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Richmond: Economy/Business/Real Estate


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Heard this from a friend who usually is pretty accurate.  He heard that Costar maybe planning the tallest building in Virginia on their vacant plot next to their existing building.  Have any of you he

A global biotechnology company chose to locate in Richmond over North Carolina: https://augustafreepress.com/global-biotechnology-company-to-locate-in-city-of-richmond/ https://www.richmond.

So this could explain why the city feels like it’s exploding!

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I knew SunTrust's mortgage HQ operations were based in Richmond, and I knew their tower on Main Street was for the banking operations, but I had no idea Richmond was the bank's center of operations for the Mid-Atlantic.

"Richmond is SunTrust's mid-Atlantic headquarters for the Atlanta-based bank. The region includes Virginia, Maryland, Washington and North Carolina. The company operates mostly in the Southeast and mid-Atlantic states."

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Here's another RTD story -- this one from today -- about Cold Storage development north of Broad in The Bottom.

I just don't think I could live in an apartment without windows, but maybe the "atrium" arrangement will work.

http://www.timesdispatch.com/content/cva/r...07-08-0103.html

Interesting concept. My building is set where most apartments only have windows on one side of the unit. For instance, my bedroom and bathroom have no windows.

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There are a couple of stories in the TD about the Phillip Morris closure of its plant in North Carolina. 2500 jobs will be added to the Richmond cigarette-making plant on I-95 south of the city, and Richmond executives have been down there telling the workers about Richmond and urging them to transfer here for jobs paying $17 to $29 per hour.

Nobody likes to be uprooted, and many Carolinians are mulling their futures.

2500 new workers, whether transferees or new hires, will strongly affect the Richmond economy. And so will the expansion of Fort Lee. But we still don't know what the impact will be when Wachovia Securities leaves Richmond for St. Louis.

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From reading an earlier article it sounds like some higher-ups there had a grudge with the city. Great way to do business... :rolleyes:

I'm considering finding a new bank now. BOA is not an option. Anyone have other suggestions?

ric75, isn't the nearest thing to a local bank Ukrop's First Market?

Nobody can say this Wachovia departure has come as a surprise; they'll leave behind about 500 of its 2600 employees, one hundred of which will be high-paying jobs, according to this report.

That's interesting about the grudge factor. Fill us in if you can.

I had always figured that Wachovia Securities would eventually leave Richmond for Charlotte. The St. Louis buy-out, or buy-in (I don't remember who acquired whom), surprised me.

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From reading an earlier article it sounds like some higher-ups there had a grudge with the city. Great way to do business... :rolleyes:

I'm considering finding a new bank now. BOA is not an option. Anyone have other suggestions?

There are quite a few local banks, actually. I'm sure I don't have an exhaustive list here but:

River City Bank

First Market Bank (as burt suggested)

First Capital Bank

Provident Bank

Bank of Richmond

Bank of Goochland

Bank of Powhatan

Millenium Bank

I think Provident has branches in MD, too, so I don't know if that qualifies. The others are small, hometown banks, I believe.

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Today's TD story by Carol Hazard leaves the impression that Wachovia will lay off a large number of employees rather than offering them similar jobs in St. Louis. So, Richmond won't be losing 2000 people; they'll just join the unemployment line.

About 475 in management and technological positions will remain on payroll in Richmond.

The shift is expected in about 18 months. It will leave a lot of vacant space in Riverfront Tower East. But the story posted above by Coupe points out that Richmond has been named the 6th best metro in the US by Expansion magazine. Maybe that will help attract more big companies to the area. Meanwhile, we have to hope the Wachovia loss will not dampen plans for the new tower at 9th and Cary.

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Also Village Bank, Central Virginia Bank, and I believe First Community is Richmond-based.

SunTrust, while large, has been pretty good to Richmond. Richmond is home to its mortgage HQ and main operations, plus its Mid-Atlantic HQ.

Meanwhile, we have to hope the Wachovia loss will not dampen plans for the new tower at 9th and Cary.

Given the dynamics of the proposed tower, the Wachovia deal shouldn't.

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Also Village Bank, Central Virginia Bank, and I believe First Community is Richmond-based.

SunTrust, while large, has been pretty good to Richmond. Richmond is home to its mortgage HQ and main operations, plus its Mid-Atlantic HQ.

Given the dynamics of the proposed tower, the Wachovia deal shouldn't.

I suspect the move will hit area foundations, social organizations, etc. that have been grateful for Wachovia's financial support.

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I had always figured that Wachovia Securities would eventually leave Richmond for Charlotte. The St. Louis buy-out, or buy-in (I don't remember who acquired whom), surprised me.

No surprise here. I worked for them (they were then First Union Securities) back when they bought Everen Securities, and it was only through last-minute lobbying that the whole operation didn't up and move to Chicago. I understand a move to NYC was seriously considered during the Prudential merger as well.

The Richmond 'loyalty' died with James Wheat.

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