Richmond: Economy/Business/Real Estate

[rjp212]

Lakeside Ave in general is ripe for rehab/redevelopment.  I'm surprised no developers have announced any Apt complexes yet.

[I miss RVA]

@ancientcarpenter-- is it possible this BoA branch building was originally a residence that was converted into a bank? How many office buildings have a full basement like that? Plus - even though I know it was an architectural style particularly in the '70s to design certain kinds of office buildings (often for banks, small mom-and-pop law firms, etc.) to "look" like a house, it wasn't all that common, and THIS particular building looks like a very typical Lakeside bungalow-style home. Just curious to know the history of this building.

@rjp212-- VERY good point. I would tend to think that Lakeside will be on developers' radars in the near future. There's just SO much available developable property in the city proper (and along the more western corridor along W. Broad Street - Westwood, Willow Lawn areas, among others) - developers have very fertile fields in which to plant new developments. I feel certain that at some point Lakeside will see its share.

[I miss RVA]

Holy wow! Gateway Plaza purchased by a Houston-based investment firm for $150M. Even through it's not RVA's tallest, Gateway Plaza is one of my very favorite RVA highrises - particularly the 9th-Street-facing side is very reminscent of several 1950s-era Midtown Manhattan buildings such as the Seagram's Building and Lever House. 

From today's Richmond BizSense:

https://richmondbizsense.com/2022/07/12/downtowns-gateway-plaza-office-tower-sold-for-150m/

[ancientcarpenter]

2 hours ago, I miss RVA said:

@ancientcarpenter-- is it possible this BoA branch building was originally a residence that was converted into a bank? How many office buildings have a full basement like that? Plus - even though I know it was an architectural style particularly in the '70s to design certain kinds of office buildings (often for banks, small mom-and-pop law firms, etc.) to "look" like a house, it wasn't all that common, and THIS particular building looks like a very typical Lakeside bungalow-style home. Just curious to know the history of this building.

@rjp212-- VERY good point. I would tend to think that Lakeside will be on developers' radars in the near future. There's just SO much available developable property in the city proper (and along the more western corridor along W. Broad Street - Westwood, Willow Lawn areas, among others) - developers have very fertile fields in which to plant new developments. I feel certain that at some point Lakeside will see its share.

 

It 100% was a house before... it has all the characteristics. The basement was only used for a kitchen... something over 1200 sqft of kitchen space ha!

[rjp212]

Virginia has fallen to #3 for Top Business Climates this year, but still a strong showing.  We were #1 for 2020 and 2021.

Top States for Business

[I miss RVA]

Great story in today's Richmond BizSense: A Scott's Addition-based real estate brokerage firm is expanding their RVA metro footprint, opening a branch office in the south suburbs in Chester. Part of the reason they decided to expand to Chester, rather than going to the southwestern burbs around Midlothian: the Chester area looks primed to really take off in the next several years with the LEGO plant coming to Meadowville Tech Park and VCU Health planning a new outpatient facility in Chester. This clearly demonstrates that the LEGO facility coming to RVA metro is already having a positive ripple effect - and I have no doubt that ripple will only grow larger over time and bring countless other developments not only to the south suburbs, but to RVA metro as a whole.

https://richmondbizsense.com/2022/07/13/growing-local-real-estate-brokerage-adds-outpost-in-chester/

[ancientcarpenter]

17 hours ago, I miss RVA said:

Great story in today's Richmond BizSense: A Scott's Addition-based real estate brokerage firm is expanding their RVA metro footprint, opening a branch office in the south suburbs in Chester. Part of the reason they decided to expand to Chester, rather than going to the southwestern burbs around Midlothian: the Chester area looks primed to really take off in the next several years with the LEGO plant coming to Meadowville Tech Park and VCU Health planning a new outpatient facility in Chester. This clearly demonstrates that the LEGO facility coming to RVA metro is already having a positive ripple effect - and I have no doubt that ripple will only grow larger over time and bring countless other developments not only to the south suburbs, but to RVA metro as a whole.

https://richmondbizsense.com/2022/07/13/growing-local-real-estate-brokerage-adds-outpost-in-chester/

I'm a bit off-topic thread here: I'm really happy LEGO is setting up anywhere in RVA. However, I do hope their offices are not anywhere outside of the city. I'm in IT with almost 10 years of experience and I would love to work for LEGO (ironically never played with their product growing up as a kid, just love the benefits and their company culture is great) but I'm not looking to drive out of the city I live in to work for Lego 20-30minutes away. I sure hope they set up their HQ in RVA and that means a signature downtown LEGO tower that they can plaster all over their website to attract more talent. PLEASE don't just choose a Chesterfield version of Innsbrook and play it safe, LEGO. 

 

Recently visited CoStar and, even though that building is 10? 20? 30? years old, it was wonderful being downtown and feeling like I was on a professional corporate campus. Free bananas, avocados, drinks, cafetoria's, amazing views of RVA 360 with balconies, open concept offices, gym, etc. If you're going to have people come into the office even partially then it needs to be one hell of a place to come to.  After my visit and feeling out the IT market, I must say that CoStar needs that new HQ building built more than RVA needs it. CoStar almost has no choice but to build the brightest light to attract the flies due to their almost non-existent Work From Home policies. 

Edited July 14, 2022 by ancientcarpenter

[I miss RVA]

5 hours ago, ancientcarpenter said:

I'm a bit off-topic thread here: I'm really happy LEGO is setting up anywhere in RVA. However, I do hope their offices are not anywhere outside of the city. I'm in IT with almost 10 years of experience and I would love to work for LEGO (ironically never played with their product growing up as a kid, just love the benefits and their company culture is great) but I'm not looking to drive out of the city I live in to work for Lego 20-30minutes away. I sure hope they set up their HQ in RVA and that means a signature downtown LEGO tower that they can plaster all over their website to attract more talent. PLEASE don't just choose a Chesterfield version of Innsbrook and play it safe, LEGO. 

 

Recently visited CoStar and, even though that building is 10? 20? 30? years old, it was wonderful being downtown and feeling like I was on a professional corporate campus. Free bananas, avocados, drinks, cafetoria's, amazing views of RVA 360 with balconies, open concept offices, gym, etc. If you're going to have people come into the office even partially then it needs to be one hell of a place to come to.  After my visit and feeling out the IT market, I must say that CoStar needs that new HQ building built more than RVA needs it. CoStar almost has no choice but to build the brightest light to attract the flies due to their almost non-existent Work From Home policies. 

Well said, all the way around, @ancientcarpenterand I couldn't agree more.  I also hope and pray that 1.) LEGO actually DOES move its U.S. HQ here from Connecticut within the next decade and that if it does, 2.) it will build an iconic LEGO tower either downtown or in the Diamond District. Alternatively, how cool would it be if said iconic LEGO tower was built in, of all places, Manchester?!  As you said yesterday, we're essentially building another complete city across the James from downtown. There's a ton of residential development but very little office space being built (admittedly, there are large, legacy office buildings, one of which CoStar purchased a couple of months ago). STILL - how cool would it be for Manchester to end up with a LEGO tower and a LEGOland museum?! 

Oh - and like you, I never played with LEGOS as a kid - I believe my childhood predated LEGO by at least a couple of decades  HOWEVER - as a DAD, I've had PLENTY of hours playing with LEGO blocks with my kids, building skyscrapers, bridges, airplanes, rockets, race cars... you should have seen the damn-near perfect replica of the iconic Sears Tower my now 13-year-old daughter built when she was like 5 or 6... holy moly... it was a thing of beauty. She honestly could be an architect if she wanted to be one - she has the eye for design, symmetry, massing, spacing, density - and she was always interested in building skyscrapers with her LEGO blocks. Truly the apple did not fall far from the tree. 

Oh - I forgot to mention - the current CoStar building (the former West Rock/Westvaco headquarters) was completed in 2006 - so it's 16 years old.

Edited July 14, 2022 by I miss RVA

[Shakman]

Current CoStar building was completed 2010.  

[I miss RVA]

4 hours ago, Shakman said:

Current CoStar building was completed 2010.  

Do you have a source for that you could share? I'm going off of 1HG . net -no idea how accurate this is, but they seem pretty authentic as a property management kind of place. Am thinking they were involved with the building prior to CoStar's arrival on the scene. They list the building as having been completed in 2006.

https://1hg.net/portfolio-item/west-rock-formerly-meadwestvaco/

 

Edited July 15, 2022 by I miss RVA

[Icetera]

2 hours ago, I miss RVA said:

Do you have a source for that you could share? I'm going off of 1HG . net - how accurate this is, but they seem pretty authentic as a property management kind of place. Am thinking they were involved with the building prior to CoStar's arrival on the scene. They list the building as having been completed in 2006.

https://1hg.net/portfolio-item/west-rock-formerly-meadwestvaco/

 

City records show 2008 (with some additional equipment "tower" in 2010).  1HG is the landscape architect so they may be referring to when they completed their design work rather than building completion.

[I miss RVA]

28 minutes ago, Icetera said:

City records show 2008 (with some additional equipment "tower" in 2010).  1HG is the landscape architect so they may be referring to when they completed their design work rather than building completion.

Good to know. 

[I miss RVA]

National lighting retailer is opening its first Richmond-area showroom across Broad Street from Scott's Addition.

Stories like this might slip under the radar and go unnoticed - but I tend to think it's a big deal when national retailers - particularly specialty retailers - take the Nestea Plunge and open for business in RVA. It's proof positive that Richmond is gaining name recognition as a good place to do business and that she is on MANY radar screens nationwide. I'm super thrilled to see these kinds of stories.

https://richmondbizsense.com/2022/07/18/national-lighting-retailer-plugging-into-richmond-with-first-local-showroom/

[KJHburg]

Found this today and did some comparisons wow is Richmond much cheaper across the board than DC area. 

https://www.nerdwallet.com/cost-of-living-calculator/compare/richmond-va-vs-washington-arlington-alexandria-dc-va

[I miss RVA]

5 minutes ago, KJHburg said:

Found this today and did some comparisons wow is Richmond much cheaper across the board than DC area. 

https://www.nerdwallet.com/cost-of-living-calculator/compare/richmond-va-vs-washington-arlington-alexandria-dc-va

That's one of the areas the citys' new business recruitment arm needs to seriously invest time (and resources) to try to do some poaching. That and NYC.

[Child2021]

More jobs coming to Hanover: Gov. Youngkin announces hardscape manufacturer to invest $55.6M in Hanover County (msn.com)

This article talks more about the Lake project in Chesterfield: Chesterfield delays vote on tax break for new surf park and hotel | WRIC ABC 8News

[I miss RVA]

7 hours ago, Child2021 said:

More jobs coming to Hanover: Gov. Youngkin announces hardscape manufacturer to invest $55.6M in Hanover County (msn.com)

This article talks more about the Lake project in Chesterfield: Chesterfield delays vote on tax break for new surf park and hotel | WRIC ABC 8News

Even though on a much smaller scale than the LEGO factory in the south suburbs near Chester, this planned Unilock plant in Hanover is yet another BIG win for the RVA metro as international manufacturer is investing a sizeable amount in a facility here and adding jobs. VERY exciting to see RVA pick up two international-based wins in such a short amount of time.

@eandslee-- perhaps adding this new facility by Toronto-based Unilock will add more credence to (re?)establishing direct air service between RIC and YYZ.

Edited July 28, 2022 by I miss RVA

[Downtowner]

1 hour ago, I miss RVA said:

Even though on a much smaller scale than the LEGO factory in the south suburbs near Chester, this planned Unilock plant in Hanover is yet another BIG win for the RVA metro as international manufacturer is investing a sizeable amount in a facility here and adding jobs. VERY exciting to see RVA pick up two international-based wins in such a short amount of time.

@eandslee-- perhaps adding this new facility by Toronto-based Unilock will add more credence to (re?)establishing direct air service between RIC and YYZ.

When I used to work for national landscape supply company siteone landscape supply we had a huge hardscapes area and unilock was the go too for a lot of people. It’s very popular. I can see why they chose to set up here.

[Child2021]

If no one has anything pertaining to this above, then expect two more announcements from chesterfield. 

[Child2021]

Oh, and there's another one...

 

[Child2021]

I'm back again with some thing more, Today I read  https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Multifamily_Q2_2022.pdf and I found something rather interesting.....

@I miss RVA, @whw53, or @eandsleeany ideas ?

[I miss RVA]

1 hour ago, Child2021 said:

I'm back again with some thing more, Today I read  https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Multifamily_Q2_2022.pdf and I found something rather interesting.....

@I miss RVA, @whw53, or @eandsleeany ideas ?

This is really encouraging, all in all! And towers up to 20 stories? Residential towers? Where? Do the fine folks at Thalhimers know something we don't? (apparently so...)

Really good find, @Child2021

[I miss RVA]

A topic we've discussed on this forum a number of times - and one I don't think we can overemphasize or discuss too much: when out-of-state retailers make the choice to take a chance on metro RVA for their first Virginia location. We've seen this happening already this year with a handful of out-of-state retailers moving into the area. Here's a great story in today's RBS about another retailer - a hydroponics supply chain based in suburban Denver - opening their first location in the Commonwealth in Meadowbrook Plaza. Even accounting for the fact that NOVA might be cost-prohibitive for some businesses, for metro RVA to be selected AHEAD of NOVA and Hampton Roads is a HUGE win for our region, the importance of which cannot be overstated. I'm always thrilled when I read these kinds of stories because it's proof positive that the RVA market IS seen as a good market into which to come and do business, and the name "Richmond" isn't just some anomalous city name out there in the ether somewhere.

https://richmondbizsense.com/2022/08/02/hydroponic-chain-planting-flag-in-chesterfield-with-first-virginia-store/

[rjp212]

Richmond MSA has some of the lowest rental vacancies in the country. 
 

[I miss RVA]

2 hours ago, rjp212 said:

Richmond MSA has some of the lowest rental vacancies in the country. 
 

And the rate dropped fairly significantly in Q2 - glad to see such a solid amount of absorption - definitely strong encouragement for developers to keep pouring it on!