Richmond: Economy/Business/Real Estate

[Downtowner]

Well looks like my cousin will be layed off or move to St Louis. Most likely she will quit her Job and find something new. My cousin works in the Marketing department for Wachovia Securities. Shes one of the middle level Marketing people. She hates working there. She said Wachovia is an awful place to work with not the greatest salaries yet she has her Masters Degree from University of Richmond. She says shes gonna try and get a Job with MeadWestVaco. So guys just to let you all know Wachovia is gone but think of all we have added I mean you have MWV and the new Phillip Morris Research Center. I mean theres alot being added still when you think about it. Im sure too in the new Critical Care Tower new Jobs will be added too.

Edited August 29, 2007 by Downtowner

[gntrphoo]

And let's not forget the steady flow of new hires coming into existing companies. At the fortune 500 company where I work, the new hires this year will be in the triple digits. The numbers may not be big by themselves, but with an economy as healthy as Richmond's they certainly add up.

[burt]

And let's not forget the steady flow of new hires coming into existing companies. At the fortune 500 company where I work, the new hires this year will be in the triple digits. The numbers may not be big by themselves, but with an economy as healthy as Richmond's they certainly add up.

That's encouraging about the stream of new hires, gp. I hope your company is downtown.

[D_C]

That's encouraging about the stream of new hires, gp. I hope your company is downtown.

Now the trick is to get some of these "new hires" and "transferees" to relocate within the city limits. I would say that the city is on the right path with reduced numbers of violent crimes, renewed focus on the city schools and greater attention to governmental spending as is evident on this board. The clone apartments in the west end and chesterfield will always be an easy lure. Hopefully, people coming to the area will give greater consideration to living in "the city".

"Come to Richmond where we have sidewalks, bike lanes and pedestrian plans. Ditch the car for awhile and take a walk in relative safety. Heck, even ride a bus or two."

[burt]

What, if anything, does this breaking story portend for Richmond?

http://www.timesdispatch.com/cva/ric/news/...08-29-0202.html

[wrldcoupe4]

Did I call it or did I call it?!?!?!

Altria Will Move Corporate HQ to Richmond

Altria Group plans to spin off its Philip Morris International tobacco unit, a move designed to give the overseas maker of Marlboros and other cigarette brands more freedom to pursue sales growth in emerging markets.

Altria plans to close its New York City headquarters and move the offices to Richmond, home to PMI’s domestic counterpart, Philip Morris USA. Altria chief executive Louis Camilleri says about 400 to 600 New York workers will lose their jobs.

This would be another fortune 500 feather in Richmond's hat...

Edited August 29, 2007 by wrldcoupe4

[Cadeho]

Another downtown tower or taking up vacated space?

[TBurban]

Another downtown tower or taking up vacated space?

I hope they either fill in lost space where Wachovia was, or push for the James Center expansion. All around good news though!

Edited August 29, 2007 by TBurban

[burt]

Some of wonder if they are not going to be the "mystery" tenant in the fast-tracked building under construction at Reynolds Crossing.

That's almost in your territory, Tommy. Why don't you snoop around and try to find out what's going into Reynolds Crrossing?

And yes, Coupe you rascal. It seems you DID call it.

Edited August 29, 2007 by burt

[eandslee]

...or maybe they'll move into the triangle lot tower downtown! This is very SWEET NEWS despite all the bad news regarding all the layoffs!

[Downtowner]

Wow this is indeed great news. Guys I was actually just in the city with a friend of mine but only on monument avenue at his dads place playing a few rounds of pool. But ya this is great news just wait untill the interest rates and everything goes down and times boom again we will really benefit during that time in the future again.

[wrldcoupe4]

http://www.nbc12.com/news/state/9451946.html

Updated with video and commentary. The Altria news will be big for us. According to the clip, they'll bring down about 200 very high paying jobs and it basically cements their commitment to Richmond. Coupled with PMUSA's corporate relocation a couple years ago, the $300 million research center downtown, and the major expansion of the production facility (which is also high paying jobs), and it's pretty apparent that Philip Morris/Altria intends to have a major impact in our community.

Randy Cost describes Altria as a "shrink-swell" company... basically it expands and contracts depending on what seems best at the time. This seems like a shrinking move, which means in the future it may swell again. Aside from Philip Morris, Altria also has a considerable stake in SABMiller, as well as the lesser known Philip Morris Capital Corporation.

Also, here's an article from the NY Times:

Altria to spin off overseas unit; move offices to Richmond

The company plans to close its New York City headquarters as part of the plans, helping save at least $250 million a year in overhead, Altria’s chief executive, Louis C. Camilleri, said in a conference call.

Altria’s offices and some jobs will move to Richmond, Va., where Philip Morris USA is based. Philip Morris International will maintain a small office in New York. About 400 of 600 current New York employees will lose their jobs, Mr. Camilleri said....

Sales at Philip Morris International, based in Lausanne, Switzerland, are more than double those at the United States unit, with 2006 revenue of $48.26 billion, compared with Philip Morris USA’s $18.47 billion.

Edited August 30, 2007 by wrldcoupe4

[burt]

Here's the story from this morning's TD. It says in lots of words what the NY Times summed up in a few paragraphs. Curious why the caption writer at the TD put a question mark at the end of it. How could it not be good for Richmond?

http://www.timesdispatch.com/cva/ric/news/...08-30-0269.html

[burt]

Ptaylor on RCW says that his and about 17 other doctors with offices in the Alcoa Building have been given eviction notices. Alcoa is in an existing building across from PM USA in Reynolds Crossing just behind the rising Westin Hotel and the "mystery" building that is under construction. Eviction date has not been announced, but it is anticipated to be between now and January of '08. They have not been told WHY they are being forced to move.

It is only speculation that it has something to do with Altria's arrival.

[burt]

There's an item in today's TD Building Permits column that is interesting:

Lucky Strike LLC, owner - J. A. Heisler Construction Co., 50 Pear Street, tenant improvement and utilities, $645,000.

Could that be either The Lucky Strike Power Plant or possibly that building downhill on Pear below Cary?

Aren't residential units in the big L/S building coming on line soon?

PS: I thought Forest City was the owner.

And how is Cutters Row doing?

[Downtowner]

Did any of you all know about this?

CMSS ARCHITECTS ADDS A NEW OFFICE IN RICHMOND, VA

http://cmssarchitects.com/News_Richmond_Office.php

[TBurban]

Did any of you all know about this?

CMSS ARCHITECTS ADDS A NEW OFFICE IN RICHMOND, VA

http://cmssarchitects.com/News_Richmond_Office.php

Here's hoping they invest in the city and develop more 'Rockett's Landing quality' projects!

[burt]

I have a sneaky suspicion that this firm is involved in plans for the proposed tower on the downtown triangle at 8th/9th/Cary/Canal Streets. They have done a few high rises in Hampton Roads.

Edited September 13, 2007 by burt

[burt]

How will this affect future residential development in the city? It's from today's inRich:

http://www.inrich.com/cva/ric/news/busines...09-13-0133.html

[Henry]

Wonder why Tyler voted against it Burt. He sure seems to be zigging while everyone else is zagging.

[burt]

Wonder why Tyler voted against it Burt. He sure seems to be zigging while everyone else is zagging.

I'm sure he had honorable reasons.

But you know, I'm so relieved it passed and will be reality that I'm not even going to read, much less, entertain the opposition's after-the-fact quarterbacking.

It's onward and upward in a positive way, as far as I'm concerned.

2009 is going to be a big year for the arts in Richmond. I hope I'll still be around to enjoy the new VMFA and RCS.

[eandslee]

2009 is going to be a big year for the arts in Richmond. I hope I'll still be around to enjoy the new VMFA and RCS.

You'd better be around burt! I don't know what this message board would be without ya! You are in fairly good health right? Based on how much you travel, I think you are and should be able to enjoy the new VMFA and RCS with ease. If you ever think you're going...please give us a "heads up" otherwise we're probably never going to know...other than your absence here. Just don't plan on doing that anytime soon! We need ya bro!

[Cadeho]

Burt why do you make people think you're very old or in very poor health? You're not 100 yet! Of course Burt will be around!

Edited September 14, 2007 by Cadeho

[journiyin]

I'm sure he had honorable reasons.

But you know, I'm so relieved it passed and will be reality that I'm not even going to read, much less, entertain the opposition's after-the-fact quarterbacking.

It's onward and upward in a positive way, as far as I'm concerned.

2009 is going to be a big year for the arts in Richmond. I hope I'll still be around to enjoy the new VMFA and RCS.

Whatever the reasoning... which i think was the fact that it wasnt made an absolute requirement, it is a huge step in the right direction to require affordable housing. 10% per development should be a standard, not a bonus IMO.

[burt]

Wonder why Tyler voted against it Burt. He sure seems to be zigging while everyone else is zagging.

Apologies, Henry. My one-track brain assumed you were referring to Tyler's nay vote on another subject.

Could it be that the gentlemen is jockeying for a run to the mayor's office and, by displaying his independence, is attracting considerable attention to himself?