Richmond: Economy/Business/Real Estate

[ancientcarpenter]

14 hours ago, I miss RVA said:

And here we go - THIS is what I'm talking about in terms of marketing. This kind of thing is EXACTLY what RVA needs! It makes GREAT use of the "RVA" moniker. This photo -- with the Lego-block-colored canoes -- is a PERFECT marketing vehicle. Mind you, it would be even MORE perfect with a more current picture of the skyline. But I digress. 

The powers that be in marketing the city need to jump on this and run with it. WHAT A GREAT photo! And the message is one of those kid-simple messages that drives home the point. Sometimes you need something simple, sweet, on-point as a spearhead in marketing a city, a metro, a region for business.

I LOVE THIS PICTURE!!

 

 

I've already signed up for their career notifications in RVA. I'm in IT and if they start hiring certain roles here in RVA it will be indicative of what their long term plans are in RVA. There are some IT roles you don't just start hiring for in a new city like RVA when they could be easily do it remotely in an already established office like their Connecticut office. We will see.... I know my son would be ecstatic (if we could talk...or walk...or crawl!) if I worked for Lego. 

[eandslee]

Well, look here…Richmond actually beat Charlotte in something (barely):

https://www.linkedin.com/pulse/looking-job-hunting-edge-15-metros-opportunity-magnets-george-anders

 

[I miss RVA]

22 minutes ago, eandslee said:

Well, look here…Richmond actually beat Charlotte in something (barely):

https://www.linkedin.com/pulse/looking-job-hunting-edge-15-metros-opportunity-magnets-george-anders

 

Okay! Top 10. Now, we gotta get a green up-pointing arrow when this survey comes out next year. 

Cueing up the anticipated response from our friends south of the state line...

[I miss RVA]

More good press for RVA as a HOT "GO-TO" market. RVA ranked 6th nationally according to a survey by Bankrate listing the 10 best U.S. cities for first-time homebuyers. Very glad to see this. Let's keep the good pub rolling!

https://www.cnbc.com/2022/06/21/best-us-cities-for-first-time-homebuyers.html

Edited June 22, 2022 by I miss RVA

[I miss RVA]

2 hours ago, I miss RVA said:

More good press for RVA as a HOT "GO-TO" market. RVA ranked 6th nationally according to a survey by Bankrate listing the 10 best U.S. cities for first-time homebuyers. Very glad to see this. Let's keep the good pub rolling!

https://www.cnbc.com/2022/06/21/best-us-cities-for-first-time-homebuyers.html

Mind you, I have no idea how the survey was conducted, but an interesting observation: ALL of the top-10 cities are what could be considered "legacy" cities - meaning, older, more northerly cities with "legacy" urban cores - and NOT the modern, quasar-like explosive boom towns of the south. RVA, STL and KC are the "southern"-most cities listed. No idea if the survey data somehow "skewed" things geographically, or if the legacy cities simply are a much better deal for first-time home purchasers - but it is interesting to note this fact.

Just as an aside - I wouldn't mind seeing Hartford slip off this list altogether - gotta keep the concept of prying the LEGO HQ away from Connecticut in play. (And I'm being serious here...)

Edited June 22, 2022 by I miss RVA

[I miss RVA]

More good news on the economic front: education consulting firm expanding operations in Henrico - will add more than 200 new jobs.

https://www.wric.com/news/local-news/henrico-county/large-education-consulting-firm-to-expand-in-henrico-creating-more-than-200-new-jobs/

[eandslee]

43 minutes ago, I miss RVA said:

More good news on the economic front: education consulting firm expanding operations in Henrico - will add more than 200 new jobs.

https://www.wric.com/news/local-news/henrico-county/large-education-consulting-firm-to-expand-in-henrico-creating-more-than-200-new-jobs/

Yeah, this is good news for sure, but I have to wonder how long they will stick around. Seems that every company that fills that building (the former Suntrust building) never makes it more than a few years and their gone.  That building is like a constant revolving door!  It’s really kind of funny. However, my hope is that they move downtown somewhere, sometime in the future. They won’t be in this building more than a few years based on what past tenants have done.  It’ll be interesting to see what happens. 

[I miss RVA]

1 hour ago, eandslee said:

Yeah, this is good news for sure, but I have to wonder how long they will stick around. Seems that every company that fills that building (the former Suntrust building) never makes it more than a few years and their gone.  That building is like a constant revolving door!  It’s really kind of funny. However, my hope is that they move downtown somewhere, sometime in the future. They won’t be in this building more than a few years based on what past tenants have done.  It’ll be interesting to see what happens. 

One step at a time, my friend - one step at a time. Hopefully, they WILL move downtown - or at LEAST to the city. Maybe to Scott's or to Manchester. Any in-migration to the city is GOOD migration. 

[wrldcoupe4]

Interesting PR spin considering they are downsizing their footprint considerably from their current campus on Parham Road in relocating to this building.

[Icetera]

1 hour ago, skycity said:

 

Back in March, as we examined life insurance data showing substantial and sudden increased mortality, ancientcarpenter wrote that it was important that we " Acknowledge that covid continues to kill over a million Americans at least as of March 30, 2022."

Respectfully, I cannot acknowledge this to be true.

I am not going to go as far as to hide/delete your post at this time, but I do not believe this is the appropriate forum for the discussions you are trying have.  Let's please keep this Richmond Development forum about Richmond development and related subjects.

[skycity]

I submit the above post to provoke thought, not to begin a discussion with the intention of hijacking the forum. This is my final statement on this topic. 

 

Edited June 28, 2022 by skycity

[I miss RVA]

1 hour ago, skycity said:

I submit the above post to provoke thought, not to begin a discussion with the intention of hijacking the forum. This is my final statement on this topic. 

 

Not to say that you don't bring points worthy of discusson or consideration - but the scope of it is far beyond what this forum is about.  This really isn't the place for it.

[I miss RVA]

On 6/28/2022 at 11:20 AM, I miss RVA said:

More good news on the economic front: education consulting firm expanding operations in Henrico - will add more than 200 new jobs.

https://www.wric.com/news/local-news/henrico-county/large-education-consulting-firm-to-expand-in-henrico-creating-more-than-200-new-jobs/

Here's the RT-D's reporting on this story:

https://richmond.com/business/technology/education-research-company-to-expand-in-henrico-create-206-new-jobs/article_62ba9bfa-ea4e-53c1-89d8-259d5c8ba9d4.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Flocal%2Fdaily-business&utm_medium=PostUp&utm_content=0ec7e032dd1e4ec101109fd5c9cd7c5c0a175c41

[wrldcoupe4]

At one point they wanted something like 135,000 square feet. 

[eandslee]

12 minutes ago, wrldcoupe4 said:

At one point they wanted something like 135,000 square feet. 

Coupe, I love having you around…you tell the truth…and sometimes the truth hurts - like in this case!  Now it makes sense about the PR spin that was put on this story that you mentioned.  Interesting, but kind of sad they didn’t need more space despite adding more jobs.  Maybe it’s 70K sq ft of flex space due to some working from home? 

[wrldcoupe4]

Maybe A I just point it out because companies committing to the workplace will help drive development. The more hybrid we go the less likely new development will be. 

[I miss RVA]

35 minutes ago, wrldcoupe4 said:

Maybe A I just point it out because companies committing to the workplace will help drive development. The more hybrid we go the less likely new development will be. 

I wonder how much this arc will swing back in the direction of commitment to the actual workplace as we move farther along in dealing with Covid as -- at some point -- an endemic disease, particularly with all of these new sub-variants of sub-variants popping up?

[Child2021]

This was a great read last night, it shows most of this sub's concerns. Give it a read: https://www.jdsupra.com/legalnews/richmond-real-estate-more-apartments-7288732/

[wrldcoupe4]

Thanks - I think our multifamily rents are actually pushing past the $2.30/sf mentioned.

[I miss RVA]

3 hours ago, Child2021 said:

This was a great read last night, it shows most of this sub's concerns. Give it a read: https://www.jdsupra.com/legalnews/richmond-real-estate-more-apartments-7288732/

GREAT find, @Child2021! Fantastic article. A few quotes of interest really have me feeling a little more positive today:

(Matt Hamilton, Sr. VP, CBRE): "Yes, the market continues growing and Richmond is one of the nation’s top choices to live based on the overall quality of life. Richmond was one of the only cities to have an increase in multi-family rental rates during COVID and it continues to increase. The Diamond District will only ensure future rental rate increases allowing us to potentially achieve denser 12-story buildings."

(Chris Wallace, Sr. VP, CBRE): "As long as we continue to see migration from the Northeast and D.C. areas, I’m not sure there is a bottom to this development pipeline. With CoStar bringing 2,000+ jobs and other companies looking to establish offices in Richmond, we will see more development. Rent numbers are peaking around $2.30 +/- per square foot, but I do think that an upward trend will continue despite the economic headwinds. I think you will continue to see downtown office buildings being repurposed to multi-family with CoStar’s growth there."

Hamilton: "The occupancy rates for the Richmond’s multi-family products remain strong in the high 90th percentile, and the population continues to grow. The larger tier-one cities are talking about Richmond as a destination."

This is certainly good to hear. My biggest hope, now, is that what @upzoningisgoodsaid recently indeed holds true for RVA as it has in plenty of other cities: "growth begets growth" -- and that this growth with set the stage for even GREATER growth to follow. The "snowball" effect, so to speak - and that as RVA gets bigger, it will be like a magnet attracting greater in-migration to the metro from other parts of the country. I know I may be the lone wolf baying at the moon on this one, but damnit, I don't want merely "slow and steady" growth. That gets us absolutely NOWHERE. I want the rocket to really be lit and to really take off - and for us to have at least SOME measure of meteoric growth. Jesus - the sky is the limit for RVA - we just need to actualize that, and I cannot for the life of me think of even one reason why we should not.

Time has come for RVA to move up. There is no reason on this earth why RVA should be relegated to remaining a second-tier city, when she has all the capability in the world to be one of those larger tier-one cities. It's time to make this happen.

Edited July 8, 2022 by I miss RVA

[I miss RVA]

Here's one that might have slipped under the radar - but I think an important story. Powhatan granite fabrication and installation company Classic Granite and Marble has relocated to a GORGOUS facility close to the Chesterfield County line - a mere 2 2/3 miles outside the 288 beltway. Something @wrldcoupe4has pointed out: manufacturing is a huge economic driver in metro Richmond, which ranked second nationally behind only Phoenix metro in manufacturing metrics that I can't recall off the top of my head (maybe 'new' manufacturing? Square footage? I can't recall - either way, we're right there with Phoenix in this important manufacturing metric.)

While CGM is still a small company, it's obviously growing - it's grown enough to require a significantly larger space and they are planning to hire more employees. This is a real win for metro RVA - any company that's growing, adding jobs and is positioning itself in a growing part of the metro area adds to the synergy that fuels growth. Sometimes big things really DO come in small(er) packages - and this one really packs a punch. VERY glad to see this company so successful - and wishing them all the best for even more success to come!

From today's Richmond BizSense:

https://richmondbizsense.com/2022/07/08/stone-surfaces-fabricator-relocates-to-bigger-facility-in-powhatan/

 

[upzoningisgood]

@I miss RVA anecdote on growth bringing more growth. This is from the guy whose job it is to bring in business to Nashville.

 

[I miss RVA]

17 minutes ago, upzoningisgood said:

@I miss RVA anecdote on growth bringing more growth. This is from the guy whose job it is to bring in business to Nashville.

 

That's fantastic. Thanks SO much for sharing that, @upzoningisgood-- really good information!

Now - does not RVA have a similar win with CoStar? Maybe not as impressive as a Midtown Manhattan global financial services company - but still, CoStar is growing by leaps and bounds and their reach continues to expand at a tremendous rate, given what they do. Can we not use this to our advantage, all the while, perhaps pursuing a few NYC companies that, were they to relo to RVA, would produce similar results for us?

We need to make this happen in RVA.

[I miss RVA]

Lakeside Avenue branch of Bank of America is a pandemic-related casualty. It's been closed for two years (it shut down for in-person banking at the start of the pandemic) - and the bank is now vacating the property. Sadly, this happened last year to the BoA branch on Forest Hill Avenue, too.

https://richmondbizsense.com/2022/07/11/bofa-permanently-closing-lakeside-avenue-branch/

[ancientcarpenter]

13 hours ago, I miss RVA said:

Lakeside Avenue branch of Bank of America is a pandemic-related casualty. It's been closed for two years (it shut down for in-person banking at the start of the pandemic) - and the bank is now vacating the property. Sadly, this happened last year to the BoA branch on Forest Hill Avenue, too.

https://richmondbizsense.com/2022/07/11/bofa-permanently-closing-lakeside-avenue-branch/

This was my first bank when I became a teller at 18. Lovely memories. Overall, it was going downhill for over a decade. Writing was on the wall. When a bank isn't open on the weekends you know it doesn't get enough traffic to justify it. It was inevitable, covid or no covid.

 

The building is surprisingly large. It's two stories as the basement is the same size as the first floor. Very large footprint for Lakeside, must have something like 50-60 already built parking spots if I remember correctly... and that's not including the 3lane+atm paved lines. This land is ripe for a developer to come in and build 5+ story apartments or condos. There's a small (Spring Park) park behind it, plenty of shops down the street, Bryan Park, close to highway, close to RVA in general, etc. It's a great spot.

 

Blue is the property outline as I remember it.. I would assume same owner owns red line as well...