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Richmond: Economy/Business/Real Estate


wrldcoupe4

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35 minutes ago, whw53 said:

I'm in! Hopefully there would  be multiple construction sites to tour by then in Jackson Ward. 

AMEN to that! From your keyboard to God's eyes, my friend! :tw_thumbsup:

I particularly hope we'll see some epic work being done at 2nd and E. Marshall - with The Admiral having broken ground and setting sail, so to speak.

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In terms of UP meetups we in Charlotte are now doing walk and talk tours  monthly and it is really a lot more fun than just talking like we used to do at meetups.  Next one is June 8 I will keep you posted in case anyone is interested or down this way. 

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4 hours ago, wrldcoupe4 said:

11 Fortune 1000 companies HQ'd in the Richmond region this year, 8 of which are in the Fortune 500:

https://www.virginiabusiness.com/article/35-virginia-companies-make-2022-fortune-1000-list/?oly_enc_id=5689B8276356F6Y

35 total HQ'd in Virginia, by region:

21 NOVA

11 Richmond

2 Hampton Roads

1 Lynchburg

We need to poach a few from NOVA and introduce them to the beauty of setting up shop in a less expensive metro. :tw_thumbsup::tw_wink:

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6 hours ago, wrldcoupe4 said:

11 Fortune 1000 companies HQ'd in the Richmond region this year, 8 of which are in the Fortune 500:

https://www.virginiabusiness.com/article/35-virginia-companies-make-2022-fortune-1000-list/?oly_enc_id=5689B8276356F6Y

35 total HQ'd in Virginia, by region:

21 NOVA

11 Richmond

2 Hampton Roads

1 Lynchburg

Looks like Universal Corp. fell off of the F1000 while Arko Corp. rose from F1000 to F500.  Overall a loss of one company on the list (7 F500 and 5 F1000 last year).

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I’m wondering when they talk about financial services are they talking about cryptocurrency companies and digital currency companies. I would love get us to attract more credit card companies here too besides having capital one here in the metro. There are many different credit card brands maybe we could try to record such as Mastercard maybe a long shot but visa and get them to establish a huge presence here even if it’s not an hq. Discover I know is all over Arizona in Phoenix but would love to see them have something here too.  American Express. There’s a lot we could do with financial services other than banks with the way our currency keeps changing across the country. Financial tech companies is a huge step in the right direction too. Just because we lost our traditional bank hqs here we can always go another route with the financial industry in this day and age of digital finance.

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4 hours ago, wrldcoupe4 said:

The Mayor has released a strategic plan to spur economic development in the City:

https://www.rva.gov/sites/default/files/2022-05/Richmond SPEED - 051822 - Clean Final For Introduction.pdf

I've only skimmed it, here are a few quotes that should spur conversation:

Create a physical and virtual integrated Richmond business center that serves as a “one-stop-shop” with resources to help start or expand a business in the City, renovate an existing building, or redevelop a property.

Launch a remote worker attraction and retention initiative—RemoteRVA—to make Richmond a destination of choice for remote workers in the Eastern US.

Target Industry Recruitment Excerpts:

In addition to the innovation-focused strategies aimed at making Richmond one of the nation’s top 20 life sciences clusters (see Initiative 2.1), pursue strategic business recruitment projects to strengthen and diversify the City’s life sciences and education industry. Recruit pharmaceutical companies out of NewYork, NewJersey, Pennsylvania, Massachusetts, California, and internationally.

Explore collaboration with economic development organizations in Northern Virginia (Fairfax County, Arlington, Alexandria, Loudoun County, and Prince William County) to create a dual corporate campus environment for companies headquartered in Northern Virginia, with a sister office in Richmond.

FINANCIAL SERVICES. Re-establish Richmond as one of the nation’s leading centers of financial services, with a focus on “fintech” (financial technologies).  Set a goal for Richmond to rival Charlotte within a 5–10-year time horizon to once again vie for the title of “banking capital of the South.”

 

YESSS!!! THIS is what I've been clammoring about! Wow - it's about time. My only caviat - good luck with challenging Charlotte as "banking capital of the South" -- nowadays there are a plethora of avenues RVA could chase that doesn't involve traditional "bank" HQs like those that Charlotte syphoned off from us over the past 30-40 years.

Still - this is a very surprising and very good start.

3 hours ago, Downtowner said:

I’m wondering when they talk about financial services are they talking about cryptocurrency companies and digital currency companies. I would love get us to attract more credit card companies here too besides having capital one here in the metro. There are many different credit card brands maybe we could try to record such as Mastercard maybe a long shot but visa and get them to establish a huge presence here even if it’s not an hq. Discover I know is all over Arizona in Phoenix but would love to see them have something here too.  American Express. There’s a lot we could do with financial services other than banks with the way our currency keeps changing across the country. Financial tech companies is a huge step in the right direction too. Just because we lost our traditional bank hqs here we can always go another route with the financial industry in this day and age of digital finance.

100% agreed - and an avenue RVA could and should be chasing is the credit card industry. Ditto financial tech. And as you said - even if it's not a full HQ - even having an "HQ2" (which seems to be happening more and more in the corporate world anymore) would bring jobs and people to RVA. Definitely a way to build a DEEP bench of companies with large numbers of jobs and a big influx of people to come to RVA and set up shop. A very good avenue to aggressively pursue.

I'm glad to see that those who are putting this plan together actually have been doing their homework. Wow... I am VERY pleasantly and happily shocked and surprised to actually see RVA being proactive in an initiative such as this.

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Great except for the second to last bullet point.  It comes across as if its acceptable to get NOVA's left overs.  I do agree NOVA is ahead when it comes to wealth and talent however Richmond should find its own niche and use that to attract HQ's to our area rather than what's left from NOVA.   True we should take what we can.  It could be possible that a satellite office could become a future HQ but why market it that way.  Improve our marketability, aim for the top and then let the market dictate. 

Edited by Shakman
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32 minutes ago, Shakman said:

Great except for the second to last bullet point.  It comes across as if its acceptable to get NOVA's left overs.  I do agree NOVA is ahead when it comes to wealth and talent however Richmond should find its own niche and use that to attract HQ's to our area rather than what's left from NOVA.   True we should take what we can.  It could be possible that a satellite office could become a future HQ but why market it that way.  Improve our marketability, aim for the top and then let the market dictate. 

Well said! 100% agreed.

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Connecticut-based engineering firm has absorbed one of RVAs top firms and in doing so now has greater penetration into the RVA market. They have an office in Chesterfield - and now add the RVA firm's HQ office in Henrico to the roster.

Okay - based on the Mayor's strategic plan to spur economic development: now that this bigger engineering firm has further extended and is deepening her tendrils into the RVA market, how about we flip the bloody script and go after this company and see what we can do to pry it loose from Connecticut and bring the WHOLE ORGANIZATION - lock, stock and barrel, to set up shop in a new HQ in a lower-cost metro? C'mon guys - let's get aggressive here and do some work on making something like this happen. This is EXACTLY how Austin poached companies from the West Coast to come to the Texas capital. RVA needs to be doing the very same thing. Out-of-state company wants to merge with RVA firm and set up a bigger shop in our market? Cool!! NOW - let's talk about you MOVING your HQ here! :tw_smiley:

And business gurus - PLEASE spare me the lecture about how/why companies likely won't relo - and the mansplaining about all the rationale behind why they're where they are and won't leave, yada yada. Tell that to Austin who snagged hi-tech companies away from the very CRADLE of hi-tech because they (Austin) could offer a VIABLE LOWER-COST OPTION! RVA REALLY NEEDS TO PUSH THIS ENVELOPE!!! Even if such an attempt failed, the city STILL SHOULD BE ALL OVER THIS and at least TRY!

Consider: Ty Cobb has the highest cumulative batting average in major league history at .366. Which means he failed 63.4% of the time he stepped to the plate.  Even if RVA failed 75% or even 80% of the time it tried an attempt such as this, if it succeeded on even just 20% or 25% of it's attempts - can you IMAGINE how many new companies might call RVA home? If we don't swing for the damn fences, we'll keep popping out to the catcher. Enough of that already.

From Richmond BizSense:

https://richmondbizsense.com/2022/05/26/draper-aden-acquisition-brings-engineering-giant-to-richmond/

Edited by I miss RVA
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1 hour ago, eandslee said:

So, unfortunately, there wasn't a lot of chatter following this post by our friend Coupe, but I gotta tell ya - listen to what the politicians are saying folks because what they say could very well come to pass.  Usually, they know something that's about to take place, then announce that they would like to do awesomely crazy things like "Re-establish Richmond as one of the nation’s leading centers of financial services, with a focus on “fintech” (financial technologies).   Set a goal for Richmond to rival Charlotte within a 5–10-year time horizon to once again vie for the title of “banking capital of the South" and then take credit for it when it does happen!"  This comment by itself seems very out of place...it's a vastly different approach that no one else has said before.  Does the Mayor know something we don't?

Chances are that companies in NOVA are looking to move down too indicated by this comment:   "Explore collaboration with economic development organizations in Northern Virginia (Fairfax County, Arlington, Alexandria, Loudoun County, and Prince William County) to create a dual corporate campus environment for companies headquartered in Northern Virginia, with a sister office in Richmond."  I wouldn't be surprised that this is already in the works and he'll just take credit for it when it is announced!  See, just listen to the politicians...they will tell you what will happen,...at least, that's my theory.

Same thing for this comment (something is definitely in the works):  "...pursue strategic business recruitment projects to strengthen and diversify the City’s life sciences and education industry. Recruit pharmaceutical companies out of New York, New Jersey, Pennsylvania, Massachusetts, California, and internationally."

He's not going to come out as a Mayor that wasn't successful and he wouldn't mention these things if they were not within our grasp.  I firmly think he's telling us what will happen soon enough.

So one has to figure that Bruce's comments in today's RBS article about Dominion and the two downtown properties planned for redevelopment into 600 apartments might be connected to this. If so, then all of this recruitment effort really does seem to have some legs.

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5 hours ago, eandslee said:

So, unfortunately, there wasn't a lot of chatter following this post by our friend Coupe, but I gotta tell ya - listen to what the politicians are saying folks because what they say could very well come to pass.  Usually, they know something that's about to take place, then announce that they would like to do awesomely crazy things like "Re-establish Richmond as one of the nation’s leading centers of financial services, with a focus on “fintech” (financial technologies).   Set a goal for Richmond to rival Charlotte within a 5–10-year time horizon to once again vie for the title of “banking capital of the South" and then take credit for it when it does happen!"  This comment by itself seems very out of place...it's a vastly different approach that no one else has said before.  Does the Mayor know something we don't?

Chances are that companies in NOVA are looking to move down too indicated by this comment:   "Explore collaboration with economic development organizations in Northern Virginia (Fairfax County, Arlington, Alexandria, Loudoun County, and Prince William County) to create a dual corporate campus environment for companies headquartered in Northern Virginia, with a sister office in Richmond."  I wouldn't be surprised that this is already in the works and he'll just take credit for it when it is announced!  See, just listen to the politicians...they will tell you what will happen,...at least, that's my theory.

Same thing for this comment (something is definitely in the works):  "...pursue strategic business recruitment projects to strengthen and diversify the City’s life sciences and education industry. Recruit pharmaceutical companies out of New York, New Jersey, Pennsylvania, Massachusetts, California, and internationally."

He's not going to come out as a Mayor that wasn't successful and he wouldn't mention these things if they were not within our grasp.  I firmly think he's telling us what will happen soon enough.

This is a great point. Typically politicians don't set random, unachievable goals like this. These are based on something, business interest in the city, etc.

Also, while we may not fully realize these goals, at least we've got some direction, something to aim for other than just hoping stuff comes here because it's a cool city.

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19 minutes ago, 123fakestreet said:

This is a great point. Typically politicians don't set random, unachievable goals like this. These are based on something, business interest in the city, etc.

Also, while we may not fully realize these goals, at least we've got some direction, something to aim for other than just hoping stuff comes here because it's a cool city.

1.) Fully agreed! Plus, throw Bruce's comments in Richmond BizSense into the mix - SOMETHING is going on behind the scenes that we just don't know about yet.

2.) AMEN to that, my friend! Heaven knows, we've spent too many years sitting and waiting (and wondering why all the good stuff bypasses RVA on the way to Charlotte and other cities that aggressively go out and make it happen). Having some direction and a target to aim at is the best - and most forward-thinking, forward-looking action RVA has done for as long as I can remember.

Well said, @123fakestreet:tw_thumbsup:

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3 hours ago, eandslee said:

I think this is the article that Bruce Milam and the Mayor may be eluding to. If you haven’t read it, you need to - it’s pretty telling:

richmond.com/tncms/asset/editorial/7087402c-4188-531a-b910-98d2aa234ad7
 

Very possibly. Like Jennifer Wakefield said in the article - of the 400 projects - with an impact of 18K jobs - and 21M square feet of development - we won't win all of them. One thing to keep in mind - and obviously not everything can be solved by simple math. But using her figures as a baseline: each project just in simple arithmatic comes out to a tick over 52K square feet of potential development and 45 new jobs. So RVA would need to land a LOT of those 400 projects to get things rolling. Obviously, some companies are a lot bigger and some are a lot smaller - I'm just presenting straight-up averages here. Still, I would be curious as to what portion of all of this - IF, in fact, this IS what Bruce was referencing - he knows about.

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26 minutes ago, upzoningisgood said:

To Bruce’s point, Novel Scott’s Addition that is being built by Crescent (Novel is their brand name) and financed by ParkProperty. This means nothing to anyone not in Development, but a Crescent/ParkProperty combo is very legit. Neither of those players build or invest just anywhere. 

This is true! A quick look at their portfolio of locations where they have developed these kinds of properties reads like a Who's Who of name-recognized cities. To see RVA breaking into that fraternity is HUGE.

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