Richmond: Economy/Business/Real Estate

[burt]

Even if the headquarters of (the former) Performance Food maintains its headquarters in Goochland, will it still be ranked 393rd among Fortune 500 companies after this merger with Vistar Corp?

http://www.inrich.com/cva/ric/news.apx.-co...05-14-0210.html

Seems to me the business/construction/civic front in Richmond is in a pretty gloomy state: Monroe on his way to Charlotte; job losses all over the place (the latest at Tyson's chicken plant), Universal Leaf putting its building at Hamilton and Broad up for sale and looking for smaller quarters (probably NOT downtown) and just a general flatness in local business news.

Edited May 14, 2008 by burt

[ric75]

Even if the headquarters of (the former) Performance Food maintains its headquarters in Goochland, will it still be ranked 393rd among Fortune 500 companies after this merger with Vistar Corp?

http://www.inrich.com/cva/ric/news.apx.-co...05-14-0210.html

Seems to me the business/construction/civic front in Richmond is in a pretty gloomy state: Monroe on his way to Charlotte; job losses all over the place (the latest at Tyson's chicken plant), Universal Leaf putting its building at Hamilton and Broad up for sale and looking for smaller quarters (probably NOT downtown) and just a general flatness in local business news.

It's the nation's economy in general... it's not hitting us nearly as hard as it is some cities. I think downtown overall is still advancing despite a weak economy.

[Shakman]

Compared to many other cities across the Country, Richmond's economy seems to be quite well and healthy.

[wrldcoupe4]

Even if the headquarters of (the former) Performance Food maintains its headquarters in Goochland, will it still be ranked 393rd among Fortune 500 companies after this merger with Vistar Corp?

http://www.inrich.com/cva/ric/news.apx.-co...05-14-0210.html

Seems to me the business/construction/civic front in Richmond is in a pretty gloomy state: Monroe on his way to Charlotte; job losses all over the place (the latest at Tyson's chicken plant), Universal Leaf putting its building at Hamilton and Broad up for sale and looking for smaller quarters (probably NOT downtown) and just a general flatness in local business news.

I don't think PFG will be eligible for the Fortune 500 list after it is acquired by Blackstone Group and Wellspring Capital and merges with Vistar. While the stature of a Fortune 500 is nice, I'll still take the larger PFG (after the merging) remaining HQed here with its 600+ employees.

There are job losses everywhere... such is life in a recession, though I think we are weathering it better than many others. The news of Monroe's likely departure is very disappointing. Though, I get the vibe that he is ready to move on anyways and there's no sense having someone around that doesn't want to be here anymore. Universal is definitely remaining in the Richmond market... putting their building up for sale isn't necessarily a bad thing at all. Companies often make decisions to lease instead of own and vice versa.

Construction... while not many large projects have been announced recently, there are many that are plowing along. I watch as Meadwestvaco's new home rises higher every day and the construction along Broad is nothing short of amazing. New projects are in the works all over the place. Many local companies are growing.

The Times-Dispatch, with its shrinking content and pitiful business coverage can only do so much... and bad news must sell more advertising space than good news... Speaking of coverage, the new coverage at Richmond.com by Jim Bacon is fantastic:

Rbiz - Richmond's Source for Business Intelligence

Edited May 15, 2008 by wrldcoupe4

[CommRE]

The Times-Dispatch, with its shrinking content and pitiful business coverage can only do so much... and bad news must sell more advertising space than good news... Speaking of coverage, the new coverage at Richmond.com by Jim Bacon is fantastic:

Rbiz - Richmond's Source for Business Intelligence

Here is another excellent Richmond business website. Richmond BizSense

[burt]

Here is another excellent Richmond business website. Richmond BizSense

Thanks Coupe and CommRE for the morale boost. And just to show I'm not THAT depressed, I'm posting a couple of upbeat stories today in appropriate threads.

[burt]

Mayor Wilder's announcement today that he will not seek a second term may end or at least curb the dissension that has plagued the city's forward movement. Of course, that really depends on who replaces him.

http://www.inrich.com/cva/ric/news.apx.-co...05-16-0247.html

Edited May 16, 2008 by burt

[wrldcoupe4]

I think we'll eventually all come to agree that we are better off today as a city than we were in 2005.

[wrldcoupe4]

Business Community reacts with disappointment to Wilder's announcement

[burt]

Corporate lawyer ROBERT J. GRAY, JR., a partner at Hunton & Williams and former president of The American Bar Association is being touted by some as a candidate to become Richmond's next "strong" mayor.

[ric75]

Corporate lawyer ROBERT J. GRAY, JR., a partner at Hunton & Williams and former president of The American Bar Association is being touted by some as a candidate to become Richmond's next "strong" mayor.

I'd like to hear more about him. I'm not terribly thrilled with the candidates so far and if Pantele throws his hat in the ring that would just be another candidate for the status-quo.

[Shakman]

Some tid-bits from Richmond.com. (Including former Giants RB Tiki Barber's development of low income apartments in Richmond's East End):

http://www.richmond.com/business/

[burt]

Some tid-bits from Richmond.com. (Including former Giants RB Tiki Barber's development of low income apartments in Richmond's East End):

http://www.richmond.com/business/

Wonder if Tiki has assembled land for his project (and let's hope "project" is not what it will become!)? Rather than bunch them all together in the East End it would serve the community better if the 250 affordable homes were dispersed around the entire region, IMO.

Edited May 21, 2008 by burt

[wrldcoupe4]

It is actually the redevelopment/re-use of an existing apartment community I think.

[Shakman]

Regardless of what it is, I am not in favor of it. I believe in affordable housing but not grouped into one comlex. I would prefer this to be a mixed income complex.

On the flip side, it shows that there is interest in Richmond's East End; an area of town that really needs attention from investors.

Edited May 21, 2008 by Shakman

[burt]

Waterside Marketplace on Norfolk's Elizabeth River is about to go the way of Richmond's 6th Street Marketplace according to reports coming out of the port city. Over the years it has evolved from a charming shop-filled, family-friendly center into a not very attractive lunch spot with several bustling nightclubs on the second level. The latter spots, including Jillians and Club Norfolk, attract the 9PM to 2AM crowd of youngsters, but traffic languishes downstairs. BLACKFINN has a two-level operation facing the waterfront, but there's little else that is appealing.

I recall a vist to the Norfolk marketplace soon after it opened a few decades ago, and it was enchanting -- far superior to the always mediocre 6th Street version in the Capital City. What a shame both have deterioated to their present states. Well, Richmond's is history and Norfolk's may soon walk the plank.

Rplacement ideas include an upscale high rise hotel/condo complex; a city library; a convention center; a skateboard center; total demolition, and/or expansion of Town Park.

The City of Norfolk, as Richmond has done, helped sustain its marketplace to the tune of several hundred thousand dollars annually.

Has anyone heard of plans for the remains of Richmond's marketplace which includes old Blues Armory? I believe Mayor Wilder has a committee studying the matter.

[wrldcoupe4]

Well, the food court should be closed, and the Fire Dept. is moving to 2nd and Franklin to the former Chamber building. Once it is emptied, I imagine the goal is to market the property to private developers. I believe the Staubach Co, not a committee, is assessing the property and should be suggesting potential outcomes.

[burt]

Well, the food court should be closed, and the Fire Dept. is moving to 2nd and Franklin to the former Chamber building. Once it is emptied, I imagine the goal is to market the property to private developers. I believe the Staubach Co, not a committee, is assessing the property and should be suggesting potential outcomes.

An Ad Agency called Cargill, Wilson & Acree constructed and occupied the original portion of the 2nd and Franklin building in 1958. It has since been expanded. CW&A, with Dave Martin as a top account exec, was the seed for the now World-famous Martin Agency.

[Shakman]

Well, the food court should be closed, and the Fire Dept. is moving to 2nd and Franklin to the former Chamber building. Once it is emptied, I imagine the goal is to market the property to private developers. I believe the Staubach Co, not a committee, is assessing the property and should be suggesting potential outcomes.

Is the Fire Department on the ground floor of MCV's Hospice? If so, I hope MCV closes the hospice above.

[Brent]

Is the Fire Department on the ground floor of MCV's Hospice? If so, I hope MCV closes the hospice above.

Why would you want VCU to close the hospice?

[burt]

I thought MCV's hospice was in the converted motor hotel building at 7th and Marshall. There used to be a Fire Department with hook & ladder in the Blues Armory before it became part of 6th Street Marketplace.

Incidentally, Richmond's first hostel for young people with back packs traveling around the country is on West Broad in the Gallery Districrt -- about the 400 block, I believe. MashUp on inRich featured it a week or so ago.

[journiyin]

In talking with several Real Estate agents the past few weeks I am hearing that the downtown and immediate areas of downtown (Fan, Churchill, somewhat Manchester) single family housing market is booming. Trust me, it was next to impossible to get a home inspection as they were all busy. I think the Richmond economy is fine and turning a corner as people move back into the confines of the City Limits.

[jbjust]

I drive across the bridge to Semmes Ave. on to Forest Hill Avenue every day after work and every day I see signs of folks really rehabilitating those old houses. There was a serious eyesore around 31st street that really looked like it was going to fall down and now I see that rehabilitation has started on it full bore.

I was involved in the Rebuilding Together project in the Swansboro neighborhood and was struck that while we were working on cleaning out the back yard of an elderly, disabled widow, there was a white dude across the back alley washing his Mercedes. That area is rapidly transforming (some sections more than others, of course) and I think it has reached a tipping point. Opening the new charter school at Semmes and Forest Hill will accelerate that trend I think. I'm surprised, however, that there aren't more decent restaurants that have sought to be pioneers down there. Apart from Cielito Lindo, Maldini's, and Crossroads Coffee that area is a restaurant wasteland.

[Shakman]

Why would you want VCU to close the hospice?

Great development opportunity. Move it from that location to somewhere else within MCV.

I thought the Fire Department occupied the groung floor.

Edited May 23, 2008 by Shakman

[burt]

Anyone who books two nights at a Richmond hotel through the VisitRichmond.com web site qualifies for a $25 gas card, if I'm reading the following story correctly:

http://www.inrich.com/cva/ric/news/busines...05-25-0115.html

It's a lure to attract visitors during the current tourism slump.

Edited May 26, 2008 by burt