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Richmond: Economy/Business/Real Estate

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2 hours ago, vaceltic said:

Major economic development announcement planned for Brook Road and Parham Road today at 11am.

https://www.nbc12.com/2020/03/03/governor-northam-plans-make-major-economic-announcement/

"A Tulsa, Okla.-based provider of direct-mail marketing solutions plans to invest more than $31 million to take over the former Colortree plant at 8000 Villa Park Drive, Gov. Ralph Northam announced Tuesday.

Moore DM Group here will create 239 new jobs. It primarily will manufacture envelopes at the new plant in addition as part of providing direct mail service offerings."

https://www.richmond.com/business/new-operator-to-take-over-the-former-colortree-printing-plant/article_e861a91a-21bd-5412-bccd-8bf71f23feb9.html

Edited by rjp212
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I noticed yesterday that Chase Bank is opening a brick-and-mortar branch at the corner of Staples Mill and Parham Rd.  I didn't know Chase was moving into the Richmond market.

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There’s a new Chase Bank atm where a smoothie shop was on Broad (near Harrison).  It’s a walk-in type of lobby but with just two ATMs.  If looks shinny though do there’s that. 
 

They are also building a brand at the Willow Lawn Extra Billy’s site.  I think they are also moving into the shuttered Match Box (Which once was a Chili’s) restaurant at Short Pump Town Center. 

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33 minutes ago, I miss RVA said:

I don't understand adding the Theater Row building - it's relatively new.

The City is likely tired of being a landlord to VCU and the Gas Works could relocate into the new Public Works facility.  May as well allow  it to be purchased and converted to real estate taxes rather than rent (unless VCU buys it).

It would be nice to see the City replace the current Social Services building with a new City Hall Annex combining the rest of the departments not currently in City Hall.  Not only would we get another tower but that would open up even more property for tax revenue (and property sales) which would hopefully easily pay for the new building.

Edited by Icetera
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4 hours ago, Icetera said:

It would be nice to see the City replace the current Social Services building with a new City Hall Annex combining the rest of the departments not currently in City Hall.  Not only would we get another tower but that would open up even more property for tax revenue (and property sales) which would hopefully easily pay for the new building.

Playing around with this I can see the following potential departments for consolidation:

Social Services (consolidated location)
Public Works (CCP proposal)
Richmond Gas Works (Theatre Row)
Richmond Retirement Services (Theatre Row)
Richmond Behavioral Health Services (leased property at 107 S. 5th)
Richmond Redevelopment and Housing Authority (building in Gilpin likely to be redeveloped in the future)
Richmond Fire Headquarters and Parking Deck (HQ owned by Douglas Jemal)

All combined are around 430k SqFt of office space plus 186k SqFt in parking.  Assuming all above ground parking, this creates a 19 floor structure (6 parking) on the current Social Services building footprint or 10 floors (3 parking) if fully utilizing the block. 

The available property would represent $6.5 mil in assessed land value and $33 mil in usable improvements (excludes Public Works and RRHA buildings) and $470k added to annual real estate taxes.  This would also eliminate leases for RBHA and possibly RFD.


image.png.c050492f063abc20e2f00de94445d5fb.png

Edited by Icetera
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So the Richmond area has the second most Fortune 500 companies in Virginia with 10 Fortune 500 companies.  Fairfax County beat out the Richmond area with 11 Fortune 500 companies. That’s not bad and shows that the Richmond area is pro-business (primarily thanks to Henrico County).  Ten is a good number for a city the size of Richmond. Just not sure how Richmond compares to cities like Raleigh, Charlotte, Louisville, Jacksonville, Columbus, Memphis, and other cities the size of Richmond, but I would be interested. Anyway, I like that Richmond is competitive with NoVA in this regard. 

https://www.virginiabusiness.com/article/35-virginia-companies-make-2020-fortune-1000-list/

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On 5/18/2020 at 3:47 PM, Icetera said:

Playing around with this I can see the following potential departments for consolidation:

Social Services (consolidated location)
Public Works (CCP proposal)
Richmond Gas Works (Theatre Row)
Richmond Retirement Services (Theatre Row)
Richmond Behavioral Health Services (leased property at 107 S. 5th)
Richmond Redevelopment and Housing Authority (building in Gilpin likely to be redeveloped in the future)
Richmond Fire Headquarters and Parking Deck (HQ owned by Douglas Jemal)

All combined are around 430k SqFt of office space plus 186k SqFt in parking.  Assuming all above ground parking, this creates a 19 floor structure (6 parking) on the current Social Services building footprint or 10 floors (3 parking) if fully utilizing the block. 

The available property would represent $6.5 mil in assessed land value and $33 mil in usable improvements (excludes Public Works and RRHA buildings) and $470k added to annual real estate taxes.  This would also eliminate leases for RBHA and possibly RFD.


image.png.c050492f063abc20e2f00de94445d5fb.png

This is VERY interesting! There are some parcels not all that far from City Hall on which a 19-story building could be constructed. Heck - let's round it up to 20.

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14 hours ago, I miss RVA said:

This is VERY interesting! There are some parcels not all that far from City Hall on which a 19-story building could be constructed. Heck - let's round it up to 20.

I based it on the Social Services location since it can be directly connected to City Hall.  It would be nice to build it for future growth.

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Frustrating to see this delayed again this morning, but it is somewhat understandable in order to get public input on the Richmond 300 plan. Just a 2 week delay anyway.  If they delay again, I will be pissed. If you get the chance, please provide inputs to the plan.  Link below.  Here’s also the latest from RBS this morning;

https://richmondbizsense.com/2020/06/09/surplus-proposal-for-navy-hill-properties-delayed-again-as-input-expected-on-coliseum-area-plan/

 

Richmond 300 Plan:

http://www.richmond300.com/draft

Finally, this is the link to register for the Downtown Summit Focus on the Coliseum area (15 June at 6:00 pm).  It’s all done online, so you don’t even have to leave the house!

“Please note that the Downtown Summit will feature a discussion on the future of the area surrounding the Coliseum.  This discussion will help inform the Coliseum Framework Plan which is being developed in response to Council Resolution 2020-R009.”
 

 https://www.eventbrite.com/e/richmond-300-downtown-summit-coliseum-area-focus-tickets-106423092334

Edited by eandslee
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There are more Richmond 300 summits taking place starting tonight at 6pm about the different aspects of the plan. Here’s an email I got in case any of you would like to register for any of the free online discussions:

Summits Kick-Off This Week!
We released the draft plan on Monday, June 1st and comments are due by July 13, 2020.

The Master Plan is a long document. That's why we're hosting several virtual summits to break down the plan. Attend the topic/area summits that interest you the most! The meeting materials for each Summit can be found at www.richmond300.com/draft 
 
TONIGHT June 9 at 6pm - Inclusive Housing Summit
There are already 136 people registered!
Join us tonight at 6pm to talk about the fifth chapter  of the Draft Plan and discuss the goal, objectives, and strategies related to achieving the vision of Richmond being a city where all people can access quality housing choices.
Register here.
 
TOMORROW June 10 at 6pm - Thriving Environment Summit
There are already 56 people registered!
Join us on Wednesday at 6pm to talk about the sixth chapter of the Draft Plan which includes goals, objectives, and strategies related to clean airclean water, and resilient and healthy communities.
Register here.
 
THURSDAY June 11 at 6pm - Greater Scott's Addition Summit
There are already 47people registered!
Join us on Thursday at 6pm to talk about Greater Scott's Addition, a Priority Growth Node in the Draft Plan.
Register here.
 
Other upcoming Summits:
You must register to receive the virtual meeting link.
The meeting link will be sent at least 1 hour prior to the meeting.

Please note that the Downtown Summit will feature a discussion on the future of the area surrounding the Coliseum.  This discussion will help inform the Coliseum Framework Plan which is being developed in response to Council Resolution 2020-R009.

June 15, 6pmDowntown (focus on Coliseum Area)
June 16, 6pm: Route 1/Bellemeade/Bells
June 17, 6pmSouthside Plaza
June 18, 6pmStony Point Fashion Park

June 23, 6pmDiverse Economy 
June 24, 6pmEquitable Transportation 
June 25, 6pmHiqh-Quality Places 
 
Comment on the Draft Plan and the Interactive WikiMap
Comment period ends July 13, 2020
You can comment directly on the PDF on our site and see everyone else's comments!
Check out how it works by viewing our pinned story at www.instagram.com/richmond300
 
Invite Us to Attend a Your Meeting

Richmond 300 staff is available to attend your meeting to discuss the draft plan and hear feedback specific to your community.  Please email [email protected] or call 804-646-6348 to set up a virtual meeting.
 
Next Advisory Council Meeting: The June 10meeting is cancelled so that Advisory Council members can spend time reading the Draft Plan and attending the summits.
 


If you ever have any questions about the Richmond 300 process, call us at 804-646-6348 or email [email protected].

296804d9-2ee9-468d-90d1-5045e56abcef.jpg
 

 

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All, 

Don’t forget that tonight at 6:00pm is the Richmond 300 Downtown Summit (Coliseum Focus Area) - all online.  If you haven’t already registered, click the link in the post before this one (it’s free)! This is your chance to let your views and thoughts be heard regarding this plan and to get the latest information on what is being planned. Tune in tonight!!

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Presentation slides from tonight’s meeting:

http://richmond300.com/marketingMasterPlan/sites/default/files/ColiseumSummit_June15_200615_LowRes_Part1.pdf

http://richmond300.com/marketingMasterPlan/sites/default/files/ColiseumSummit_June15_200615_LowRes_Part2.pdf

It was good to be able to participate by providing my input via answers to survey questions. There will be a link to the meeting tomorrow on the Richmond 300 website if you’d like to see the recording. I also think you can provide input on the survey questions if you watch the recording as well (I think that’s how it works). 

Overall, a positive experience and it looks like the Public Safety building unsolicited proposal got a lot of support from those in attendance. 

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