Richmond: Economy/Business/Real Estate

[wrldcoupe4]

More out of town/state investment in our crystal ball?

Looking for a good place to invest in real estate?

Follow the jobs, said real estate adviser Raymond G. Torto, who spoke last week at the annual Real Estate Trends Conference sponsored by Virginia Commonwealth University.

"If you want to go to growth areas, Richmond might be an interesting place," Torto said.

Area's investment potential praised

[wrldcoupe4]

3 local tech firms make growth list

Deloitte & Touche recognizes businesses with rising revenue

Payerpath, ranking No. 11, is an Internet-based health-care transaction company that has grown 1,508 percent since 2000.

No. 19: Amentra Inc., a downtown technology consulting firm, grew 733 percent. The company credits its success on a teaching program for clients that takes place during and after Amentra develops the complex business software systems for those firms.

Amentra also has offices in Reston and Charlotte, N.C.

No. 47: Tridium Inc. grew 225 percent. Based in western Henrico County, it developed the Niagara Framework, which manages building systems such as lighting, security and heating and air conditioning. The software, in 6,000 worldwide locations, puts control of the independent systems, which usually cannot be combined, into a central point, letting operators adjust the units over the Web. The company has offices in Asia and Europe.

however.... we really need to catch up with NOVA guys: "Of the 50, 44 firms had a headquarters in tech-heavy Northern Virginia."

three Richmond-area firms to appear on this year's Deloitte & Touche LLP's Technology Fast 50 Program for Virginia, which recognizes firms with big five-year revenue growth

[burt]

Gov. Warner has announced 100 new jobs for Hanover County. A firm out of Austin that dismantles old computers and carefully discards them will open a plant somewhere out there in 2006. See today's Ric.com for details. Pay scales are from approx. $6.50 to $20.00 per hour.

[wrldcoupe4]

UNOS gets $1 million grant

The Richmond-based non-profit that runs the nation's organ transplant network announced today that it has received a $1 million grant from the Richard and Helen DeVos Foundation.

Richard DeVos is a co-founder of Amway Corp., owner of the Orlando Magic basketball team and a heart transplant recipient.

The grant will allow the United Network for Organ Sharing to construct a computer lab at its downtown headquarters, where UNOS can upgrade its equipment and test new software to help match and distribute organs to the more than 90,000 people waiting for an organ transplant in the United States.

[burt]

Infineon, located east of RIC near Sandston, may spin off its memory chip division, but if so, few will be aware of it because it's mostly a "paper" deal.

The chief executive says that "Richmond is a really viable part of our operations" and is a leading edge fabrication plant.

It expects to employ 2200 to 2300 people in Richmond by the end of the year - a 6% increase in its present employment level.

This info from today's RTD Business section.

Edited October 21, 2005 by burt

[wrldcoupe4]

It's good to know they esteem their Richmond offices so highly. Also, good to know that they are pushing forward with job growth and production expansion at the Richmond facility.

[wrldcoupe4]

Business-only Bank to Open Branch in Richmond

Paragon Commercial Bank, a business-only bank in Raleigh, N.C., expects to open a branch in Richmond by year's end.

Michael E. Keck will be president of the new venture.

"Richmond is a strong market with a healthy economy," said Keck, formerly a senior vice president for Bank of America's middle-market banking division here. "And Virginia is a wonderful environment for business."

Keck, with undergraduate and graduate degrees from the University of Richmond, has spent his 33-year banking career here.

Targeted customers are small to medium-size companies with revenue of $5 million to $25 million.

Paragon Commercial Bank, which opened in May 1999, has $435 million in assets.

[burt]

Business-only Bank to Open Branch in Richmond

Paragon Commercial Bank, a business-only bank in Raleigh, N.C., expects to open a branch in Richmond by year's end.

Michael E. Keck will be president of the new venture.

"Richmond is a strong market with a healthy economy," said Keck, formerly a senior vice president for Bank of America's middle-market banking division here. "And Virginia is a wonderful environment for business."

Keck, with undergraduate and graduate degrees from the University of Richmond, has spent his 33-year banking career here.

Targeted customers are small to medium-size companies with revenue of $5 million to $25 million.

Paragon Commercial Bank, which opened in May 1999, has $435 million in assets.

I hope it doesn't locate in the burbs!

[wrldcoupe4]

being business only, I'd bet it goes downtown...

[wrldcoupe4]

Martin Agency catches yet another Big Fish! This time, in its own backyard!

"Genworth selects Martin Agency

Local insurance giant picks the area's biggest ad firm for lead role

BY BOB RAYNER

TIMES-DISPATCH STAFF WRITER

Oct 25, 2005

It was a match made in, well, Richmond.

One of the area's biggest corporations is hiring the largest local advertising firm.

Genworth Financial Inc., an insurance and investment-products company worth more than $14 billion, will name The Martin Agency today as its lead ad firm.

"It's great to be a part of bringing this emerging, global brand to an even broader group of customers," said Bruce Kelley, Martin's vice chairman. "We began doing some project work together and had a terrific experience."

The size of the account was not disclosed, but Genworth has unleashed a major advertising blitz since gaining independence from its parent, General Electric Co.

Martin will handle Genworth's consumer and trade-publication advertising, along with other marketing projects. The Richmond agency's work should start running early next year......"

Genworth selects Martin Agency

[burt]

That is good news about Martin and Genworth. I wish more local fortune 500's would use Martin for their advertising.

[wrldcoupe4]

I didn't know that HamiltonBeach/ProctorSilex was based in Richmond...They seem to be a pretty big company. I'm surprised they aren't a fortune 1000 company. Same with Richmond-based SouthernStates....unless they are privately held?

[hokiehigh]

I was just reading the Charlotte board and there is a topic titled "Wachovia Tower 2008" or something close to that. Anyway, some 'insider' is hinting at Wachovia moving up to 1,000 jobs from Richmond to Charlotte. There is also a hint of moving Wachovia Securities HQ to Charlotte. He acts as if he isn't supposed to be saying this and you never know if anyone is legit.

Anyone heard of this rumor? If so, it would seem Wachovia is going back on its promise to Richmond.

[burt]

I was just reading the Charlotte board and there is a topic titled "Wachovia Tower 2008" or something close to that. Anyway, some 'insider' is hinting at Wachovia moving up to 1,000 jobs from Richmond to Charlotte. There is also a hint of moving Wachovia Securities HQ to Charlotte. He acts as if he isn't supposed to be saying this and you never know if anyone is legit.

Anyone heard of this rumor? If so, it would seem Wachovia is going back on its promise to Richmond.

What a depressing report/rumor!!! Let's hope it is just that - a rumor. But if Wachovia is intent on building a new tower in Charlotte, they'll have to fill it with something!

[hokiehigh]

Honestly, I don't think they have firm plans for a tower. It seems like they are more focused on a new Performing Arts Center on their side of Uptown.

Here is the topic. Go to the last page. Wachovia Tower 2008

Edited November 3, 2005 by hokiehigh

[burt]

That ghoul hopes there is not a Richmond "lurker". It thinks no one yet knows of this traitorous supposed WB retreat from Richmond.

I hope Bob Raynor from the RTD is reading this so he can break "the story". I'm going to e-mail him and ask him to read all this.

Edited November 3, 2005 by burt

[wrldcoupe4]

I don't buy that.... Wachovia Securities has only been headquartered in Richmond for a couple years and seem VERY committed to the community. I think a relative of Downtowner works at Wachovia Securities downtown at Riverfront Plaza. Perhaps he could help shed light on this.

I'd be outraged if they tried to pull that crap. Richmond's big 3 banks should never have let the Charlotte banks have a chance of purchasing them....

[burt]

Coupe, do you think I should e-mail Bob Raynor, refer him to this thread and ask him to nose around? It might be better coming from you than an out-of-towner.

[wrldcoupe4]

I already have....

[burt]

I already have....

Good boy!!! I knew you would be on top of this!

[wrldcoupe4]

I'm outraged

[burt]

I'm outraged

Are you going to broach this on RCW (or have you already)? The more that know, the higher the outrage. I'll leave it to you.

[vdogg]

I'm outraged

So, I guess that means it's true huh? That's too bad.

[wrldcoupe4]

I haven't decided yet.. sent you an e-mail.

it's not true yet that we know of... but I'm just outraged at the thought of it. I guess now is time for the waiting game. They'd damn well better compensate.

[hokiehigh]

I haven't heard anything down here (Charlotte) but I'll let you know if I do. I have a lot of friends at WB. Plus, they announced today they will start doing Credit Cards again, which should add to the employment base. Even though I live in Charlotte, I am a Virginian, and I would hate to see this happen to Richmond. The good thing about Richmond though is that it always bounces back. Also, WB didn't buy Capital One, which was rumored for a while.