Richmond: Economy/Business/Real Estate

[RVA-Is-The-Best]

It looks like SunTrust has just swallowed up about half of the office space in WESTMARK TWO, that large building right off of the Interstate 64/Broad St interchange leading into Short Pump. It was apparently vacated by MeadWestvaco, who, as you all know, has that brand new shiny HQ on the river downtown

But as for WESTMARK TWO, SunTrust will take up the second and third floors, leaving only the first, fouth and fifth floors empty. I believe before this and after MWV, the building was entirely empty, I suppose, I never saw any cars in the parking lot or anything....

Also the article from BizSense below mentions DEEP RUN THREE, that humoungous office building with 382,000 square feet( )

DEEP RUN THREE housed CIRCUIT CITY, which of course, has based here, and was one of the largest electronic retailers in the nation before it succumbed to the economy.

But, a lot of companies apparently have shown an increased interest in the building.

[burt]

Capital One has announced it will build a $150 million data center in Chesterfield which will bring 50 new jobs. The building will be in Meadowville Technology Park where Amazon is also building a huge facility.

Excellent! They already have major operations in Goochland and Henrico counties and soon will expand to Chesterfield. When will downtown Richmond get its bite of the apple? Since Cap 1 purchased a large bank company in The Netherlands, why not put at least part of its ING Direct services in a new downtown tower?

Hey, it's OK to speculate

From today's RTD:.

http://www2.timesdis...50--ar-2017445/

[RVA-Is-The-Best]

Capital One has announced it will build a $150 million data center in Chesterfield which will bring 50 new jobs. The building will be in Meadowville Technology Park where Amazon is also building a huge facility.

Excellent! They already have major operations in Goochland and Henrico counties and soon will expand to Chesterfield. When will downtown Richmond get its bite of the apple? Since Cap 1 purchased a large bank company in The Netherlands, why not put at least part of its ING Direct services in a new downtown tower?

Hey, it's OK to speculate

From today's RTD:.

http://www2.timesdis...50--ar-2017445/

Neat! Meadowville is bursting out the seams! And yes, I'm glad I'm not the only one who dreams of a nice tower for the Cap. Of course the facility in Goochland is nice, though!

Capital One is Richmond's largest private employer, with 9,995 jobs EXACTLY, with the TD's 50 employer list assuring it:

http://www2.timesdispatch.com/business/local/companies/top-50-employers/

With the 50 new employees, that number will catapult to over 10,000 full time employees!

With two big companies building out in Meadowville, I would hope to expect other major companies filling in other buildings as well. (IBM, Microsoft, Google perhaps? )

Like Burt says, it's okay to speculate!

[Richmond98]

Capital One will most likely never add a major presence in downtown. Unless they moved their bank footprint out of NY and DC which doesn't seem likely.

If they did move some things out of NY you would see that expansion in McLean and Goochland, where they already have expansions plan in place.

They currently have a 14,000 square foot space in the WIlliams Mullen building downtown for one of their commercial banking branchs. The new branch is staffed by a team of 15. The new space has room to add 30 more employees.

Other than that CapOne is already in the process of adding 3 more structures to its 316 acre West Creek campus. It includes another 200k sq ft new office building (WC 8), an 85k sq ft meeting and conference building (in addition to a conference facility that they already have in WC), and a 2000 car parking garage. They also bought 2 new building in Innsbrook. They have a large presence in Innsbrook (5+ buildings) and West Creek (~11 buildings) as well as in Chester (James River Center).

They also have some serious expansion plans in place for McLean in the future.

[RVA-Is-The-Best]

Is Richmond's real estate market making a comeback?

You could say so. Although this article by Style painfully reminds us of some of the suburbs' most prospective projects (Branner Station, Roseland, Tree Hill, Wilton OTJ, Ridings), they also remind us of how much of a comeback there is, and how most of the developers have made changes to the original master plans, and are expected to continue building out their respective developments. This is very good news, and when you add up the housing unit totals of all the developments listed above, it adds up to over 15,000 new units! We still got many more years to come before we see the build out of all these units, but I can definitely say progress, is being made. Happy Fourth, everybody!

http://www.styleweekly.com/richmond/back-on-the-block/Content?oid=1729583

[burt]

Forbes ranks Richmond as 49th on its Best Business List.

I guess that isn't too bad when you consider there are 100 cities on the list. Richmond and Roanoke are the only cities in Virginia rated by Forbes.

From Richmond dot com:

http://www2.richmond...ist-ar-2038383/

[burt]

Virginia slipped to 3rd place among Best States for Business in the CNBC poll announced at 4:30 this afternoon.

The top five are:

Texas

Utah

Virginia

North Carolina

North Dakota

I found this on Google while clicking CNBC Best States for Business after reading, erroneously, in the Richmond Times Dispatch that Utah was third.

[burt]

Virginia slipped to 3rd place among Best States for Business in the CNBC poll announced at 4:30 this afternoon.

The top five are:

Texas

Utah

Virginia

North Carolina

North Dakota

I found this on Google while clicking CNBC Best States for Business after reading, erroneously, in the Richmond Times Dispatch that Utah was third.

Here's the RTD story (see final paragraph where they say Utah was third.) I';m sure they will correct it.

http://www2.timesdis...sin-ar-2047068/

[RVA-Is-The-Best]

Here's the RTD story (see final paragraph where they say Utah was third.) I';m sure they will correct it.

http://www2.timesdis...sin-ar-2047068/

Ouch.... that's quite a blow to VA....

Not only have we fought on and off with Texas for the number 1 spot, but now, Utah has also joined the battle.... yes I too thought we were in second....

Eh....whatever... I heard Salt Lake City is a nice place anyway

[RVA-Is-The-Best]

BizSense reports that Q BARBECUE has leased up its 3rd location in the Richmond area, in the former Friendly's on Midlothian Turnpike.

Also, that Twister'z Fro-yo place that had just leased up a space at a Staples Mill shopping center, has now leased a SECOND location in the Gleneagles Center on Ridgefield Parkway in Henrico.

Twister'z is yet to open up it's Staples Mill location.....

http://www.richmondbizsense.com/2012/07/13/the-pipeline-commercial-real-estate-roundup-for-7-12-12/

[burt]

There will be 75 fewer corporate jobs in downtown Richmond since Media General has made cuts at its headquarters on East Franklin Street.

From today's RTD:

http://www2.timesdis...rte-ar-2098002/

[burt]

Lee Downey, Jr. is Richmond's Director of Economic Development, and unlike 14 others over a period of 15 years, Downey intends to stay a while.

From today's RTD:

http://www2.timesdis...nom-ar-2126369/

[crashvt03]

I was driving south on 288 and noticed they have cleared a huge amount of land on the right before you hit the Tuckahoe Creek Parkway exit. You can now clearly see the CarMax parking garage from 288 which you couldn't before. Anybody have any idea what is being planned for there?

[burt]

I was driving south on 288 and noticed they have cleared a huge amount of land on the right before you hit the Tuckahoe Creek Parkway exit. You can now clearly see the CarMax parking garage from 288 which you couldn't before. Anybody have any idea what is being planned for there?

Isn't that where Capital One is enlarging its campus? They recently announced that two or three new buildings were being erected in West Creek.

[crashvt03]

Isn't that where Capital One is enlarging its campus? They recently announced that two or three new buildings were being erected in West Creek.

Yes Burt, it is near where Capital One is. But, I have a friend who works for Capital One who said that this isn't where the building were going to be going. He could always be wrong, but that's why I checking to see if anybody knew of something different.

[Richmond98]

Yes Burt, it is near where Capital One is. But, I have a friend who works for Capital One who said that this isn't where the building were going to be going. He could always be wrong, but that's why I checking to see if anybody knew of something different.

No that is not the same site as CapItal One. CapOne is building two new buildings and a parking garage (for 2000+ cars) right in the center of their campus. It will basically connect the about to be 10 main buildings, not including there Services building (Mail, etc.). The other 10 buildings (West Creek 1-8 (workspaces), WC Towncenter (conference center), and WC Commons (multi-pupose building - recruiting, food services and cafes, meeting spaces). The new parking garage is almost complete (Sep) and the two new buildings have the steel up and are moving to the rest of the outside fo the buildings.

The CapOne site at West Creek will soon have 11 core buildings, 2 major parking garages, several smaller parking garages, and a sports complex.

The leveled trees mentioned are not on the CapOne site, they are closer to CarMax.

[burt]

Richmond may not be the site of a World Premier for Spielberg's LINCOLN which was filmed in the city, but it will get a special invitation-only screening shortly after Election Day -- possibly at The Carpenter or The Byrd Theatre.

Limited release will begin on November 9th and general showings across the country (and elsewhere) will start November 16th.

Although the Richmond Forum series for 2012-2013 is sold out, Steven Spielberg, Doris Kearns Goodwin and Tony Kushner will appear together on The Landmark Theatre stage January 5th, 2013.

TV clip about the film from Richmond's NBC12:

http://www.nbc12.com...t-for-hollywood

[burt]

The commercisl real estate market is improving in the Richmond region.

While suburban vacancy rates are still high, they are improving. Downtown's office occupancy rate continues to rank second in the region.

From Carol Hazard in today's RTD:

http://www2.timesdis...ery-ar-2141748/

[Downtowner]

While the richmond region's region commercial and industrial markets are improving I have something I wanna rant about and it has to do with Chesterfield County, My aunt started The Sustainability Park back in 2007 it was formerly an old Brown and Williamson Tobacco Plant on Enon Church Road and right next door is Meadowville Technology Park and this is a story that has to do with big businesses and small businesses but my aunt is considered a small business still even though it is an operation of about close to 300 employees throughout the park with different companies that occupy space in the park. The thing that has been making me kinda upset lately is how Chesterfield county treats small businesses compared to big businesses that gets loads of incentives and benefits to set up in Chesterfield. My aunts business was at first a big thing happening down there and we had a ribbon cutting for the sustainability park that opened in the former brown and williamson tobacco plant before Meadowville Tech park was really taking off. Northrup Grumman was just down the road from us before they moved to Meadowville Tech Park and the thing that gripes me the most is how companies like Amazon and Capital One get all these tax breaks and incentives to set up right across the road from us while we basically got screwed by the county with hardly any type of incentives or any type of benefit for starting our business in Chesterfield County since we are a small business. The thing that gripes me the most and what I guess I am trying to say is I don't believe it is fair for the big timers meaning amazon and capital one to get all these oooh la la type benefits while the small business get screwed and ends up having to travel a harder path and struggle a whole lot more. Its really sad honestly and I feel like no matter what business it is I feel when you start up in a new area/county or new metro area you should at least be given some type of incentive or benefits to make your business attractive to outsiders or even to local area people who operate the same type of business or people who associate with your business. Sorry for the rant but I had to get that out of me. kinda urked at Chesterfield with the way they handle economic development and attract businesses. Honestly I think Chesterfield should stay as far away from the real estate business as possible.

[RVA-Is-The-Best]

That's suburbia for ya ...... chains out in the counties, mom and pop shops in the city. That's why we have places like Carytown and Shockoe

But I never knew that Chesterfield was like that..... I'm assuming that county is planning on being the next Fairfax or something..... which is of course going to benefit big businesses by luring incentives, while ignoring the little ones that keep families afloat and, to the customers, have good service. :mellow:

[jbjust]

While the richmond region's region commercial and industrial markets are improving I have something I wanna rant about and it has to do with Chesterfield County, My aunt started The Sustainability Park back in 2007 it was formerly an old Brown and Williamson Tobacco Plant on Enon Church Road and right next door is Meadowville Technology Park and this is a story that has to do with big businesses and small businesses but my aunt is considered a small business still even though it is an operation of about close to 300 employees throughout the park with different companies that occupy space in the park. The thing that has been making me kinda upset lately is how Chesterfield county treats small businesses compared to big businesses that gets loads of incentives and benefits to set up in Chesterfield. My aunts business was at first a big thing happening down there and we had a ribbon cutting for the sustainability park that opened in the former brown and williamson tobacco plant before Meadowville Tech park was really taking off. Northrup Grumman was just down the road from us before they moved to Meadowville Tech Park and the thing that gripes me the most is how companies like Amazon and Capital One get all these tax breaks and incentives to set up right across the road from us while we basically got screwed by the county with hardly any type of incentives or any type of benefit for starting our business in Chesterfield County since we are a small business. The thing that gripes me the most and what I guess I am trying to say is I don't believe it is fair for the big timers meaning amazon and capital one to get all these oooh la la type benefits while the small business get screwed and ends up having to travel a harder path and struggle a whole lot more. Its really sad honestly and I feel like no matter what business it is I feel when you start up in a new area/county or new metro area you should at least be given some type of incentive or benefits to make your business attractive to outsiders or even to local area people who operate the same type of business or people who associate with your business. Sorry for the rant but I had to get that out of me. kinda urked at Chesterfield with the way they handle economic development and attract businesses. Honestly I think Chesterfield should stay as far away from the real estate business as possible.

My understanding is that Chesterfield gives incentives when it is in competition with other jurisidctions who are also offering incentives. If they don't play that game, they've got no realisitc chance of drawing the company to the county. What, exactly, would be the reason for them to give your aunt any incentives since she is going to be in the country regardless? Did she contact Chesterfield and try to create a competition between different localities?

[calwinston]

http://www2.timesdispatch.com/business/2012/aug/31/vitamin-retailer-build-ashland-distribution-center-ar-2168110/

[calwinston]

Looks like the mayor and the business community is getting tired of asking the counties for help! All of these projects would improve the quality of life in the metro area. It still seems the counties do not see it that way. For example when the UCI World Cycling Championships comes to town in 2015 it will fill hotel rooms from DC to Hampton Roads. Hopefully all this is done in the next couple of years. For all the cry babies saying that we dont have enough money. You were saying the same thing during the boom years. These battles have been going on for 10 years and still no progress. If they do go forward today I foresee all these projects done by 2016. The economy in Richmond-Tri Cities is growing again with Capital One expanding in Short Pump, Goochland, and Chesterfield, Amazon, the Downtown Research park expanding with new tenants, Fort Lee expansion, Tumblr IT headquarters, Rolls Royce expansion, Sabra expanding, the list goes on. Great time to be there.

http://www2.timesdis...ond-ar-2171652/

Edited September 2, 2012 by calwinston

[calwinston]

Fortune 500 medical supply company Owens & Minor has expanded in to Europe.

http://www2.timesdispatch.com/business/business/2012/sep/01/tdbiz01-owens-amp-minor-completes-europe-deal-ar-2169625/

[burt]

Goodbye Grubbs & Ellis Harrison & Bates.

Hello, Colliers.

From today's RTD:

http://www2.timesdis...tio-ar-2177211/