Richmond: Economy/Business/Real Estate

[wrldcoupe4]

Maybe Wachovia should buy Capital One so it can sell it's new corporate campus in Richmond and move the 7,000+ employees to Charlotte.

Keep us posted. Richmond is usually able to weather things like this because its economy is so diverse. It's just with all the steps we've made forward, I'd hate to see us take one back like this.

Wachovia has their Va, DC, Maryland HQ in Richmond at James Center I think... Hopefully they don't feel like moving them as well.

[wrldcoupe4]

Maybe we can persuade Dominion to buyout Duke energy and call it even? After we relocate a couple thousand employees to a new tower in Richmond of course!

[burt]

Maybe we can persuade Dominion to buyout Duke energy and call it even? After we relocate a couple thousand employees to a new tower in Richmond of course!

HaHa. I know a very high ranking veepee at Duke Power who grew up in Richmond. Could he come along in the transfer? LOL

[wrldcoupe4]

I know I'd welcome him with open arms...

[burt]

We're going to "sick" Doug Wilder on WB (the stock exchange symbol for Wachovia) in Charlotte! And will THEY be sorry?!!! Hahahaha. They'll wish they had never heard of Richmond, let alone steal one of it's Fortune 500's!

To do penance, they will build their new tower at Canal/5th/7th/Tredegar with a 1st class performing arts center at its base.

Then, Ghazi will follow with a super tower around the Carpenter Center on the Thalhimer hole in the ground.

And on top of that, NASCAR will announce Richmond as its preferred site for their HOF!

THAT will frost the balls of the ghoul on UP's Charlotte site!!! If she has any!

Edited November 4, 2005 by burt

[wrldcoupe4]

[hokiehigh]

Sorry about the confusion on the other board. I wasn't aware it was sensitive info. Most of the time these things are just rumors but it seemed like something people in RIC would be interested in. I hope it doesn't happen. One of my Wach Securities friends in RIC said they have around 200 openings up there.

[Downtowner]

Hey I was just curious but is American Airlines HQ'ed here becuase I went to the Impact Awards at the Convention Center because My Aunt's Company was up for the Impact Award and I looked at the brochure and one of the gold sponsors were American Airlines and most of the gold sponsors are HQ'ed here but can anyone confirm that American Airlines is HQ'ed here.

[wrldcoupe4]

They aren't HQ'ed here.... Joey ask your aunt about the possibility of Wachovia Sec. being relocated to Charlotte...

they are based in Texas.

[burt]

Hey Joey. While you were downtown at the Impact Awards, did you wander around and look at the Phillip Morris site and the Fed Courthouse construction?

Don't forget to ask auntie about the Wachovia rumors.

[wrldcoupe4]

Looks like Richmond's real estate market is booming! Some excerpts from a great article!

"APARTMENTS -- The average annual dollar figure for apartment sales for the 10-year period has been almost $104 million, with the highest figure being $180 million in 2001.

During the first half of this year, the figure already was slightly more than $119 million, so we could set an annual record for apartment sales.

OFFICE -- This is one hot market. While the 10-year average for office sales has been slightly higher than $186 million, this year has already surpassed the 1998 mark of slightly more than $350 million.

Both years included the sale of Riverfront Plaza -- $174.7 million in 1998 and $239.9 million this year).

The dollar figure for the first half of this year exceeded $445 million, and that doesn't include the sale of the James Center, which occurred more recently. For the year, we may exceed $700 million in office property sales.

RETAIL -- The average annual sales figures for retail during the past decade has been $138.5 million. The high mark was about $270 million in 2003. That is when Inland, a private real estate investment trust, entered the market and purchased the Downtown Short Pump shopping center, The Creeks at Virginia Center and Commonwealth Center at Hull Street Road and state Route 288.

During the first half of this year, slightly more than $125.6 million has been recorded in shopping-center sales. Among the transactions: S.L. Nusbaum sold the Westpark Shopping Center and Gayton Crossing, and Regency Centers purchased the First Washington portfolio, which included the Village Shopping Center and Laburnum Park, among others. The Shops at The Arboretum also were sold.

INDUSTRIAL -- The industrial market is the weakest in the first half of the year. The 10-year average is only slightly more than $70 million, with 1998 reaching $110 million and 2000 not far behind at about $105 million.

For the first half of this year, the total has been $46.9 million.

TOTAL MARKET -- This will be a record sales year for all four property types combined.

The average for the 10-year period has been slightly less than $500 million. This year, we reached almost $740 million for the first half of the year alone. What we are likely to see is the first $1 billion-plus aggregate figure for investment sales in the history of the Richmond market."

Record Year Likely!

[burt]

I was just about to post the very same Brian Glass story from the TD's business section. Glass is with Grubbs & Ellis/Harrison & Bates Real Estate. But as usual, you beat me to it. You're on top of it all, coupe!!

A billion dollars in property sales in one year ain't nuthin' to sneeze at.

Edited November 8, 2005 by burt

[eandslee]

I was just about to post the very same Brian Glass story from the TD's business section. Glass is with Grubbs & Ellis/Harrison & Bates Real Estate. But as usual, you beat me to it. You're on top of it all, coupe!!

A billion dollars in property sales in one year ain't nuthin' to sneeze at.

Well, Richmond isn't NY City, but that's pretty awesome news! I hope the trends continue! Maybe we need more of NYC to migrate to Richmond! You can keep all of the rude people there though - we want to cool nice people the south is known for! ...like Burt!

[burt]

New Yorkers are not rude anymore, Eric. They've learned southern gentility! hahaha. Come visit.

Have to tell you about an experience when my relatives visited a couple of weeks ago. They took me to several very elegant and expensive restaurants and paid the exorbitant bills. But Monday, at lunch time, my neice suggrested we go to a favorite among Chinese residents called Jing Fong on Elizabeth Street in Chinatown. It is huge, about the size of a football field adorned with chandeliers and packed with hundreds of hungry Chinese (the two nearest tables where filled with Budhist monks in red robes). Every time you order from one of the carts filled with delicious dumplings and other goodies, the attendant (in Chinese script) adds the price of the item on your check. When we were filled, I decided to be extravagant and leave the tip; however, with the check in Chinese and payable at the cashier near the exit, I magnanomously left a $10 tip. Hahahah. When my nephew paid the bill at the cashier table, the total was only $18.50 for the three of us!! I had left about a 60% tip!!

If you're ever in New York and are hungry, head to Jing Fong and leave no more than a $3 dollar tip! LOL. But go early in the day because that's when the freshest produce, etc, is available.

Maybe I should have put this on the Dining Out Scene, even tho it's not in Richmond!!

Edited November 9, 2005 by burt

[wrldcoupe4]

I'd love to visit NYC... maybe one day

[burt]

I'd love to visit NYC... maybe one day

WHAT!!!!! You've never been to The Big Apple? It's only 3 hours from NOVA on Acela Express.

[Downtowner]

I would like to say I will ask my Cousin about Wachovia Securities since she works for them its my aunt that owns the company that was up for the impact award. But HeloAir won the award we were second which was Enviromental Solutions. I think one day If someone else in my family owns her company i'll get them to relocate in the city downtown since I am going to be an urban developer one day. Heck forget the suburbs. But I would like to see better athletic programs in the city.

[urbanvb]

WHAT!!!!! You've never been to The Big Apple? It's only 3 hours from NOVA on Acela Express.

If I ever get the opportunity I would love to do just that. Taking a train into the city would be pretty cool I would think.

[wrldcoupe4]

Chesterfield lands over 600 IT jobs from the Virginia Information Technologies Agency and Northrop Grumman, thanks to the states outsourcing of IT !!!!

"The outsourcing agreement was described by the governor's office this afternoon as a 10-year, $2 billion contract that will result in a nearly $270 million capital investment in the state.

Key elements include a $34.6 million operations center in Chesterfield's Meadowville Technology Park that will house 631 employees of the Virginia Information Technologies Agency and Northrop Grumman.

Warner said there will also be a $22.8 million backup data center in a Russell technology park, resulting in 433 new jobs. Those workers are largely expected to come from the economically struggling Southwest Virginia counties of Wise, Russell, Tazewell, Washington, Buchanan and Dickenson."

This is the first major development in Chesterfield's Meadoville Technology Park, which is also a satellite park for the Virginia Biotech Park in downtown Richmond. Plenty more in tomorrow's paper!

IT jobs in Chesterfield and Russell Counties

[burt]

Coupe, are these new jobs, or a reshuffle of IT positions?

[wrldcoupe4]

it's hard to tell.....in any case, it's good news for C-field, which is trying to improve the business vs residential. Good news for SW Va too....and good news for the VA Biotech Park! Would have been nice to see this downtown but ...

[burt]

it's hard to tell.....in any case, it's good news for C-field, which is trying to improve the business vs residential. Good news for SW Va too....and good news for the VA Biotech Park! Would have been nice to see this downtown but ...

The Rivers Bend area of Chesterfield really has been built up a lot in recent years, hasn't it? The doubling of personnel at nearby Ft. Lee will likely spill over in this areas as well with support services and residential for dependents. I-295 is very convenient to Hopewell, Prince George, Ft. Lee, Petersburg and (via I-85) Dinwiddie. The area is already counted in as part of Metropolitan Richmond census tract, pushing the total to over 1.2 Million.

[wrldcoupe4]

Martin Agency snags yet another high-profile client!

For Eyes Optical Co. has hired Richmond's biggest ad firm. The account had been handled by Tractenberg Advertising in New York.

Based in Miami, For Eyes operates a nationwide chain of about 120 stores that sell eyeglasses, sunglasses, contact lenses and accessories.

Jan Wurzburger, director of media and marketing at For Eyes, said the company chose Martin because "we believe they can take us to the next level. They're very smart. We think they get it. They're known nationally for their work."

For Eyes has good vision!

[wrldcoupe4]

Richmond's housing market continues to boom...a bursting bubble won't happen here anytime soon.

some tidbits:

Housing prices in the Richmond area continue to show double-digit increases despite some slowing elsewhere.

The median price in the Richmond area rose to $214,500 in the third quarter, up 22.9 percent from the same period a year ago, according to the National Association of Realtors......

If there is a bubble out there, it isn't on the Richmond horizon.....

"A thorough analysis of the Richmond metro market reveals that there is very little danger of this. The local housing market is in excellent shape with a potential for significant housing equity gains, particularly for home buyers who plan to remain in their house for the long run.".........

White said he expects the market to move from the boom this year to an expanding market next year -- slower, but still strong.

As of the end of October, the number of homes sold in the Richmond area rose to 14,014, up from 13,805 last year, according to the Richmond Realtors' group.

Housing Prices in Area Rise

The only concern we need to think about is affordability.

[vdogg]

I'd love to visit NYC... maybe one day

I'm gonna be there for thanksgiving weekend (unless this snowstorm they say is supposed to hit gets bad ). Any place our resident New Yorker Burt can recommend visiting? (maybe I should move this to

off-topic ).