Richmond: Economy/Business/Real Estate

[burt]

Just happened to see this Associated Press story in Saturday's (Sept. 8th) RTD about Kraft products.

The company split into two divisions in March and the part now known as Mondelez International, Inc. produces global snacks (such as Oreos) while the second division makes things like Velveeta and other grocery items.

Richmond has a huge Nabisco (Kraft) factory turning out Oreos by the millions. It's located on Laburnum Avenue near Rt. 895 and Richmond International Airport.

Could Kraft's new prosperity be good news for RVA?

From Saturday's RTD:

http://www2.timesdis...ort-ar-2187939/

Edited September 11, 2012 by burt

[burt]

Virginia Union University, Richmond's third major learning institution after VCU and University of Richmond, has an enrollment of about 1,300 and is growing.

Located on North Lombardy Street between I-95 and Brook Road, VUU has announced that it will build a new residence hall on campus.

From today's Richmond Biz Sense:

http://www.richmondb...ill-a-building/

[burt]

A crowd of 200 gathered at The Hippodrome Theatre to see Richmond Venture Forum honor 13 local businesses as 'companies to watch'.

Fom today's Richmond Biz Sense:

http://www.richmondb...anies-to-watch/

[burt]

The annual Golden Hammer Awards will be held November 8th at The John Marshall Hotel.

Scroll down and look at some of the revamped structures in this release from John Murden at Fan of The Fan:

http://fanofthefan.c...-hammer-awards/

[burt]

Sweet Frog has produced a gangnam style video filmed in Richmond to promote its yogurt shops.

From today's Richmond Biz Sense:

http://www.richmondb...-gangnam-style/

[burt]

Business Investment prospects, especially foreign, are looking good for the Richmond region.

 

55 percent of 413 prospects are considering the region for investments.  Some have already committed and a few have signed leases.

 

From today's RTD:

 

http://www.timesdispatch.com/business/economy/economic-developers-see-growth-in-foreign-prospects/article_213a2274-5192-57f5-bfc8-0d1d54d4dc35.html

[RVA-Is-The-Best]

An article in today's BizSense notes the possibility of several hundreds of thousands of square feet of class A office space at risk of being opened up for lease if several big tenants decide not to renew leases that expire this year. The article focuses on three big firms: McGuire Woods, SunTrust, and BB&T. The article notes that these tenants (and other tenants who also have expiring leases) have four options: renew, move out, downsize, or build new. And while the middle two options are enough to make landlords sweat, the last option might not be too far from reality (it's not as crazy as it seems, even with the recovering but still injured economy )

 

Note the paragraph in the middle of the article about McGuire Woods. They are in the talks  to build a tower on the parcel of land between Dominion's HQ and their current building at One James Center.

 

Now, that's right next door. So they must be expanding. Which is certainly a good sign (no one would move next door just for any old reason )

 

When I think of the description of that parcel of land, I think of that triangle shaped parking lot (that strange little square that just sits right there when you get off the Manchester Bridge into downtown).

 

Only architects know just what can be built there ;) but don't get excited yet, because they are still in the talks. So this may or may not happen. But you're still allowed to dream

 

From today's BizSense:
 

http://www.richmondbizsense.com/2013/01/17/downtown-real-estate-faces-triple-threat/

[burt]

The previous two postings (me yesterday and RVA today) are enough to give conficting thrills and chills.  On one hand, at least 220 investors are seriously interested in Central Virginia expanson, while the second story about lease expirations on downtown business towers dampens enthusiasm.

 

If McGuire Wood builds a skyscraper on the much-discussed plot, the Richmond Biz Sense story hints that it would simply shuffle tenants from one building to another and leave lots of vacant space (up to 30%) downtown...not to mention the allure of the suburbs.

 

Will some of those 220 potential investors seek downtown locations?  Let's look on the bright side.

 

 

[John123]

For these things security is very much important,they play a major role to safeguard the economy and business to survive safely, so these things are also to be kept in mind .

Edited January 21, 2013 by John123

[eandslee]

Ryan Ramsey of Richmondcitywatch.com reports on Facebook that there were surveyers on the triangle lot between the Dominion Power Tower and the James Center office tower where McguireWoods is located.  This could mean that McguireWoods is moving forward with building a tower downtown on that lot...or at least, studying the option to build as the article on Richmondbizsense indicates.  If a tower is built there, it had better be the signature tower of Richmond (tall and aesthetically pleasing) or else I will be disappointed.  Anyway, just wanted to report the observations of someone on the ground there!

[burt]

For these things security is very much important,they play a major role to safeguard the economy and business to survive safely, so these things are also to be kept in mind .

 

Hey, John:

 

Welcome to the Urban Planet Richmond forum.  Even though Los Angeles is your base, is it safe to assume that you have Richmond connections?  Another contributor from California (Santa Monica) visits these pages from time to time -- his name is Calwinston.  I, for one, wish he and you would drop in more often (I'm an out-of-towner, too (NYCity.)

[burt]

The Richmond/Petersburg Hospitality industry did brisk business in 2012.  Among the 215 hotels in the region, room occupancy in the 22,000 units was 57.6%.

 

Sports events, the filming of LINCOLN, as well as the Chihuly Glass Art exhibit at VMFA brought visitors to the area, although business travel is still below pre-recession figures.

 

The Downtown Hilton Garden Inn reports that about 90% of its rooms are filled on Saturdays.

 

From Richmond Biz Sense:  

 

http://www.richmondbizsense.com/2013/01/28/optimism-checks-in-to-area-hotels/

 

[Downtowner]

Minacs to hire 250+ People here in Richmond. They will be located in Western Henrico. 

 

http://finance.yahoo.com/news/minacs-hire-250-richmond-va-130000178.html

Edited March 21, 2013 by Downtowner

[jbjust]

Awesome news for downtown!!!

 

 

Local operator to put two hotels in one building

 

An 18-story office tower at 700 E. Main St. in downtown Richmond will be converted into two hotels – one, a regular hotel, and the other for extended stays.

 

 

http://www.timesdispatch.com/business/economy/local-operator-to-put-two-hotels-in-one-building/article_ed56bae7-749f-547b-8d24-80c6090498fe.html

Edited August 10, 2013 by jbjust

[RVA-Is-The-Best]

Awesome news for downtown!!!

Local operator to put two hotels in one building

 

 

http://www.timesdispatch.com/business/economy/local-operator-to-put-two-hotels-in-one-building/article_ed56bae7-749f-547b-8d24-80c6090498fe.html

 

You beat me to it.

 

Shamin Hotels will be placing two hotels in one building, and in the rendering I see a Hampton Inn and a Starbucks

 

But anyway, exciting news!! Definitely nice to see new hotels coming up and old, obsolete offices being reused into something new and nice.

 

 

It says one full-service (actually it says "regular", don't know what it means by that) and one extended-stay hotel will be placed in the hotel. I think Hampton Inn is the regular one, although I can hope it is the extended stay so downtown can nab, say.... a W? Or at least a full-service Hilton like the one out in Short Pump. Or A Sheraton. I don't understand why we only have the Marriott and Crowne Plaza as the only luxury/business full service hotels in downtown.

 

EDIT: It's a Hampton Inn and Homewood Suites.... still good, still want a full-service luxury hotel, though

Edited August 10, 2013 by RVA-Is-The-Best

[eandslee]

You beat me to it.

 

Shamin Hotels will be placing two hotels in one building, and in the rendering I see a Hampton Inn and a Starbucks

 

But anyway, exciting news!! Definitely nice to see new hotels coming up and old, obsolete offices being reused into something new and nice.

 

 

It says one full-service (actually it says "regular", don't know what it means by that) and one extended-stay hotel will be placed in the hotel. I think Hampton Inn is the regular one, although I can hope it is the extended stay so downtown can nab, say.... a W? Or at least a full-service Hilton like the one out in Short Pump. Or A Sheraton. I don't understand why we only have the Marriott and Crowne Plaza as the only luxury/business full service hotels in downtown.

 

EDIT: It's a Hampton Inn and Homewood Suites.... still good, still want a full-service luxury hotel, though.

 

Sounds good except I'd personally like to see the building renovated to look modern on the outside too.  There are ways to make it look historic and modern at the same time.  I don't think I like the facade of this building at all, but I'm looking forward to Richmond getting another...2 hotels!

[wrldcoupe4]

You beat me to it.

 

Shamin Hotels will be placing two hotels in one building, and in the rendering I see a Hampton Inn and a Starbucks

 

But anyway, exciting news!! Definitely nice to see new hotels coming up and old, obsolete offices being reused into something new and nice.

 

 

It says one full-service (actually it says "regular", don't know what it means by that) and one extended-stay hotel will be placed in the hotel. I think Hampton Inn is the regular one, although I can hope it is the extended stay so downtown can nab, say.... a W? Or at least a full-service Hilton like the one out in Short Pump. Or A Sheraton. I don't understand why we only have the Marriott and Crowne Plaza as the only luxury/business full service hotels in downtown.

 

EDIT: It's a Hampton Inn and Homewood Suites.... still good, still want a full-service luxury hotel, though

You also have the Omni, Jefferson, and Berkeley.

This project will do wonders for this portion of Main Street and add much more foot traffic than the currently 25% occupied office building.

Eandslee- if they want to utilize tax credits, then the facade alterations will have to be minimal I suspect.

[Icetera]

The author may be a bit partial but it is still nice to see Richmond acknowledged in a World Cities Top 10 List:

 

"Richmond: My hometown is showing up on the radar of a lot of startups and investors, especially given its quality of life and strategic location. The former capital of the Confederacy, Richmond is now a thriving arts and cultural mecca. The startup scene is booming and tax incentives are driving more and more businesses to relocate to the area. Backed by and excellent source of talent from area schools like Virginia Commonwealth University and the University of Richmond, this city is poised to make a big splash in the next several years."

 

 

http://www.forbes.com/sites/patrickhull/2013/09/25/10-up-and-coming-cities-for-entrepreneurs/

[RVA-Is-The-Best]

The author may be a bit partial but it is still nice to see Richmond acknowledged in a World Cities Top 10 List:

 

 

http://www.forbes.com/sites/patrickhull/2013/09/25/10-up-and-coming-cities-for-entrepreneurs/

 

Look at the guy who wrote the article. Now look at his profile picture. What city is that I see in the background? :D

[Richmonopoly]

Church Hill to soon see new grocery store 'Union Market'

RICHMOND, VA (WWBT) -

When it comes to grocery shopping in Church Hill, some neighbors complain they have few options. That's about to change thanks to three people who live in the area are working together to open one.

Over the years, the building has been home to many business, most recently a restaurant, but in just a couple of months, it will open as a grocery store. It's something people who live in the area say is much needed.

After months of planning, Union Market is becoming more than just an idea. The new grocery store off Jefferson Street is the brain child of three Church Hill residents who live within a mile of the store. They've been frustrated, because there's no grocery store close by.

"We all found ourselves leaving the area to find the product that we need, so we are really looking to fill that void," said Gillian Field.

The store will offer a variety of items, including grass-fed beef, deli meats, fruits, veggies and more.

"We would really like to focus on local small batch craft items, we are really interested in supporting the community, the city and the surrounding area, so that would be our focus as much as possible."

In addition to groceries, the Union Market will feature a sandwich shop and a variety of wines and beer.

"There is really nothing like us in the area yet."

The finishing touches are still being put on Union Market. You can expect to see it open sometime in early January in Church Hill.

[RVA-Is-The-Best]

If I have to add a summary with my link, then here it is.

 

"Organic clothing is coming to Richmond"

 

http://www.timesdispatch.com/news/local/city-of-richmond/documents-offer-peek-at-the-future-of-the-boulevard/article_b64dba57-b023-5f55-9aed-3564b7a64141.html?TNNoMobile

[Icetera]

Richmond, VA has been identified as one of the 10 (#4) Hottest Housing Markets for 2014:

 

http://money.cnn.com/gallery/real_estate/2014/01/23/hottest-housing-markets/4.html

[Icetera]

Continuing the trend:

 

http://www.richmond.com/city-life/article_2ea8a0d8-a949-11e3-8de0-001a4bcf6878.html

 

Richmond made a list of the Top 5 Affordable Cities to Buy a Home as ranked by HomeInsurance.com.

[jbjust]

Thank goodness the merged company will be headquartered in Richmond.  We usually get the short end of the stick on these things...

 

http://www.mediapost.com/publications/article/221974/media-general-acquires-lin-media-for-16-merger.html

[eandslee]

Because things are slow around here right now...here is my prediction of the next tall corporate HQ tower in downtown (based off of existing businesses that I know about).  A while back (maybe a few years ago) I remember reading that Dominion Power was looking to sell their operations center/office in Innsbrook.  I'm not sure if it is still on the market, but if they can find a buyer, I see them moving all of those positions downtown to a new tower (which I had read they wanted to do).  I foresee them building a new tower on the city block just to the west of (next to) their current tower.  From what I remember, they own the property there and that ugly building that sits there currently needs to be demolished anyway.  I can see them selling the current downtown office tower and moving all corporate and operations offices together in that one single tower.  When I think about it, many other power companies in other states have a main tower downtown (in that state's prominent city) and would make sense to me if Dominion did the same in Virginia.  Might that happen in the next 5 - 10 years?  I don't know - I think a lot of this would depend on getting a buyer for their Innsbrook office.  If it does happen, I can see this new tower being THE signature tower in Richmond - 35+ stories.

Edited September 25, 2014 by eandslee