planet Fun building redevelopment process on Dr. Straka’s behalf. According to Cass Kawecki, Director of Marketing and Sales for Stonehaus, “this was a great chance to win the trust of an important client, to bring a unique vision to reality, and demonstrate our value through executing on many services related to the real estate development process under one roof.”

In fact, the former Planet Fun building will be but one roof, potentially, among many, as Stonehaus works on plans for the full 9.2-acre commercial development along Berkmar Drive. “A work in progress,” the intent is that the acreage will be built out over the following three to five years and will include medical, office, and retail tenants.

Posted in Openings and Expansions | No Comments »

Is it worth the money? Forbes lists UVa’s Darden #5 in ROI

Posted by lbanner on August 23, 2007

Forbes magazine has published its fifth biennial ranking of business schools. The magazine’s survey ranks schools based on return on investment, calculated as compensation five years after graduation minus tuition and the forgone salary during school. The University of Virginia’s Darden School of Business came in at number five. Using the ROI approach, Forbes noted the appeal of one-year programs, “Each of the top five one-year foreign programs beat out all two-year programs because the opportunity cost, in lost wages, to attend is materially less.” In other words, if you’re looking at a salary of say $95,000+ a year (that’s the median first-year compensation of a Darden grad), a one-year program translates into a single $95,000 loss while a two-year program generates a loss of $190,000. That the one-year program comes out on top in terms of ROI appears not too astonishing, especially when you fold in tuition. Total two-year in-state cost of participation at Darden? $35,000 (year-1) + $37,500 (year-2) = $72,500. Out-of-state? $40,000 (year-1) + $42,500 (year-2) = $82,500.

Darden’s Data:

Five-Year MBA Gain
Total 1: $94,000
As % Of Expenses 2: 63%
Years to break even: 3.5

Class Of 2002 Salary
Pre-MBA: $56,000
In 2006: $149,000

Class Of 2008
Tuition 3: $83,000
Media GMAT score: 680

The List (top 4):

  1. Dartmouth (Tuck)
  2. Stanford
  3. Harvard
  4. Virginia (Darden)

Posted in University of Virginia | No Comments »

If we build it, will they come? First someone is going to have to actually build it.

Posted by lbanner on August 17, 2007

Boar’s Head Inn Hosts Groundbreaking For Area’s Largest Meeting Pavilion

If you’ve been involved in the Charlottesville area’s local business and hospitality scene long enough, you recognize the oft-voiced complaint of this region’s lack of a large conference facility. That lack equals dollars lost to other regions capable of handling the lucrative large conference market. Here’s an example: From the 16th Annual Meetings Market Survey published by Convene, the magazine of the Professional Convention Management Association, 60 percent of respondents estimated the economic value of their meetings to the host destination at $1 million or more. In addition, 65 percent of respondents noted that they use area, off-site, restaurants to host conference functions. Who wouldn’t want a piece of that pie?

So it is no surprise that an August news release announcing the groundbreaking of a new, state-of-the art Meeting Pavilion at the Boar’s Head Inn included a quote from Mr. Mark Shore, Director and CEO of the Charlottesville Albemarle Convention and Visitors Bureau. “Charlottesville has clearly become a destination of choice for meeting and event planners,” said Mr. Shore, “but we have lost business opportunities by not having large enough facilities at a single site.”

The new Boars Head Inn Meeting Pavilion, a $10 million expansion project directed by the University of Virginia Foundation, is set for completion in September of 2008. Ms. Sandy Fitz-Hugh, Chairman of the Board of Directors of the UVA Foundation, explains the purpose of the new Pavilion in this way, “The Board recognized that the Pavilion project would not only support the growing needs of the University but would also offer an important new platform for larger in-house conferences, meetings and social events … We look forward to an exciting future for the facility and to its playing a role in enticing even more leisure and business travelers alike to Charlottesville and the surrounding area.”

Consisting of nearly 17,000 square feet, the new Pavilion will include a large pre-function space, meeting rooms, and a grand ballroom in excess of 5,500 square feet, as well as a full kitchen. Noted also in the release, the newly-completed ballroom will become Charlottesville’s largest. Ah! The large convention market to Charlottesville at last? No, not really, for how large is large?

The two most commonly competing venues in the Charlottesville region for conferences and ballroom events are the Doubletree Hotel, located on Rt. 29 north, and the Omni Hotel, downtown Charlottesville. The grand ballroom of the Doubletree Hotel totals 4,850 sq. ft. and holds a maximum of 500 people. The Omni boasts a grand ballroom of 5,445 square feet also holding a maximum of 500 people. And the new Boar’s Head Meeting Pavilion? As noted, its ballroom is 5,500 sq. ft., a mere 55 sq. ft. larger than the Omni’s. And it’s capacity? Though the “footprint” has yet to be “carved in stone” as it were, the current estimate is a maximum of 580 people. Somehow, it doesn’t quite seem that those additional 80 folk will serve as the region’s tipping point for the large convention market.

What would it take? Just for reference, the Greater Richmond Convention Center, host to many a Virginia-based conference, possesses a grand ballroom of 30,500 sq. ft. with a maximum human capacity of 1,500. So it would appear that the only way for Charlottesville to actually compete in the large convention marketplace would be for the Boars Head Inn, with its new facility, the Omni, and the Doubletree Hotel, to somehow work-together at enticing the conference crowd to Charlottesville. You might not be able to get all 1,500 attendees in one room, but with three 500 people grand ballrooms, maybe you could link them virtually.

Otherwise, rather than “enticing even more leisure and business travelers alike to Charlottesville and the surrounding area,” it looks more like the new Meeting Pavilion at the Boars Head Inn threatens to compete in an already tight 500 person dinner and meeting market. Well, given that UVa actually owns the Boars Head Inn and so too the ground which has been broken for the new meeting pavilion, at least the University, wishing to host a conference or 500 person dinner, will no longer have to frequent the services of Charlottesville’s local, private hotel enterprises.

Posted in General Business, University of Virginia | No Comments »

“How Much Should I Pay You?” Chamber Releases 3rd Annual Area Compensation Report

Posted by lbanner on August 2, 2007

The Charlottesville Regional Chamber of Commerce in July released its 2007 Charlottesville Region Compensation Survey Report. The report is produced in cooperation with local HR Diversified Solutions and Salary.com, a Massachusetts based compensation data technology company.

Local compensation data has been hard to come by, notes the Chamber. In making compensation decisions, businesses have had to rely on (and adjust) data that came from the Richmond, Virginia, and Washington, D.C., labor markets. So this is the third year running that the Chamber has produced this report for the benefit of local businesses. But the data is proprietary and only available to survey participants and purchasers.

Displaying data for more than 100 “benchmark jobs,” this year’s survey had 48 participant employers. That’s approximately 4% of the 1,200 enterprises represented by the Chamber, but the survey data is noted to include some of the area’s largest employers.

Curious about the data? A released sampling reports that a “graphic design specialist” in the Charlottesville regional market pulls down a median salary of $38,000 annually; a “nurse practitioner,” a median annual salary of $75,200; a “shipping & receiving clerk,” $27,600; and an “information technology director,” $95,000.

So if you want to know what to pay that new employee of yours, the Chamber says contact HR Diversified Solutions to purchase the 2007 report.

Posted in Charlottesville Regional Chamber, General Business | No Comments »