Richmond: Economy/Business/Real Estate

[burt]

Of the nine coinventions being held in Richmond between today and next Sunday, five are at the downtown Greater Richmond Convention Center. Since most of them overlap, the 700,000+ s/f center with its huge exhibition hall, ballroom and multiple meeting rooms will be a busy place.

Also, at the weekend, 10's of thousands will be attending The Richmond Folk Festival seven blocks away on the banks of The James River.

I bet a quarter hotel managers are smiling.

From today's Biz Buzz in the RTD:

http://www2.timesdispatch.com/business/2010/oct/04/conv04-ar-539916/

[burt]

I don't know how current the following information is, but I found these items in today's RTD's Building Permits column interesting:

501 South 5th Street, Foundry Park owner; tenant fitup/office -- $1,035,996.

My question: Isn't this the address of the new MeadWestVaco building?

Branch Retail, owner; addition, 1805 East Broad Street -- $240,000.

My question: Is this the old public bath house at the corner of 19th and Broad?

Stony Point Fashion Park; 9200 Stony Point Pkwy; alterations -- $200,000.

My comment: I don't think this is the cineplex.

Carol D. Woodward; 221 West Main Street; tenant fitup/retail -- $618,802

My comment: This address is at the corner of West Main and Madison Streets -- across the street from and a block west of The Jefferson Hotel. Seems an odd location to invest more than half a million in retail.

[Icetera]

I don't know how current the following information is, but I found these items in today's RTD's Building Permits column interesting:

501 South 5th Street, Foundry Park owner; tenant fitup/office -- $1,035,996.

My question: Isn't this the address of the new MeadWestVaco building?

This most certainly is.

Carol D. Woodward; 221 West Main Street; tenant fitup/retail -- $618,802

My comment: This address is at the corner of West Main and Madison Streets -- across the street from and a block west of The Jefferson Hotel. Seems an odd location to invest more than half a million in retail.

It is also the block adjacent to the new Snead Hall and 2 blocks from the new student housing structure under construction on Canal. Henry and Monroe Streets will also being seeing increased foot traffic once the two parking decks are completed, though this location would be 1 block out of the way East. There is also the Doubletree across the street and several residence mid/high-rises.

[wrldcoupe4]

Carol D. Woodward; 221 West Main Street; tenant fitup/retail -- $618,802

My comment: This address is at the corner of West Main and Madison Streets -- across the street from and a block west of The Jefferson Hotel. Seems an odd location to invest more than half a million in retail.

My guess is 7 Eleven.

[burt]

The Pipeline column in Richmond Biz Sense shows leasings by local realtors. Among the five companies listed, Thalhimer and CB Richard Ellis have negotiated a few deals downtown.

I like the skyline photo.

http://www.richmondb...up-for-10-8-10/

Edited October 8, 2010 by burt

[burt]

Now, here's an interesting item I saw today in the RTD's Building Permits column:

P Cafe, LLC; 2617 West Broad Street; alterations $200,000.

2617 West Broad Street is a building that was originally constructed by the Auto Club of Virginia in the 1960's. Subsequently, it was occupied by Julian's Italian Restaurant which moved a block west from Robinson and Broad into the AAA building at Broad and Mulberry Streets (2617 W. Broad.)

When Julian's closed, I'm pretty sure the building was purchased by Sam Moore of Velvet Club fame.

Does anyone have any information on P Cafe?

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Here's another item in the Building Permits column:

Chong Y. Carmichael; 1711 East Franklin Street; tenant fitup $330,000.

I believe 1711 East Franklin was the site of Papa Ningo's restaurant in Shockoe Bottom. I wonder what Mr. Carmichael's plans are for the site?

Edited October 11, 2010 by burt

[burt]

This news is about the entire state -- not just Richmond.

Forbes names Virginia as the second best state for business, while CNBC also puts Virginia in second place.

Utah beat out The Old Domion on Forbes list and Texas is top dog in CNBC's rating.

From today's RTD:

http://www2.timesdispatch.com/business/2010/oct/15/b-rank15-ar-564180/

[Brent]

I couldn't help but notice this little bit of irony in the first two paragraphs. Forbes says that VA fell to second placed in part due to rising labor costs. Utah advanced to first place in part due to "surging household incomes" i.e. increased labor costs.

While I love that we rank so high on these lists, it's all complete BS.

Edited October 15, 2010 by Brent

[burt]

There was a lot of talk last night at the posh Country Club of Virginia about a possible uptick in local commercial activity, praise for Richmond's stability and, not surprisingly from this wealthy assemblage, criticism of and blame-laying on the Federal Government.

From Carol Hazard in today's RTD:

http://www2.timesdis...it20-ar-573958/

Edited October 20, 2010 by burt

[wrldcoupe4]

While the panel was critical of certain federal policies, they did collectively laud the government for pushing green standards in buildings (through GSA requirements and policy), from LEED to green cleaning products to energy star certifications for improving building operations.

[burt]

Here's a switcheroo!

From Chesterfield County to Downtown Richmond.

River Front Investment Group is taking over the Richbrau Brewery in Shockoe Slip and will move 22 of its employees, now at The Arboretum, to the city.

Renovation of the restaurant into eye-dazzling office quarters is anticipated to be finished by next summer.

From Richmond biz sense:

http://www.richmondb...hbrau-location/

Note comment at bottom of the story by Nathan Hughes who has been a some-time contributor to the Richmond Dining Out thread here at Urban Planet.

I can think of at least one other company in Chesterfield that possibly may relocate to downtown.

Edited October 24, 2010 by burt

[burt]

Major economic news!

Capital One Finaancial Corp will add 1,000 jobs in Virginia during 2010 and 2011. 700 of them will be in Henrico where the company has purchased two buildings.

What will be the total number of Richmond area employees after the 700 new workers are hired? And is their campus-like office park at West Creek in Goochland county full?

From today's breaking news at RTD:

http://www2.timesdis...at26-ar-587446/

Edited October 26, 2010 by burt

[burt]

Here are more details about Capital One Financial Corp's expansion in Metro Richmond.

Locations in other states were considered.

The 700 new jobs will be in Call Center operations. The company has purchased two buildings formerly occupied by Wachovia at Innsbrook.

This story is from today's Richmond biz sense.

http://www.richmondb...bs-to-richmond/

Edited October 26, 2010 by burt

[burt]

New York based broker dealer Braver Stern is opening offices in Boston and Richmond. An office location in Richmond has not yet been identified, nor has the number of employees been announced.

From today's Richmond biz sense:

http://www.richmondbizsense.com/2010/10/25/nyc-based-financial-firm-opens-richmond-office/

[burt]

Carol Hazard has provided a more detailed story about Capital One Financial Corp's planned hiring of 1,000 new employees. 700 will work in former Wachovia buildings at Innsbrook, and of the remaining 300 new hires, some will be absorbed into the Capital One campus at West Creek in Goochland County.

From today's RTD:

http://www2.timesdispatch.com/business/2010/oct/27/capo27-ar-588956/

[burt]

MORE GOOD NEWS -- this time, for Downtown Richmond.

Health Dianostic Laboratory, Inc in Richmond's BioTechnology Park is expanding and adding 213 new jobs.

From Breaking news in today's RTD:

http://www2.timesdis...at27-ar-590454/

While on the subject of the BioTech Park, I read last week that a stretch of North 7th Street would be closed for a day over the weekend to permit work on "signage and lighting" at Philip Morris Research Center. Has anyone noticed any changes to the building bounded by 5th, 7th, Leigh and Jackson Streets?

Edited October 27, 2010 by burt

[burt]

MORE GOOD NEWS -- this time, for Downtown Richmond.

Health Diagnostic Laboratory, Inc in Richmond's BioTechnology Park is expanding and adding 213 new jobs.

From Breaking news in today's RTD:

http://www2.timesdis...at27-ar-590454/

While on the subject of the BioTech Park, I read last week that a stretch of North 7th Street would be closed for a day over the weekend to permit work on "signage and lighting" at Philip Morris Research Center. Has anyone noticed any changes to the building bounded by 5th, 7th, Leigh and Jackson Streets?

Today's story on Health Diagnostic Laboratory's growth has conflicting figures.

The body of today's story indicates that employment level is now at 129 and plans are to reach the 213 level by 2011. But the caption below the photograph leads one to assume a total of 213 NEW employees will be hired.

So, is it 213 new hirees or 84?

From a misleading story in today's RTD:

http://www2.timesdis...bb28-ar-601861/

Edited October 28, 2010 by burt

[burt]

RTD writer John Blackwell advises that 84 is the true number of new hires anticipated by Health Diagnostic Laboratory in Richmond Biotech Park.

He says "The CEO of the company told me she expects to have a total of 213 employees by late 2011, and that includes 129 already hired."

Blackwell did not write the caption beneath the photo.

Apparently the Governor's initial news release was misleading.

[burt]

There are two interesting news items in today's RTD Building Permits column:

Ron Stallings and Robin Miller, doing business as Jackson Commons Partnership: 701 St. James Street, $2,250,738.

I suppose this project is more residential in Jackson Ward.

Also,

MGJ Limited, Co., 3507 West Cary Street, retail supermarket. $2,631,000.

This has to be related to the Kroger expansion.

[burt]

The giant complex formerly known as Qimonda in Eastern Henrico is slowly coming back to life as a data center. Square-foot by square-foot and megawatt by megawatt, new owner Quality Technology Services is beginning to lease space in the 1.3 million s/f facility.

From today's RTD:

http://www2.timesdispatch.com/business/2010/nov/04/b-qtse04-ar-629496/

[540_804]

My guess is 7 Eleven.

Exactly right.

So far I've seen some street-scaping/brickwork/paving being done and a few workers inside the building.

$600,000 still seems like a really high price tag to convert this space.

[burt]

Exactly right.

So far I've seen some street-scaping/brickwork/paving being done and a few workers inside the building.

$600,000 still seems like a really high price tag to convert this space.

Just to clarify, Wrldcoupe4 and 540_804 are referring to property at 221 West Main Street (southeast corner of W. Main and Madison Streets) which is undergoing a $600,000 tenant fit-up.

Edited November 4, 2010 by burt

[burt]

Rapid expansion at Ft. Lee in Prince George County is key to Richmond's growth, says Eugene Trani who was President of VCU prior to his recent retirement. Trani now heads up a new think tank called Richmond's Future.

From today's RTD:

http://www2.timesdispatch.com/news/business/2010/nov/06/b-tran06-ar-634906/

[burt]

Eleven condo units of Presidential Court at 212 West Franklin Street are being auctioned. I've heard that bidding will begin as low as $50K.

The project, a block west of The Jefferson Hotel, has a total of 27 units, so apparently more than half sold.

http://www.motleys.com/auction/11-luxury-condos-richmond-va-1-2-br-parking-gym-indoor-pool-library-212-w-franklin-street-pu

[burt]

Major economic news!

Capital One Financial Corp will add 1,000 jobs in Virginia during 2010 and 2011. 700 of them will be in Henrico where the company has purchased two buildings.

What will be the total number of Richmond area employees after the 700 new workers are hired? And is their campus-like office park at West Creek in Goochland county full?

From today's breaking news at RTD:

http://www2.timesdis...at26-ar-587446/

About one hundred of the expanded jobs at Capital One in Richmond will come at an economic cost to New Orleans.

From today's RTD:

http://www2.timesdis...at09-ar-641229/

Edited November 9, 2010 by burt