State of Virginia Forecloses on Tranlin property

According to the Chesterfield Observer, a state agency is taking possession of a 58-acre Chesterfield industrial parcel owned by a Chinese paper company, seemingly signaling the end of its ambitious plan to build a $2 billion production facility off U.S. Route 1.

The Virginia Economic Development Partnership’s board of directors voted last week to transfer the property’s title to VEDP and satisfy part of Tranlin Inc.’s $4.85 million outstanding debt.

According to VEDP president and CEO Stephen Moret, the board took action after Tranlin missed the first two installments of a six-month repayment agreement in December and January.