Richmond: Economy/Business/Real Estate

[urbanvb]

It's great to hear that one of Richmond's Fortune 500 companies is expanding. Carmax plans to add 11 new stores nationwide by 2007.

Carmax expands, including locations in Charlottesville and Fredericksburg

Carmax also just opened a store here very recently in VB.

[burt]

CarMax, for the 2nd year, has made the Fortune Magazine list of "Best companies to work for". The only company in Metro Richmond to make the list, it's ranked 93rd.

[burt]

The Greater Richmond Chamber of Commerce, established in 1867, has shortened its moniker to simply "Greater Richmond Chamber". What's more, as of next week it will relocate to the 7th floor of Main Street Center at 600 E. Main (I believe AT&T occupies much of this skyscraper).

It's location at 2nd and Franklin has been purchased by Douglas Jemal, our Washington friend who is gobbling up lots of downtown Richmond real estate.

Edited January 10, 2006 by burt

[burt]

Capital One has brought the hatchet out again to India's outsourcing benefit. It is lopping 130 jobs (all but 2 in Richmond) between now and May.

170 IT (whatever that means) jobs were cut last year as well as 384 jobs in production services. But (and this baffles me) Cap One hired 1000 people here last year and currently has 400 vacancies. Does that make any sense, or did I read the story wrong? It's on today's RTD Business page.

At its peak, Capital One had 10,125 employees in Richmond.

Edited January 13, 2006 by burt

[vdogg]

170 IT (whatever that means)

Information Technology

[urbanvb]

Information Technology

IT jobs are being cut everywhere bc here in the US IT workers are paid decent wages but in India they get paid a lot less. My company's help desk is in India but then again we are an international company.

[willy]

170 IT (whatever that means) jobs

Information Technology

It's either that or 170 people dressed as devilish clowns killing people.

[wrldcoupe4]

if that was the case, I'd be fine with those jobs being sent to India!

[wrldcoupe4]

http://www.richmond-finance.com/

New Website promoting Richmond's Financial Sector

Front Page story on Wachovia Securities... an excerpt:

Richmond

[urbanvb]

Great find and great story coupe!

[wrldcoupe4]

If you get a chance to read the whole article, I recommend it!

one more excerpt...

Even in a financial community as vibrant as Richmond's, though, the arrival of [Wachovia Securities]is a big deal. The region is getting an extra $75 million a year in incremental income and tens of millions of other dollars for home sales and the purchase of durable goods, Ludeman says. The merger so far has added 1,000 new jobs in the Richmond area and 200 more local jobs are expected.

[urbanvb]

If you get a chance to read the whole article, I recommend it!

one more excerpt...

I did indeed see that. Richmond is a growing community with all the businesses coming online. I wonder how many people move into the area on a monthly basis..

[wrldcoupe4]

Well.. I know there were quite a few when Wachovia Securities and Philip Morris USA relocated to Richmond. In fact, when PM USA was relocating, I remember people in this region were most concerned that there weren't enough high dollar homes for sale for all the new transplants

BTW, I can't remember if it was mentioned here, but I was glad to hear that Richmond-based CarMax, a fortune-500 company, is also on Fortune's top 100 companies to work for list. (93rd)

Congrats!

[wrldcoupe4]

A couple more links worth checking out.. websites showcases various other sectors of the Richmond economy

RichmondCatalyst: Tracking Innovation in Richmond's Advanced Chemicals/Specialty Chemicals Sector

"Visualize Richmond as a center for world-class research. Picture a place where manufacturing giants serving international markets spin off new ventures to exploit promising new technologies, where venture capitalists fund entrepreneurs with imaginative new applications. Imagine Richmond as the axis of ideas, the locus of intellectual capital and business intelligence, the destination of scientists converging for world-renowned conferences and symposia."

RichmondBioSynthesis: Tracking Innovation in Richmond's Life Science's Sector

"RICHMOND--Former patients and Virginia Commonwealth University officials have earth for a new critical care hospital, launching a new era in how seriously ill and injured patients will receive treatment in Central Virginia. The 15-level, $192 million, 367,000 square-foot building, due to open in fall 2008, will greatly enhance the VCU Medical Center

[wrldcoupe4]

Richmond-based PR firm CRT/tanaka lands Atkins account

CRT/tanaka is working to alert consumers, retailers, nutritionists and the media about the reformulated Atkins as part of a $40 million campaign that includes advertising from DZP Marketing Communications in New York.

Further proof that Richmond is one of the nation's centers for PR/marketing/advertising.

Atkins will be added to Carter Ryley Thomas' list of clients that include:

Krispy Kreme

Nextel

Pfizer

Nascar

(for Rus ) City of Norfolk, Downtown Norfolk council

plus dozens of others.

Edited January 18, 2006 by wrldcoupe4

[burt]

I guess this goes under Richmond Business and not Suburban Development:

LandAmerica (known in my youth as Lawyer's Title Insurance Corp.) is abandoning Chesterfield (2 locations) on Gateway Center Pkwy and Arboretum Pkwy. They have purchased a 297,000 s/f building at 5600 Cox Road (Insbrook). Everything will be consolidated there in the former Highlands III building. LandAmerica is one BIG multi-billion dollar corporation headquartered here in Richmond with over 800 local employees.

Sigh. It used to be in the Ironfronts on East Main Street a few decades ago.

[wrldcoupe4]

:sigh: another blow to the eastern midlothian corridor. Their soon-to-be-former HQ at Gateway Centre is pretty attractive as far as suburbia goes.

At least they are staying local though

[wrldcoupe4]

another story on LandAmerica's move:

LandAmerica Financial Group moves HQ

excerpt:

"LandAmerica will move from its current offices on Gateway Center Parkway and Arboretum Parkway and consolidate its national headquarters and shared resources operations into a single corporate campus in the Highwoods III facility at Innsbrook. The new headquarters will initially house more than 890 employees and contractors in nearly 300,000 square feet of office space..........A leading provider of real estate transaction services, LandAmerica reported revenues of $3.4 billion for 2004. The company serves residential and commercial customers from more than 800 offices in the United States, Canada, Mexico, Europe, the Caribbean and Latin America. LandAmerica has operated in the metropolitan area since 1925."

[burt]

another story on LandAmerica's move:

LandAmerica Financial Group moves HQ

excerpt:

"LandAmerica will move from its current offices on Gateway Center Parkway and Arboretum Parkway and consolidate its national headquarters and shared resources operations into a single corporate campus in the Highwoods III facility at Innsbrook. The new headquarters will initially house more than 890 employees and contractors in nearly 300,000 square feet of office space..........A leading provider of real estate transaction services, LandAmerica reported revenues of $3.4 billion for 2004. The company serves residential and commercial customers from more than 800 offices in the United States, Canada, Mexico, Europe, the Caribbean and Latin America. LandAmerica has operated in the metropolitan area since 1925."

Well, my report was close to the facts. Besides, I gave you the nostalgic part about their old offices in the Ironfronts.

[wrldcoupe4]

The nostalgia made the story burt..

[wrldcoupe4]

HIGHLIGHTS FROM 2005:

some excerpts from The Greater Richmond Partnership:

"Economic activity was strong in Greater Richmond in 2005. Total employment increased by an estimated 2.3 percent through November, both in the metro area and in Virginia, compared to a 1.6 percent increase for the nation....Unemployment averaged 4 percent or less in the metro area during the year and was 3.6 percent in November, well below the national rate of 4.8 percent."

Major Business Development Projects:

The largest of course was Philip Morris USA's announcement of a "$300 million Research and Technology Center at the Virginia Biotechnology Research Park in downtown Richmond. The 475,000-square-foot center will employ 500 scientists, engineers and support staff and is expected to open in 2007. When completed, the new center will bring the Biotech Park’s total development to more than 1.1 million square feet of laboratory, research and office space, employing more than 2,000 individuals."

Northrup Grumman announced is will build a new $34.6 million Richmond Enterprise Solutions Center in Chesterfield's Meadowville Technology Park. An estimated 631 IT employees will work for the company at the Meadowville site.

Infineon continued its $1+ billion expansion of its semiconductor plant. The expansion, when complete, will result in hundreds of new high-paying, high tech jobs

Pearson Government Solutions is creating a new center in Chesterfield which will result in up to 800 new jobs.

Merit Medical Systems Inc. invested $5 million in a new manufacturing facility in Chesterfield, creating 200 jobs.

Wyeth, a global leader in pharmaceuticals, consumer health care and animal health care, expanded its manufacturing and distribution operations in eastern Henrico County, investing $30 million in highly automated packaging equipment, robotic material handling systems and electronic data systems for production and inventory. The expansion made Richmond Wyeth's largest operating region in North America.

Cavalier Telephone opened a new 80,000-square-foot sales, operations, and customer-support center, creating 150 new jobs.

Richmond-based insurance giant Genworth Financial announced new hirings in its investments and finance functions at its Richmond headquarters.

Two electronics recycling companies opened facilities in the region, creating almost 200 jobs through almost $2 million in investment.

Widespread Expansions by existing firms continued strong in 2005 in almost every sector of the Richmond economy.

Richmond International Airport:

Expansion continued at RIC and should be complete by the end of 2006. It will create a "first-tier" airport, and a powerful welcoming image for the region.

Richmond successfully landed not 1, but 2 lowcost carriers in 2005. AirTran Airways began nonstop service from Richmond to Atlanta in June and to Orlando in November. Service to Ft. Myers is planned for February 2006. Also during the year, JetBlue Airways Corp. announced that they would begin nonstop service from Richmond to New York and Boston in the Spring of 2006.

Lower fares have meant record breaking passenger counts throughout the year and should be a major boost to the local economy.

VCU's Continued Growth

In 2005, VCU embarked on almost a half billion dollars in new construction and development.

"VCU broke ground for an 11-acre, $228 million addition to its Monroe Park Campus, the largest project in the university’s history. The first phase of the project includes a new Business School, expansion of the Engineering School and an 800-car underground parking garage, all planned to open in August 2007. Construction of a 400-bed residential college and renovation of the historic Central Belting Building for the VCU Adcenter are also included in the first phase.

On the VCU Medical Campus, construction projects totaling $225 million were underway during the year. Included were a research addition to the Massey Cancer Center, a new critical care hospital, a new Nursing School and a parking deck."

Downtown Revitalization Continues Strong

The Canal Walk and Richmond's river district are transforming due to new construction and investment. The largest coming from Riverside James, Lady Bird Hat (Toad's Place Richmond), and Vistas on the James.

State and Federal government projects are also bringing considerable investment downtown. The State is in the midst of a $190 million in and around Capitol Square. "Changes at the Capitol Building include renovated House and Senate chambers, renovated offices for the Governor and a new visitor’s center. The Finance and Washington buildings also will be renovated." The Federal government is building a new $102 million Federal Courthouse on Broad St, which should be complete in early 2008.

South of the James, Robin Miller and his partners announced plans to transform Manchester into a thriving urban district. The 10-year plan will redevelop 178 parcels on approximately 28 acres in Old Manchester. 4 condo towers are proposed as part of the project. Also in Manchester, Manchester on the James will soon begin construction on 3 additional new condo towers.

A few accolades from 2005:

--The nation’s 14th best large metro area for business and careers in Forbes magazine, May 23, 2005.

--America’s 23rd best large metro area for doing business in Inc. magazine, May 2005.

--America's 13th hottest city for business expansions and relocations in Expansion Management magazine's January 2005 issue.

--A five-star metro area for logistics operations in Expansion Management and Logistics Today magazines, September 2005.

--One of the top 40 U.S. real estate markets (rated 33) in the August 2005 issue of Expansion Management.

--Number 39 of the nation’s most unwired cities for wireless Internet accessibility, according to Intel’s 2005 survey.

--Time lost due to traffic congestion was 32% less than the average for all medium sized cities in the Texas Transportation Institute’s 2005 Urban Mobility Study.

--VCU’s Adcenter was rated the nation’s No. 1 advertising program, based on the program’s quality, innovation and quality of graduates in the March issue of Creativity magazine.

--GEICO’s Gecko shared first place with Colombian coffee’s Juan Valdez as the country’s top advertising symbol in a nationwide contest sponsored by Advertising Week. The Gecko is the creation of Richmond’s The Martin Agency.

--The Jefferson Hotel and its Lemaire restaurant received ratings of five diamonds from AAA

--A team of VCU information systems and computer science students won Microsoft’s U.S. Software Design Invitational Imagine Cup for their tablet PC-enabled application for use in early childhood writing instruction. The VCU team represented the U.S. at the worldwide finals in Japan, finishing among the top 13 out of 38 teams.

Overall, I'd say a good year, a good year indeed

Edited January 20, 2006 by wrldcoupe4

[urbanvb]

No doubt it was a GREAT year.. Richmond is booming!

[wrldcoupe4]

Richmond-based McGuireWoods LLC acquires Chicago Law Firm

Gordon & Glickson has 15 lawyers at its Chicago office. Last month, it helped the Virginia Information Technologies Agency team with Northrop Grumman Information Technology Inc. That 10-year contract to modernize the state's information technology infrastructure has been valued at more than $2 billion..........With the merger, McGuireWoods, which has 725 lawyers in 15 offices around the world, plans to start a technology and business department.

Edited January 20, 2006 by wrldcoupe4

[wrldcoupe4]

More news from Richmond-based companies

Hirschler Fleischer, a Richmond-based government relations/business consulting firm, announced the formation of HF Consulting, LLC.

Richmond-based Velocity Micro, a manufacturer of ultra performance PCs, announced the arrival of the world's fastest PC on shelves at select Best Buy stores and at BestBuy.com.

Richmond-based Commonwealth Biotechnologies, Inc. announced that it has entered into an exclusive, worldwide license agreement with Prism Pharmaceuticals, Inc. to develop, manufacture and commercialize CBI's helix-based peptide technologies.

Insmed Incorporated, a Richmond biotechnology company, the University of Rochester School of Medicine, and the Muscular Dystrophy Association recently announced the initiation of a Phase 2 clinical study investigating the use of iPlex, a once-daily IGF-1 therapy, for the treatment of myotonic muscular dystrophy, the most common form of adult muscular dystrophy.

For the year, ending with the second quarter of 2005, employment increased by 2.1 percent in Richmond...with nearly 12,000 net new jobs, 15% of the state's growth in jobs.

[ric75]

Richmond-based Velocity Micro, a manufacturer of ultra performance PCs, announced the arrival of the world's fastest PC on shelves at select Best Buy stores and at BestBuy.com.

Too bad Velocity couldn't have partnered with Circuit City. They could use a boost though I heard they did better than expected over the Holidays. So who wants to contribute to the "Jeff wants an expensive gaming computer" Fund???