Richmond: Economy/Business/Real Estate

[journiyin]

How dare you Burt?!

I have an idea of what the article is talking about though. My aunt was afraid of me visiting that friend there. I am glad the bad is being smoked out.

Though it does make me wonder where the 'bad' is being smoked out to....

[burt]

The former commercial building at the corner of 2nd and Cary that was transformed into a Quality Inn is being transformed again. It remains open while light construction progresses and will soon erect signs identifying itself as a HOLIDAY INN EXPRESS.

The manager told me that the Quality Inn has been averaging about 70% occupancy for months and he is expecting even better productivity under the Holiday Inn Express banner.

[eandslee]

The former commercial building at the corner of 2nd and Cary that was transformed into a Quality Inn is being transformed again. It remains open while light construction progresses and will soon erect signs identifying itself as a HOLIDAY INN EXPRESS.

The manager told me that the Quality Inn has been averaging about 70% occupancy for months and he is expecting even better productivity under the Holiday Inn Express banner.

Is that the one at Powhite and Broad (I think it's Broad St.)?

[burt]

Is that the one at Powhite and Broad (I think it's Broad St.)?

No, Eric. This is downtown on Second Street at Cary close to where the National Folk Festival was held. It was built and used as some kind of banking center for Nations Bank (BOA), I think. It's about six stories, buff colored and is near the old Poor Richard's (now a Thai restaurant) in that neat block of Cary between 1st and 2nd Streets.

I believe you are confusing it with the Comfort Inn at 3200 West Broad (across from CBS 6 and its thousand-foot antenna.) It began its life as a Holiday Inn back in the 1960's.

Edited October 20, 2007 by burt

[eandslee]

No, Eric. This is downtown on Second Street at Cary close to where the National Folk Festival was held. It was built and used as some kind of banking center for Nations Bank (BOA), I think. It's about six stories, buff colored and is near the old Poor Richard's (now a Thai restaurant) in that neat block of Cary between 1st and 2nd Streets.

I believe you are confusing it with the Comfort Inn at 3200 West Broad (across from CBS 6 and its thousand-foot antenna.) It began its life as a Holiday Inn back in the 1960's.

Aahhh! Thanks for clarifying that for me. I knew that it had to be either one of the two.

[burt]

There's not much in today's Building Permits column of the RTD, but here's an interesting development in the Commercial Notes:

The 269,097 s/f Richmond Plaza Building covering most of the block bounded by 6th, 7th, Cary and Canal Streets has been purchased from Two-Richmond Plaza LLC by Jemal's Richmond Plaza LLC for $11.8 million.

There CAN'T be more than one Jemal buying up Richmond properties, can there?

[wrldcoupe4]

Oh yeah, Douglas Development bought the Richmond Plaza building a month or two ago... dirt cheap too!

[TBurban]

That's the one with the white and brown stripes, right?

[wrldcoupe4]

Correct... underneath the current facade it's a really cool old tobacco warehouse.

[eandslee]

Correct... underneath the current facade it's a really cool old tobacco warehouse.

Ooooo yeah, I hate the current look of that building. I really hope Jemal can do something with all of these buildings he's buying. So far, nothing has really happened with any of his properties, right?...at least, nothing real noteable. I sure hope he gets started on these properties soon!

[burt]

Ooooo yeah, I hate the current look of that building. I really hope Jemal can do something with all of these buildings he's buying. So far, nothing has really happened with any of his properties, right?...at least, nothing real noteable. I sure hope he gets started on these properties soon!

He has started rehabilitation of three buildings at the corner of 2nd and Broad.

Speaking of Broad Street; I saw no sign of work at the address that is suposed to be Prodigy Partners' CANVAS restaurant between the Convention Center and the Broadway Apartments on Broad between 3rd and 5th. In fact, the buildings were all occupied and offering low cost merchandise as were the building across the street on the south side of Broad in that stretch. The building I like (formerly Grant's) on the s/w cornwer of 4th and Broad is a mess.

Just because stores cater to lower income shoppers is no reason for them to look like trash, IMO. A little cosmetic work on these shops would lift the spirits of everybody. The stores in The Broadway should be an example to all the shopkeepers along the strip.

[Shakman]

I hope to see Richmond Plaza demolished. That entire block has the potential of being prime real estate.

[Downtowner]

Shakman Very Much agree with that. I can see a very nice tower sitting on that property.

[wrldcoupe4]

Before we go knocking down structures that, aside from having an ugly facade added in the 70s which could likely be removed, are solid and in good condition, why not build on the BLOCKS of empty lots nearby?

[Downtowner]

Yeah Coupe that could happen too before knocking this down. I mean I went downtown and found lots of empty lots. It makes me kinda scared cause I feel like VCU will get them leaving no room for private investment.

[burt]

I wonder how long BowTies's property at 3rd and Main will remain a parking lot? For that matter, I wonder how long before the locomotive factory on North Boulevard is transformed into BowTie cinemas?

Some of those empty spaces between 2nd, 5th, Main and The Downtown Expressway have great elevation and would be ideal for signature mixed-use towers.

As I grow older I make more and more typing errors. I wish UP would allow one or two edits before letting the World know that I have made mistakes.

Edited October 22, 2007 by burt

[wrldcoupe4]

Burt, you should pop into BowTie's office, say hello, and inquire about their Richmond properties!

[burt]

Burt, you should pop into BowTie's office, say hello, and inquire about their Richmond properties!

Haha. You know I don't have the cajones to do that. I don't mind smiling my way into Richmond establishments to inquire of progress, but the idea of doing the same on Broadway gives me sweaty palms.

Now that you're a member of the Main Street business set, why don't you pick up the phone and inquire in an official way?

[Shakman]

Before we go knocking down structures that, aside from having an ugly facade added in the 70s which could likely be removed, are solid and in good condition, why not build on the BLOCKS of empty lots nearby?

That would be better, but that structure seems to be such a waste of space in terms af density. Something with the potential of the river views and ground floor retail would suite well there. Douglas Corp must have bought that property for a reason rather than buying empty lots.

Let the market do the dictating.

What is the vacancy for Richmond Plaza?

[burt]

That would be better, but that structure seems to be such a waste of space in terms af density. Something with the potential of the river views and ground floor retail would suite well there. Douglas Corp must have bought that property for a reason rather than buying empty lots.

Let the market do the dictating.

What is the vacancy for Richmond Plaza?

Pretty high, I think, since Northrup Grummon moved from there to Chesterfield.

[burt]

The Richmond Metropolitan Statistical Area ranks well against similar sized competitive metros. From today's inRich:

http://www.timesdispatch.com/content/cva/r...10-21-0022.html

Am I truly getting so incapacitated that I've forgotten how to post inRich stories? This has been happeneing several times since returning from my Richmond trip.

Sorry. I'll try again.

Edited October 23, 2007 by burt

[burt]

I think someone else, if interested, should try bringing over these stories titled "Richmond Compares Favorably" and "Richmond's Rankings" from today's inRich, because I've lost my touch.

Edited October 23, 2007 by burt

[CommRE]

What is the vacancy for Richmond Plaza?

It's actually not bad - only 16% vacant which is better than the overall class B vacancy downtown.

[ric75]

Here's an idea on Regional cooperation. Have Hanover, Goochland, and Powhatan Counties begin creating more vineyards and convince Richmond-area restaurants to serve up their products. Not only would that create a regional pride, it would offer some of Richmond's outlying counties an economic alternative to suburban sprawl.

Virginia is for wine lovers

[burt]

Here's an idea on Regional cooperation. Have Hanover, Goochland, and Powhatan Counties begin creating more vineyards and convince Richmond-area restaurants to serve up their products. Not only would that create a regional pride, it would offer some of Richmond's outlying counties an economic alternative to suburban sprawl.

Virginia is for wine lovers

Last week, while taking the Washington/Rochambeau road (very pretty drive, incidentally, and lightly traveled) from US 301 south of Hanover Courthouse toward Williamsburg, we passed a large vineyard in New Kent County, but I don't remember its name.

Edited October 24, 2007 by burt