Richmond: Economy/Business/Real Estate

[540_804]

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

Wow, I would have expected that more of these had sold. They are really nice units.

I'm guessing the $50k rumored starting bid is just to gain interest. I wonder if there is a reserve. If even the smallest unit can be had for under $100,000 then I would bet its a pretty good investment. I viewed a really tiny studio/efficiency unit in the building that was renting for $900+/month. Investors interested in student housing will probably have their eye on these units (provided there are no restrictions in the communities bi-laws that would restrict renting the units. I doubt that).

[burt]

The Martin Agency, headquartered in Shockoe Slip, has won the Cool Whip account.

Among other clients, Martin handles Walmart, Pizza Hut and the Geico accounts. Martin is one of the top ad agencies in the country and brings tremendous prestige to Richmond.

From today's RTD:

http://www2.timesdispatch.com/business/2010/nov/11/martin-agency-lands-cool-whip-account-ar-646541/

[burt]

The Martin Agency, headquartered in Shockoe Slip, has won the Cool Whip account.

Among other clients, Martin handles Walmart, Pizza Hut and the Geico accounts. Martin is one of the top ad agencies in the country and brings tremendous prestige to Richmond.

From today's RTD:

http://www2.timesdis...ount-ar-646541/

Here is an updated story on the Martin Agency.

Since January, the ad agency has added Morgan Stanley, Tylenol and ESPN3 dot com as well as the Kraft Cool Whip accounts. And in order to serve the new clients, Martin has hired 200 new workers.

Martin has even expanded beyond its headquarters building on Shockoe Plaza into additional space in one of the James Center towers.

From Lou Llovio in today's RTD:

http://www2.timesdispatch.com/business/2010/nov/12/b-cool12-ar-647863/

[burt]

I posted this story about Ford Focus electric cars in the "Retail" thread the other day, but perhaps it should be here to attract greater readership.

I mean, after all, Richmond will be among only 19 Metros in the country to test market these vehicles. And Richmond is the smallest of the lot.

I think that's pretty prestigeous whether or not one agrees with the electric car concept.

From the RTD:

http://www2.timesdis...rd16-ar-655533/

Edited November 17, 2010 by burt

[burt]

Two local companies announce hiring plans.

Merit Medical Systems in eastern Chesterfield County at River's Bend Industrial Park hopes to add 70 new employees incrementally over the next few years.

CapTech Consulting based at 1118 West Main Street in the Fan District will add about 25 new workers over the next six months..

From today's RTD:

http://www2.timesdis...bs19-ar-663309/

Edited November 20, 2010 by burt

[burt]

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.

Paul Hammond posted pictures of the 7-11 on the corner of West Main and Madison Streets. Click the highlighted portion of the text for one of those pictures that can be twisted around about 180 degrees.

From Carver & Jackson Ward News:

http://www.cjwn.net/...town/#more-4004

The building is in the block where the very large Wonder Bread Bakery and Distribution Center used to be (not in the block west as a commenter suggests under the photos.) And the building pictured was the Wonder Bread outlet store. Perhaps the corner stone showing dates of 1885--1927 has reference to Wonder Bread.

Edited November 20, 2010 by burt

[540_804]

To be honest, I don't think I have ever been as excited about a 7 Eleven as I am this one.

Sure, the next closest 7 Eleven is just ~2 blocks away, but crossing Belvidere on foot can be a pain. This new one is just so convenient to me (total of about 4 linear blocks from my front door).

I foresee many Slurpee-induced brain-freezes in my not-so-distant future.

[burt]

One (or more) companies is sniffing around Metro Richmond as well as other sites in Virginia, Maryland and Carolina for a considerable amount of square footage. It's not clear whether one structure of 400,000 s/f or two buildings of 200,000 s/f is being sought.

This is pure speculation on my part, but if 10 square feet per employee is the norm, is it possible up to 4,000 jobs could be created at the selected location?

Gregg Wingfield of Greater Richmond Partnership says interest in the region by various companies has increased in recent months.

From today's RTD:

http://www2.timesdis...ad27-ar-678851/

Edited November 27, 2010 by burt

[jbjust]

Really, really huge news potentially. In my dreams, this would be somebody who would want temporary digs (a la MWV) while they build Centennial Towers.

[burt]

The Governor wants to lure the a laarge firm to Virginia from Silicon Valley. It has something to do with the tobacco commission.

Is this tied in with the story two postings above about a major company showing interest in the region?

From today's RTD:?

http://www2.timesdispatch.com/news/virginia-politics/2010/nov/30/frau30-ar-683836/

[jbjust]

I doubt it, since the tobacco funds are supposed to be used for investment in the "tobacco belt" (i.e., southside and southwest Virginia).

[CommRE]

Actually 250 sf per person is the norm for office. Or less really, depending on if the company is something like a call center that is mostly cubes. That 250 sf per person includes all common areas as well as office.

I wouldn't put too much stock in those rumors...there is almost always some large corporation scanning the east coast. Great to hear that there is interest of course, but too early to get too excited.

One (or more) companies is sniffing around Metro Richmond as well as other sites in Virginia, Maryland and Carolina for a considerable amount of square footage. It's not clear whether one structure of 400,000 s/f or two buildings of 200,000 s/f is being sought.

This is pure speculation on my part, but if 10 square feet per employee is the norm, is it possible up to 4,000 jobs could be created at the selected location?

Gregg Wingfield of Greater Richmond Partnership says interest in the region by various companies has increased in recent months.

From today's RTD:

http://www2.timesdis...ad27-ar-678851/

[burt]

Wells Fargo (Wachovia) will hire 220 customer service reps at Innsbrook in suburban Richmond by June of 2011.

From breaking news at RTD:

http://www2.timesdis...nter-ar-705954/

Edited December 10, 2010 by burt

[wrldcoupe4]

Richmond ranks #7 on MarketWatch's Best Cities for Business

http://www.marketwatch.com/story/resilience-makes-washington-best-city-2010-12-20

"7. Richmond, Va. — 957 points: Richmond continues to reap the rewards of being in fairly close proximity to this year’s top finisher, Washington, D.C. After a one-year hiatus from the top 10 last year, Richmond came back to claim a spot once again.

Richmond boasts the best of both worlds; it’s about an hour and a half to metro Washington by car, yet it’s a lower-cost, relatively smaller city. When times are hard, it doesn’t necessarily feel the pain as much.

Richmond scored well, particularly in its concentration of S&P 500 companies. But it ranks low in tourism and personal income. While it has a large number of companies for its size, it didn’t have a particularly strong showing in creating jobs over the last year, or the last four years. Still, it’s unemployment rate over the last four years remained relatively low.

“We didn’t have as much of a recovery, but we didn’t have as much of a loss,” said Kim Scheeler, chief executive of the Richmond Chamber of Commerce."

[540_804]

I'm not really sure where this belongs but I will post it in this thread; I think it fits:

Tumblr to open office in South Richmond

Tumblr, one of the most popular blogging platforms, next week will open an office in the Corrugated Box Building in South Richmond.

The move brings the company's four Richmond employees together into one office. Those employees mainly serve as technical support, helping users with problems and questions about Tumblr.

The office will be Tumblr's second. The company is based in New York City.

"We have been teetering on the edge for a long time about whether we wanted to open an office," said Marc LaFountain, the company's Richmond-based community director. "Up until now, everybody has been working from their homes."

Tumblr, which launched in 2007, allows users to easily share photos, videos, music and blog posts. It currently hosts more than 11 million blogs.

The company has 20 employees. There are no plans at present to add to the Richmond operation.

LaFountain says the vibe at the Corrugated Box Building, 201 W. Seventh St. in Manchester, was a big draw.

"There's a lot of talented people there," he said. "It is the kind of space we want to be in."

LaFountain says the move also will allow Tumblr to continue its close relationship with Mobelux, a Richmond-based company that develops smartphone applications. In 2009, Tumblr bought the Tumblr iPhone app built by Mobelux co-founder Jeff Rock.

Now this might not seem like a big deal, but Tumblr is already a pretty major social networking platforming and is increasing in popularity pretty fast. To have an office in Richmond (their only corporate presence outside of NYC), even with only 4 workers says something about the talent in Richmond. Though the article says there are no plans to expand the Richmond location, I wouldn't be surprised if that does not change as Tumblr continues to grow. With 4 workers already in the area Tumblr might be more inclined to look our direction in the event of any future expansions.

Here are a few pics of their offices:

Note: Their office is shared space; they occupy the building with other tenants. This concept is really taking off around Downtown Richmond and the Manchester areas..especially among the young 'creatives'.

[burt]

While the two big power companies in North Carolina talk of becoming one entity, Richmond's powerhouse, Dominion Resources, makes a bid of its own according to msn.money (see end of story:)

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20110110&id=12869269

[burt]

Mayor Jones will deliver his State of the City address on Wednesday, February 2nd at 6:30PM from the stage of THE HIPPODROME THEATRE at 528 North 2nd Street.

The Mayor's press release does not indicate that his address will be the premier event at the newly renovated theatre, but it most certainly will be among the first in the building.

The HIPP theatre capacity is 450 seated patrons or about 700+ standees. The adjacent Taylor Mansion with viewing balconies overlooking the Hippodrome stage will be able to accommodate about 250+ in its bars and in its new restaurant called MANSION T.

Photo from Carver & Jackson Ward News:

http://www.cjwn.net/news/2011/01/07/progress-on-the-hippodrome/

[burt]

Mayor Jones will deliver his State of the City address on Wednesday, February 2nd at 6:30PM from the stage of THE HIPPODROME THEATRE at 528 North 2nd Street.

The Mayor's press release does not indicate that his address will be the premier event at the newly renovated theatre, but it most certainly will be among the first in the building.

The HIPP theatre capacity is 450 seated patrons or about 700+ standees. The adjacent Taylor Mansion with viewing balconies overlooking the Hippodrome stage will be able to accommodate about 250+ in its bars and in its new restaurant called MANSION T.

Photo from Carver & Jackson Ward News:

http://www.cjwn.net/...the-hippodrome/

CORRECTION: I got the date wrong. The Mayor's State of the City Address will be at 6:30PM on Thursday February 3rd at The Hippodrome Theatre. I just verified this with the Mayor's office.

Edited January 20, 2011 by burt

[burt]

Health Diagnostic Laboratory, Inc. is the fastest growing company in downtown Richmond's Virginia BioTechnology Park. It was established in 2009 with 11 employees and will expand to 210 workers this year.

It's based in the 42,000 s/f office and lab space in the park's Biotech Eight Building.

From today's RTD:

http://www2.timesdispatch.com/business/business/2011/jan/20/tdbiz01-fast-growing-firm-expands-at-biotech-park-ar-785872/

[burt]

The handsome old ante bellum house at 9 South 5th Street built in 1841 has been home to The Virginia State Chamber of Commerce since 1984 when they purchased the 8,400 s/f building for $385,000. They are now putting it on the market for $875,000 because it is too small to accommodate the growing Chamber. It anticipates addding about 10 workers in a year or two bringing employment to 20.

The address on South 5th Street is around the corner from the property on East Main Street that once was reserved for Centennial Tower. Too bad it fell through because space in the tower would have been a nice replacement site for the Chamber. Maybe they'll take a look at the old and very plain Massey Building at 4th and Main which may soon be vacated.

From today's RTD:

http://www2.timesdis...ters-ar-814248/

Edited February 3, 2011 by burt

[burt]

Mayor Jones gave his State of the City Address last night from the stage of the sold-out Hippodrome Theatre.

From RVA News:

http://rvanews.com/news/state-of-the-rva/37006

From RVANews:

[burt]

Is this picture meant to boost those hoping for rejuvenation of East Broad Street?

We've heard very little about the Douglas Jemal downtown properties lately.

This photo, judging from the painted street addresses (122 and 124) is of buildings on the north side on East Broad between 1st and 2nd Streets.

From Richmond Biz Sense:

http://www.richmondb...pping-downtown/

Edited February 5, 2011 by burt

[540_804]

Is this picture meant to boost those hoping for rejuvenation of East Broad Street?

We've heard very little about the Douglas Jemal downtown properties lately.

This photo, judging from the painted street addresses (122 and 124) is of buildings on the north side on East Broad between 1st and 2nd Streets.

From Richmond Biz Sense:

http://www.richmondb...pping-downtown/

I was just going to comment on those. I walk past them every morning on my way to work. I'm not sure if you can really tell from those pictures, but the windows on the 2nd and 3rd floors appear to be fairly new as well...they look really nice in person.

I actually wish they would have carried the green color of the window frames from the upper floors to the lower retail windows. It has a more historic look to them.

I'm not sure if they are under the same ownership (Jemal), but there are 2 or three buildings one block east and west of these buildings that are receiving a similar treatment. Also, the building diagonally across the intersection (the south east corner of 2nd and Broad) has similar windows on its upper floors.

[540_804]

Also, while we're talking about East Broad Street:

As you recall, a few weeks back, the former properties of Richmond slumlord-extraordinaire,Oliver Laurence, were auctioned off, including what many considered his trophy properties: a large commercial building on the 00 block of West Broad Street

It looks like the purchaser (developer Jerry Peters)has already begun work. There is a dumpster in front of the building and I often see workers removing debris from the interior.

Jerry Peters is one of the developers behind Sanctuary Condos (the converted church on E. Clay St).

Edited February 5, 2011 by 540_804

[burt]

There are indications that commercial real estate market conditions in Metro Richmond are on the upswing.

Specifically in the downtown region, there have been two significant relocations: Accounting firm, Cherry, Bekaert & Holland has moved from Forest Avenue in Henrico County into 21,000 s/f at the Williams Mullen building at 10th and Canal Streets.

Also, Swedish Match, a tobacco company, has left The Boulders in Chesterfield County for 25,264 s/f in downtown's James Center.

In Henrico, there is significant interest in the former Circuit City Headquarters building, and there have been some relocations at Innsbrook.

From Carol Hazard in today's RTD:

http://www2.timesdis...impr-ar-823130/

Edited February 6, 2011 by burt