Richmond: Economy/Business/Real Estate

[wrldcoupe4]

what's the primary source if you don't mind me asking?

[rjp212]

5 minutes ago, wrldcoupe4 said:

what's the primary source if you don't mind me asking?

https://www.census.gov/housing/hvs/index.html

[KJHburg]

speaking of apartments here is a report that says by 2035 metro Richmond will need 15,000 plus new apartments.  See page 160 of this large report.  You have 72,000 plus apartments currently in complexes with 5 or more units and 66,000 plus single family rentals.  

https://www.naahq.org/sites/default/files/2022-07/NMHC-NAA-US-Apartment-Demand-through-2035 Final 7.27.22.pdf

[wrldcoupe4]

That’s a pretty tepid estimate given current deliveries, strong absorption, and units under construction and proposed. We delivered a third of that number last year alone. There were over 11,000 units under construction in February of this year according to Yardi|Matrix. Pretty sure we will blow past this estimate by 2024 never mind 2035.  

[rjp212]

Richmond came in #6 for 'Best city to start an online business'.

https://wraltechwire.com/2022/08/08/raleigh-ranks-no-1-as-best-city-to-start-online-business-charlotte-is-no-2/

[I miss RVA]

9 minutes ago, rjp212 said:

Richmond came in #6 for 'Best city to start an online business'.

https://wraltechwire.com/2022/08/08/raleigh-ranks-no-1-as-best-city-to-start-online-business-charlotte-is-no-2/

Nice! Austin #3 - no surprise they're top-3. Seattle and San Antonio not shocking either, all in all.  We could almost say that cities 1 through 6 are becoming "the usual suspects" in these recurring economic health rankings. REALLY great to see RVA constantly in this increasingly rather "select" group of cities! 

[I miss RVA]

Great story in today's Richmond BizSense that gives a fine example of exactly why we're in the top-6 in this particular business category. 

Check it out!

https://richmondbizsense.com/2022/08/09/shockoe-bottom-based-tutoring-software-company-raises-4-8m-in-new-capital/

[I miss RVA]

Our good friend from the Carolinas keeps track of a lot of NC-based business publications and in doing so he always very kindly keeps an eye out for appearances by RVA on business/economic health lists. He forwarded this to me - nice to see RVA just behind the Twin Cities and ahead of -- believe it or not - Los Angeles!! - on this publication's list of top cities/metros for corporate headquarters. There are tons of other lists and the usual suspects (and quite a few surprises) are on these lists. The corporate HQ list is the only one that RVA made - but it's great to see our name out and about in the business world. Perhaps the city's new group that's been tasked with pursuing and procuring new business relocations could/should have a look at some of the categories and see what can be done to make RVA a good/better fit for relos to get us into the mix with some of these other cities.

Interesting information, to be sure!

https://businessfacilities.com/2022/08/business-facilities-2022-metro-rankings-report/?oly_enc_id=9918A8536689E2S

[Child2021]

https://www.autonews.com/used-cars/online-used-car-retailer-shift-technologies-plans-merger-carlotz      

Any guess on potential ramifications for the area? Other than the HQ moving to San Fran.

Edited August 10, 2022 by Child2021

[I miss RVA]

Welllllp... THIS is not good! Looks like this tech firm that was moving it's HQ from Austin to RVA (Swansboro/Manchester specifically) isn't doing so and they're not going to lease the property there were planning to go into.

The story is confusing - it says the company is "based in Richmond" with one person. Does that mean the company is also still headquartered in Austin? They were going to hire 155 people once they set up shop in the building at 20th and Semmes.

Either way, this isn't good.

https://richmondbizsense.com/2022/08/11/tech-startup-pulls-plug-on-planned-manchester-headquarters/

Edited August 11, 2022 by I miss RVA

[Jawless]

12 minutes ago, I miss RVA said:

Welllllp... THIS is not good! Looks like this tech firm that was moving it's HQ from Austin to RVA (Swansboro/Manchester specifically) isn't doing so and they're not going to lease the property there were planning to go into.

The story is confusing - it says the company is "based in Richmond" with one person. Does that mean the company is also still headquartered in Austin? They were going to hire 155 people once they set up shop in the building at 20th and Semmes.

Either way, this isn't good.

https://richmondbizsense.com/2022/08/11/tech-startup-pulls-plug-on-planned-manchester-headquarters/

The whole thing has seemed sketchy to me from the start. Vytal doesn't seem to even have a website which is a red flag to me. Their Linkedin says they are based in Richmond, but they only have 1 employee. I'm guessing the other 19 they used to have were contractors. 

I've worked in the tech startup world for the last 10 years. It seems incredibly risky to get an office so early. Even before COVID I was very used to working remotely or in coworking spaces for early startups. 

[I miss RVA]

20 hours ago, Child2021 said:

https://www.autonews.com/used-cars/online-used-car-retailer-shift-technologies-plans-merger-carlotz      

Any guess on potential ramifications for the area? Other than the HQ moving to San Fran.

Here's today's RBS reporting on this story.

https://richmondbizsense.com/2022/08/11/carlotz-brand-to-be-retired-in-merger-with-san-francisco-peer/

[I miss RVA]

RVA now has 38 companies on the "Inc 5000" list -- always good when Richmond makes these kinds of lists. Gotta keep the name "Richmond" front and center in front of the eyes of business folk all over this great land of ours.

From today's Richmond BizSense:

https://richmondbizsense.com/2022/08/17/richmond-region-lands-38-companies-on-inc-5000-list

 

HOWEVERRRRRRRRRRR... on the flipside, a NOVA accounting firm has absorbed a Richmond-based firm. Ugh... methinks we need to do us some poaching of NOVA firms and get 'em to come on down to where it's cheaper to do business.

From today's Richmond BIzSense:

https://richmondbizsense.com/2022/08/17/nova-accounting-firm-absorbs-second-richmond-peer-in-5-years/

Edited August 17, 2022 by I miss RVA

[georgeglass]

Has anyone else been watching the Western & Southern Tennis Tournament that takes place in Cincinnati? There have been actual ads running touting their city as a great place to relocate your headquarters. I think it's a great ad and something we should consider as a city and I love they just put it out there plainly stating the objective. Just curious if anyone else has seen it. I tried looking online for it, but wasn't successful.

[eandslee]

Great interview transcript with Jennifer Wakefield, CEO of the GRP.  Talks about how Richmond landed Lego and also talks about how the GRP markets the region…how it’s behind Raleigh, Charlotte, and Nashville…what the GRP is doing about it:

https://www.bizjournals.com/richmond/inno/stories/news/2022/08/15/greater-richmond-partnership-jennifer-wakefield.html?utm_content=218562971&utm_medium=social&utm_source=facebook&hss_channel=fbp-350808887428&fbclid=IwAR1or4brcoJI98cvwjb3b0OolFFckv25YBZceevUU7h-FlHnhNsjaYu4kFo

[I miss RVA]

4 hours ago, eandslee said:

Great interview transcript with Jennifer Wakefield, CEO of the GRP.  Talks about how Richmond landed Lego and also talks about how the GRP markets the region…how it’s behind Raleigh, Charlotte, and Nashville…what the GRP is doing about it:

https://www.bizjournals.com/richmond/inno/stories/news/2022/08/15/greater-richmond-partnership-jennifer-wakefield.html?utm_content=218562971&utm_medium=social&utm_source=facebook&hss_channel=fbp-350808887428&fbclid=IwAR1or4brcoJI98cvwjb3b0OolFFckv25YBZceevUU7h-FlHnhNsjaYu4kFo

Okay - I'm in love with Jennifer Wakefield, now - because AT LEAST I know I'm no longer the "lone voice crying in the wilderness" about how quickly Richmond ISN'T growing. Thank GOD she's on the side of RVA needs to grow a LOT faster than it currently is. Apologies to all those who would prefer to slam on the brakes and keep growth to incremental at best. I'm sorry guys (and how long have you heard me beating this drum?) ... limiting RVA to just incremental (slow and steady) growth is NOT a good prescription for the city or the region. We need to go hammer down and inject rocket fuel into our growth because we're being left in the dust by our "peers" (I'm beginning to question now whether we are still realistically a "peer" of the cities she mentioned) - and it's obvious that the top business recruiter in metro RVA recognizes this and wants to do something about it. THANK GOD!!!

From the report:

(Q) Do you think there is the necessary talent to support and foster a tech and life science sector in Richmond? 

(Jennifer Wakefield): I think there is, but Richmond has not been growing as fast as it should. Oftentimes when I compare us to other regions, Richmond has tended to outgrow the U.S. and Virginia but those are pretty low numbers. If you look at our peers like Raleigh-Charlotte or Nashville, we are not growing as fast as they are. I think a lot of that is because a lot of corporate executives don’t know a lot about the Richmond market when it comes to being a business location. And as such, talent doesn’t know about us as a business location.

This needs to change and it needs to change damn soon. I am VERY heartened that the CEO of the group that is tasked with being THE mover and shaker when it comes to growing RVA's business community actually GETS IT. Recognizing the problem (and not denying it, ignoring it or worse, embracing it) is the key to solving it! It's a problem that MUST be solved. Don't get me wrong - I'm thrilled that RVA is finally moving forward and that we're seeing tremendous growth in development all over the city. But she can do SO MUCH BETTER than this. I've preached this sermon to any/all who would listen for close to five decades. I'm grateful as can be that FINALLY - someone in a position to actually do something about it is preaching this same sermon. I hope and pray she gets results!

Edited August 22, 2022 by I miss RVA

[I miss RVA]

Another good story about a local start-up company gaining traction - this one in the telehealth industry.

https://richmondbizsense.com/2022/08/25/rheumatology-focused-telehealth-company-launches-in-richmond/

Edited August 25, 2022 by I miss RVA

[I miss RVA]

Interesting story in today's RBS - D.C.-based developer has been snapping up vacant bank brank properties around the area - it remains to be see what will become of them. Definitely an intriguing story.

https://richmondbizsense.com/2022/08/25/d-c-based-firm-snatching-up-richmond-areas-vacant-suntrust-bbt-branches/

[eandslee]

Could the Richmond Metro area land a massive chip factory?  Looks like we've been in the running for a chip factory at least twice before fairly recently and lost to Georgia and Ohio (boy, that Ohio one will be super MASSIVE).  We can't lose again!  Fingers are crossed things work out in our favor.  We could use another massive employer of 10K+!  Bring on the jobs and the people!

https://richmond.com/news/state-and-regional/govt-and-politics/chesterfield-henrico-2-other-va-localities-vie-for-semiconductor-chip-sites/article_3d22f005-e0bb-5787-a899-130839ffa3f0.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Fbreaking&utm_medium=PostUp&utm_content=8af7d0eaf5bba42026bcbde39a6bd3b57d9ca904

[I miss RVA]

35 minutes ago, eandslee said:

Could the Richmond Metro area land a massive chip factory?  Looks like we've been in the running for a chip factory at least twice before fairly recently and lost to Georgia and Ohio (boy, that Ohio one will be super MASSIVE).  We can't lose again!  Fingers are crossed things work out in our favor.  We could use another massive employer of 10K+!  Bring on the jobs and the people!

https://richmond.com/news/state-and-regional/govt-and-politics/chesterfield-henrico-2-other-va-localities-vie-for-semiconductor-chip-sites/article_3d22f005-e0bb-5787-a899-130839ffa3f0.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Fbreaking&utm_medium=PostUp&utm_content=8af7d0eaf5bba42026bcbde39a6bd3b57d9ca904

"LET US PRAYYYYYY!!"

Wow this would be HUGE. Too bad we lost out on the Intel plant to Columbus. WE NEED THIS ONE!

[Wahoo 07]

https://richmondbizsense.com/2022/08/29/city-looks-to-extend-tod-zoning-along-southside-commercial-corridors/

Article about a proposal to rezone key arteries in Manchester (and beyond) to TOD.   This would be a positive development and could fuel better transit options.

[rjp212]

As a Manchester resident, I am all for this. Hopefully this means some new details about the BRT expansion are forthcoming.

[plain]

I would love for more density along these corridors. And we definitely need more transit options. Expansion of the Pulse to the Southside and beyond is great, but I'm concerned about one thing: it's routing on Hull St.

 

We all know the current Pulse line would be as good as it gets if it wasn't for its route on Main St. It gets bogged down pretty bad in Shockoe Bottom during the rush hours, not only because it's in mixed traffic, but also because there's at least one or two idiots who decides to park on Main during the times when they're not supposed to. 

 

Even if the new potential Pulse routes use the Lee or Manchester Bridges (as opposed to the Mayo's Bridge), it still would have to use Hull St to reach Midlothian Tpk and/or continue down Hull, and will be subjected to delays on the stretch of Hull east of Midlothian Tpk. The same kind of delays it experiences in Shockoe during the rush. Also, Hull has those notorious dips in the right lane where the drains are, limiting the speed of the buses (I often notice the bus drivers either slow down or drift into the left lane where the dips are). More people moving along this stretch will make it worse unless the city does something drastic, like widen it, which is going to be very difficult and costly.

 

I see an already easy opportunity along Richmond Highway/Route 1 though. If anything, a dense corridor there should be a no brainer. Plenty of room for median bus lanes, stations, etc.

[I miss RVA]

4 hours ago, Wahoo 07 said:

https://richmondbizsense.com/2022/08/29/city-looks-to-extend-tod-zoning-along-southside-commercial-corridors/

Article about a proposal to rezone key arteries in Manchester (and beyond) to TOD.   This would be a positive development and could fuel better transit options.

Wow - this is HUGE. And the fact that Lynch and Jones signed onboard is actually impressive. Andreas Addison being a driving force behind this AND the previous extension of TOD-1 zoning west along the PULSE line speaks well for him. Any thoughts about him as a possible candidate for mayor in 2024, given his progressive, forward-thinking, pro-growth outlook?

[I miss RVA]

5 hours ago, plain said:

I would love for more density along these corridors. And we definitely need more transit options. Expansion of the Pulse to the Southside and beyond is great, but I'm concerned about one thing: it's routing on Hull St.

 

We all know the current Pulse line would be as good as it gets if it wasn't for its route on Main St. It gets bogged down pretty bad in Shockoe Bottom during the rush hours, not only because it's in mixed traffic, but also because there's at least one or two idiots who decides to park on Main during the times when they're not supposed to. 

 

Even if the new potential Pulse routes use the Lee or Manchester Bridges (as opposed to the Mayo's Bridge), it still would have to use Hull St to reach Midlothian Tpk and/or continue down Hull, and will be subjected to delays on the stretch of Hull east of Midlothian Tpk. The same kind of delays it experiences in Shockoe during the rush. Also, Hull has those notorious dips in the right lane where the drains are, limiting the speed of the buses (I often notice the bus drivers either slow down or drift into the left lane where the dips are). More people moving along this stretch will make it worse unless the city does something drastic, like widen it, which is going to be very difficult and costly.

 

I see an already easy opportunity along Richmond Highway/Route 1 though. If anything, a dense corridor there should be a no brainer. Plenty of room for median bus lanes, stations, etc.

This definitely poses a bit of a quandry because exactly HOW and WHERE does a north/south PULSE line run through Manchester? The city (in the City Center Small Area Plan) has some map renderings showing the PULSE line crossing the James via the Manchester Bridge and NOT the 14th Street Bridge. HOWEVER - since the focus on the plan is City Center and thus downtown, it makes no mention at all about how/where the PULSE line goes once it's IN Manchester.

Some are of the school that any PULSE line MUST run the full length of Hull Street in Lower Manchester simply because that's where most of the high-density development is currently being built, thus, that's where the vast majority of potential riders live at this time. But - as you stated - that becomes a NIGHTMARE from a traffic and speed standpoint because there is NOTHING "rapid" about a BRT line that would have to weave its way through heavy traffic between Commerce Road and the 14th Street Bridge (regardless of north bound or south bound).

Some are of the school that the PULSE line should follow Commerce Road to Hull - make a right on Hull and then follow Hull to Midlo. As you pointed out, that still brings Hull Street traffic into play - but not NEARLY as much as if the PULSE line entered Manchester via the 14th Street Bridge. HOWEVER - as folks in the first school of thought will quickly point out - that takes the PULSE line (in some cases) several blocks from high density development closer to the river and perhaps cuts into ridership. After all - WHO wants to walk two or three blocks to catch rapid transit? (I'll tell you who doesn't - anyone who has never lived in New York or Chicago!)

There's a third school of thought that suggests taking the PULSE line along Semmes Avenue from the Manchester Bridge, turning it south (left) at Cowardin Ave, then right at Hull and right on Midlo. Cuts out a portion of the Hull Street traffic but involves more turns, which can eat into the time saving. Of course, it's met with the same argument that it cuts off the densest portion of Manchester and riders would have to walk to a Semmes Avenue/Manchester station (and who knows specifically where it would be located). But hey ... walking "X" number of blocks to catch a subway in NY or the "L" in Chicago is an every day occurrence. Just sayin' ... 

Finally - the PULSE line could follow Semmes from the Manchester Bridge to Roanoke Street (via Forest Hill Avenue), left on Roanoke Street and then right on Midlo. That would involve the fewest turns and actually might be the FASTEST and most DIRECT route to get from the Manchester Bridge to Midlothian Turnpike. However, it would (again) force riders to walk over to Semmes (wherever the Semmes Avenue Manchester Station is located...)

One FINAL point ... is the first north/south line guaranteed to go out Midlo? Does that mean that there would be significantly more ridership going that route than taking it straight down the Pike (Richmond Highway)? Or would THAT north/south line be it's own, separate line that might cross the river via the Lee Bridge and bring Belvidere Street, VCU, the Arts District, Jackson Ward/Carver/VUU and Chamberlayne Avenue into play?

I realize money drives everything - but OH how I wish the folks in charge would NOT piecemeal the PULSE system planning and just flat lay the whole thing out with some firm plans for firm routes that we know will be coming. (I don't mean BUILD it all at once - but at LEAST have a comprehensive PLAN in place!!)

It's taking a LONG time to get this system off the ground. The first line has been operational now for FOUR YEARS. WHY do we not have at least SOMETHING to show for a second (north/south) line? I do believe other cities that have been implementing rapid transit systems (be they BRT or even light rail) are moving QUITE a bit faster than we are on this. Yes - the pandemic interrupted EVERYTHING on this planet. That's a legit fact. HOWEVER - why not at least have firm plans in place as to what routes are going to be built where and in what order and at least SOME manner of a projected time table? I may be several miles off base on this, but it honestly feels like this thing is being planned out on the fly. That just doesn't cut it.

We need to do better. We CAN do better. And we MUST do better.

Edited August 30, 2022 by I miss RVA