Richmond: Economy/Business/Real Estate

[Shakman]

...and one who gets up and leaves in a huff when Short Pump is mentioned.

Just having fun, cam.

Careful... Cam may but a hit on me during the meeting.

[Cadeho]

What whining? What Short Pump? This is one of the few good developments that actually want to do things the right way than sprawl. They also recognize the farm's historical significance and don't want to trample on that, which a lot of developers would not even think about doing. They're on my good side.

And since my day did not go as expected, I guess there won't be a haircut. I can shave though...

Nah Shak I won't hit you, just put you in a headlock and shine away! *Curly Whoop-whoop-whoop-whoop!*

Edited November 13, 2006 by Cadeho

[Cadeho]

They've also updated their schedule to include meetings everyday of the week.

[wrldcoupe4]

Genworth's $750,000 gift will help establish Arts School downtown at Thalhimer's site

The Genworth Foundation is announcing today a $750,000 grant to fund an arts-education center to be called the Genworth Bright Lights Education Center at the Virginia Performing Arts Center....

J. Robert Mooney, acting executive director of the arts foundation, said the $750,000 pledge from Genworth has been included in the $10 million in private funds previously reported as raised by the foundation.

He said the $10 million does not include $4.5 million in state funds approved for the arts-center project and nearly $1.3 million in federal funds approved for the education center when it was slated to be established at the Landmark Theater. Foundation officials are seeking federal permission to be able to use the funds in the Carpenter Center block.

Officials with Genworth said its grant for the education center comes on top of the company's donation of the former Miller & Rhoads building to the city to support the revitalization of downtown.

Looks like the foundation has $4.2 million dollars to go with 6 weeks left. Mooney says to he expects more key announcements in the coming weeks.

The article states that VAPAF wants to work at the Thalhimer building to coincide with work beginning on the Carpenter Center for the Arts which will begin next year.

[Shakman]

Genworth's $750,000 gift will help establish Arts School downtown at Thalhimer's site

Looks like the foundation has $4.2 million dollars to go with 6 weeks left. Mooney says to he expects more key announcements in the coming weeks.

The article states that VAPAF wants to work at the Thalhimer building to coincide with work beginning on the Carpenter Center for the Arts which will begin next year.

...and now if Genworth can move Downtown.

[eandslee]

...and now if Genworth can move Downtown.

I second that!

[burt]

Genworth's $750,000 gift will help establish Arts School downtown at Thalhimer's site

Looks like the foundation has $4.2 million dollars to go with 6 weeks left. Mooney says to he expects more key announcements in the coming weeks.

The article states that VAPAF wants to work at the Thalhimer building to coincide with work beginning on the Carpenter Center for the Arts which will begin next year.

I was surprised to learn that Genworth had donated the M&R building to the city. I had not known that.

VAPAF wants to work on the Thalhimer building at the same time as the Carpenter Center because the two will be joined. Additional lobby space, restrooms and I believe elevators for CC patrons will be in the Thalhimer structure.

PT, on the other board, speculated about some of the Quincy Cole Windsor Farms estate money going to VAPAF. Of course, given his loathing for the project, he was spitting those words thru his teeth. But I think such a contribution from the sale of the property approved yesterday by a judge would be excellent and quite fitting given Cole's love for the arts.

Edited November 14, 2006 by burt

[wrldcoupe4]

Wow, the Richmond area's unemployment rate dropped to 2.8% in October, down from 3.3% in September

Virginia Unemployment Rate at 5-year Low

Edited November 29, 2006 by wrldcoupe4

[burt]

The Jefferson Hotel has switched its advertising account from the Meridian Group in Virginia Beach to Neathawk Dubuque & Packet on East Cary Street in Richmond.

The Jefferson, one of only 27 hotels in North America boasting AAA 5-Diamond and Mobil 5-Star ratings, will be adopting a new ND&P ad campaign aimed at promoting the hotel and the City of Richmond as a destination tourist and business market.

The Meridian Group will retain its Jefferson Hotel corporate affiiation by continuing to market Kiawah Island Resort in South Carolina.

This is based on a report by Bob Rayner in today's RTD.

[wrldcoupe4]

It's official: Ukrop's Supermarkets Not For Sale

There's been rumors for years about this, and I'm glad to hear it won't be happening. It seems that most local companies lose a lot when they are bought out by companies based elsewhere.

Richmonders have speculated on and off for years about a potential sale of Ukrop's Super Markets Inc., the area's leading grocer.

But rumors about the family-owed chain selling have taken on a life of their own since July....

In a rare departure of not commenting on the rumors, Ukrop's executives flatly said the company is not for sale.

"We can assure you that we have not spoken or talked to a single company, broker or banker about the possibility of selling our company. End of story," said James E. Ukrop, the chairman of the grocery chain and its First Market Bank affiliate.

Robert S. Ukrop, the chain's president and CEO, said, "I echo what he told you."

Good news indeed! I've heard Jeff Ukrop is being groomed to lead the company after Bobby Ukrop steps down eventually, but of course, that's basically a rumor too

[burt]

Glad this rumor is laid to rest.

[burt]

The Jemal name is mentioned in todays Building Permits column; something dealing with an upfit at 701 E. Franklin.

And almost every week (not today) there's upfit news about BankAmerica bldg. Wonder why the four top floors always apper dark in night pix?

[wrldcoupe4]

The top four floors were vacated by Troutman Sanders when they moved to Riverside on the James. I think they are still trying to fill the space.

Wait a minute... 701 E. Franklin is the 7th and Franklin building. I had no idea Douglas Development owned that office tower as well. Hmm... I'll have to look into that.

[burt]

Whilst all you kiddies prepare for Santa, old Grinch Burt will keep this posting board busy with a few items to entertain between Christmas preparations.

The Building Permits column has a few interesting items: 1111 East Main, better known as Bank of America, is listed again. The Advantis Construction Company is working on an $116,000 alteration in the building.

The Edgeworth Building has a $70,000 alteration going on in the newly restored building.

205 North 19th is being renovated for offices/condos to the tune of $574,000. Personal observation: This could be the beautiful old house on the east side of 19th between Grace and Broad. A Synagogue a few doors north has already been refitted to condos. Sterling Row is one block south on the other side of 19th street.

111 Virginia Street is undergoing $89,300 worth of work to fit up as a restaurant/cafe. Some exterior construction is involved. Personal observation: Tho the address is listed as 111 Virginia Street, I think this is the old Southern Depot fronting the canal on the south and 14th street on the east.

[burt]

Is Stamford getting back at Richmond for luring Mead WestVaco from the Connecticut city to the banks of the James?

Late news today is that Richmond's Cadmus Communications Corp, a large printing company that employs over 3000 people, of which 600 are in Richmond, will likely be sold to Cenveo, Inc. based in Stamford.

Will that mean the Richmond staff will be significantly reduced? Or, perhaps the reverse?

The final deal is subject to stock holders approval, expected in January.

[burt]

There is, IMO, an excellent editorial in today's RTD titled STAR. It speaks to the successful raising of $20M toward rehabilitation of a Thalhimer building at 7th and Grace toward entertainment, educational and administrative uses. The building will also provide additional restrooms and lobby space for the Carpenter Theatre and, I hope, elevators to the theatre's upper balcony.

Style points out today that it is up to City Council to determine which projects will be built with Mr. Wilder's City of the Future funds. According to Style, one half of the $300M amount has been secured though Bank of America.

[burt]

Brian Glass, a senior VP of Grubb & Harrison/Bates Real Estate has high hopes for Richmond. Three subjects are discussed by him today in the RTD -- The Performing Arts Center; a Richmond Braves baseball stadium, and urban development of the Boulevard north of Broad Street.

Like me, he is hopeful about theatre downtown. Following are his comments:

"...While the proposed name of the center, Richmond CenterStage, doesn't particularly excite me, the fact that the needed $20 million that has been raised will allow for the development of not only the expanded Carpenter Center but at least two smaller venues adjacent to the Carpenter Center. The estimated total cost is $65 million.

"My wish for 2007 is for the city to back off with regard to the ownership of the property. It's simply not what our city does best. If you want a good example, look at The Landmark Theater (another terrible name choice). It is owned by the city, was renovated by the city and is now in dire need of major surgery. That, to me, is proof positive that this is not the business the city needs to be involved in. I am certain there are other ways to protect the city's investment than having to own the performing arts center outright.

"If the ownership issue becomes a sticking point and the project is further delayed, the cost will only increase. That's a vicious spiral that needs to be avoided at all costs."

----------------------------------------------------------------------------------------------------------------------

See the Richmond Braves Baseball Stadium Proposals thread for other comments from Glass.

Edited January 1, 2007 by burt

[burt]

According to a story in today's RTD Business section, Virginia's third largest law firm is merging with Maupin Taylor, P.A. in Raleigh. The combined company will have over 300 attorneys and a total of 700 employees. For the nonce, it will be called William Mullin/Maupin Taylor, but the Raleigh firm's name will be dropped soon after the merger.

I hope the firm's main office will remain in Richmond.

See the story by our transportation friend Chip Jones at www.timesdispatch.com.

[burt]

Here are a couple of items from today's TD Building Permits column:

VCUREF - 113 South Jefferson Street; interior/exterior demolition, foundation restoration and structural steel; $2 million.

My comment: This is the transformation of the old Belting Building into VCU's new Ad Center.

James Center Properties - 1021 East Cary Street; tenant upfit; $78,789.

My comment: Isn't this the Wachovia headquarters building?

Edited January 7, 2007 by burt

[wrldcoupe4]

Wachovia HQ? I know Wachovia Securities HQ is in Riverfront Plaza's West Tower. Wachovia Virginia's main office is in James Center... is that what you mean? James Center is pretty full.

[burt]

Wachovia HQ? I know Wachovia Securities HQ is in Riverfront Plaza's West Tower. Wachovia Virginia's main office is in James Center... is that what you mean? James Center is pretty full.

Doesn't that James Center building have "Wachovia" emblazoned along its roof line? Anyway, the tenant upfit is in that building, so they must have had some space available. Nice to hear that occupancy is high, though.

[wrldcoupe4]

Yeah, James Center occupancy is over 95%

[wrldcoupe4]

After a stellar year, what can 2007 bring?

Employment growth in the Richmond region will keep the local economy healthy and help it continue to grow according to Andrew Little.

In the final analysis, it won't be rates staying low, or housing inventory decreases that keeps Richmond's economy on solid ground. It will be employment growth from Richmond's top 10 employers and the exciting additions to the top 50 list that will keep Richmond's economy and real estate market on strong footing throughout 2007.

[burt]

I keep forgetting that Northrop Grumman is going to be a very large presence in Metro Richmond. The city got Mead Westvaco and Chesterfield, as Jason pointed out when we discussed the ugly building at 7th and Cary, will soon be home to hundreds of employees of N/G.

As Andrew Little says, Northrop Grumman very possibly will attract other hi-tech companies to the area.

NG, M/WV and Brac's addition of 7000 military personnel to Ft. Lee will lead to a considersble population surge.

[burt]

According to a story in today's RTD Business section, Virginia's third largest law firm is merging with Maupin Taylor, P.A. in Raleigh. The combined company will have over 300 attorneys and a total of 700 employees. For the nonce, it will be called William Mullin/Maupin Taylor, but the Raleigh firm's name will be dropped soon after the merger.

I hope the firm's main office will remain in Richmond.

See the story by our transportation friend Chip Jones at www.timesdispatch.com.

POSSIBLE CORRECTION: I may have been wrong in assuming Richmond is headquarters for the William Mullin law firm. News reports have not identified a headquarters city for the firm pre nor post merger. All I can say for sure is that William Mullin P.A. does maintain an office in Richmond and will continue to do so after the merger.

Maybe one of you can offer clarification.