5 days Ago
Costco is planning to move its existing store in Newport News to a larger location less than two miles away. The wholesale giant is purchasing the space on Jefferson Avenue and Bland Boulevard where Ferguson Enterprises office space currently sits as part of an agreement with the city’s Economic Development Authority, according to Newport News Development Director Florence Kingston. Costco will remain near Jefferson Plaza until the new facility is completed.
The EDA authorized moving forward on the agreement on April 10 and are still in negotiations with Costco, Kingston said. According to Kingston, Costco, which for now sits near Jefferson Plaza, is moving across Interstate 64 to build a larger facility with more gas pumps than the present one. “I call it one of the worst-kept secrets, because people have been speculating for a while,” Kingston said.
“They’ve outgrown where they are, and so there’s no room to expand.” Costco officials could not immediately be reached for comment. The EDA owns the property where Costco is now a tenant, and waived its right to repurchase before authorizing the agreement, Kingston said.
The EDA is planning to provide a $3.5 million incentive for the move to account for off-site improvements like traffic and permits. The city won’t require a rezoning permit for the move, but Costco will need a conditional use permit for the larger facility, Kingston said.
The city is also conducting a traffic impact analysis that will be heard by the Planning Commission on May 7. The City Council will then hear the proposal on June 10. According to Kingston, Costco could complete the acquisition as soon as the end of July.
Devlin Epding, [email protected].
