With regard to development costs for the company's new digs, CarMax spokesperson Lisa K. Van Riper tells GlobeSt.com that CarMax "has not made that disclosure yet." However, Capital One Financial Corp. is in the process of developing a headquarters property on 316 acres in West Creek Business Park, as well, and its 1.5 million-sf campus will cost $400 million to realize; meaning CarMax's project should cost somewhere in the area of $116 million to develop. It was just last month that the car dealership concern forked over $11.2 million for 58 acres in the business park. Upon completion, the compound will feature two four-story office buildings, a parking facility and a fitness center. CarMax expects to relocate its staff of approximately 600 employees to the new headquarters locale in 2005 or 2006.

"In just 10 years, CarMax has grown from an innovative concept to a leading corporate citizen and major Virginia employer," Virginia Gov. Mark. R. Warner says in response to the news. "It is only fitting that as we celebrate CarMax's 10-year anniversary, we announce we are staying in Virginia," adds CarMax president and CEO Austin Ligon. "CarMax was created here, and thanks to the cooperation of state and Goochland County officials and the owners of West Creek, our decision to stay was an easy one."