Richmond: Economy/Business/Real Estate

[Wahoo 07]

City Councilmember wants to extend TOD zoning along Broad Street - Richmond BizSense

While not about any specific project, there is discussion about extending TOD on West Broad to the county line.  This would be great and shows that Richmond is embracing transit as a catalyst for development.

[rjp212]

I always thought that corridor had a lot of potential if it wasn’t for Richmond Ford taking up what feels like half the distance.   

Willow Lawn needs to realize it’s potential and hurry up turning into an urban node.  

Edited March 19, 2021 by rjp212

[Wahoo 07]

4 minutes ago, rjp212 said:

I always thought that corridor has a lot of potential if it wasn’t for Richmond Ford taking up what feels like half the distance.   

Willow Lawn needs to realize it’s potential and hurry up turning into an urban node.  

West Broad could wind up like RVA's version of Peachtree Street/Road in Atlanta.  High rises in the urban core, dense midrise development for long stretches, then another high(ish) rise areas in Reynolds Crossing and Innsbrook with Short Pump standing in for Phipps/Lennox.  This would take many years, but wouldn't be the worst outcome.

[whw53]

22 minutes ago, Wahoo 07 said:

City Councilmember wants to extend TOD zoning along Broad Street - Richmond BizSense

While not about any specific project, there is discussion about extending TOD on West Broad to the county line.  This would be great and shows that Richmond is embracing transit as a catalyst for development.

Good to see a council member taking charge on it to - could make it easier to get thru. Whereas planning staff has to abide by certain drawn out processes, justifications and community outreach expectations prior to sending a rezoning to council , i don't think that would apply since the effort is coming from someone already on council. Similar to cases where a private sector owner applies for rezoning - these often fly under the radar. 

[I miss RVA]

3 hours ago, Wahoo 07 said:

West Broad could wind up like RVA's version of Peachtree Street/Road in Atlanta.  High rises in the urban core, dense midrise development for long stretches, then another high(ish) rise areas in Reynolds Crossing and Innsbrook with Short Pump standing in for Phipps/Lennox.  This would take many years, but wouldn't be the worst outcome.

I can absolutely see this as well. It's a very good analogy of what could be at some point in the future. Something like this absolutely would push the beefing up of mass transit and perhaps with at least some form of true rapid transit (light rail) being installed along the current Pulse corridor there.  I fully support upzoning - and for this area, it's something that's long overdue.

 

[rjp212]

So this could explain why the city feels like it’s exploding!

[wrldcoupe4]

Saw this as well. It’s interesting !

[rjp212]

On 3/9/2021 at 8:05 PM, rjp212 said:

SunTrust Center just listed nearly 121.000 sf for lease spread throughout the building.  I know there's been an issue with relocations finding enough space, so hopefully this will help.

https://www.loopnet.com/Listing/919-E-Main-St-Richmond-VA/4104927/

Suntrust also just listed both their Business Center I and II near Innsbrook for sublease.   Over 250,000 sf combined.  

[wrldcoupe4]

Also put a BB&T building on the market near Forest and Three Chopt. 

[eandslee]

Wow!  Is Greater Richmond vacant?!  That's a lot of space just sitting there empty!

[I miss RVA]

So how can this be converted into an advantage for RVA and not a liability? I realize the pandemic has forced a lot of changes in work practices - but if potential relo's have been sniffing the ground around RVA and passing because of lack of space, can this be used to our advantage in terms of business recruitment to the area? What needs to be done (as opposed to allowing all this open space to just sit around collecting dust)?

Edited March 26, 2021 by I miss RVA

[Icetera]

1 minute ago, I miss RVA said:

So how can this be converted into an advantage for RVA and not a liability? I realize the pandemic has forced a lot of changes in work practices - but if potential relo's have been sniffing the ground around RVA and passing because of lack of space, can this be used to our advantage in terms of business recruitment to the area? What needs to be done (as opposed to allowing all this open space to just sit around collecting dust)?

It seems to allow for positives such as the huge BoA complex sale announced today:
 

Quote

The center marks Mapletree’s entrance to the Richmond and Virginia markets. Per its website, the firm has $6.6 billion in assets under management and more than 110 properties in Singapore and the U.S., over a dozen of which are data centers.

https://richmondbizsense.com/2021/03/26/bank-of-americas-multi-building-complex-in-henrico-sells-for-208m/

[wrldcoupe4]

Guys - the market has vacancy and increasing sublease inventory, but it's not that bad. It's pretty healthy relative to other markets. Companies give up space, companies take space, Richmond's not empty. Of course a bank is giving back space after a merger.

[I miss RVA]

BoA's complex behind St. Joseph's Villa has been sold.

https://richmondbizsense.com/2021/03/26/bank-of-americas-multi-building-complex-in-henrico-sells-for-208m/

[I miss RVA]

One of the big DC-area real estate firms is planting its flag in RVA!!! This is unquestionably a win - and really lends credence to the Richmond market being a hot go-to market for job growth and significant residential gains in spite of (or maybe more accurately, as a result of) the pandemic.

https://richmondbizsense.com/2021/03/29/big-nova-based-real-estate-brokerage-opening-office-at-libbie-mill/

[I miss RVA]

This should be interesting - a takeout-only Starbucks. I'm excited to see if this takes off!

https://richmondbizsense.com/2021/04/05/starbucks-planning-takeout-only-store-with-no-seating-in-the-fan/

[I miss RVA]

From the Times-Dispatch: Grenova relocating from Manchester to just north of Scott's Addition- expanding and adding 250 new jobs.

https://richmond.com/business/watch-now-biotech-company-grenova-plans-10-6-million-relocation-and-expansion-in-richmond-creating/article_74c906e9-a909-5d27-9dd1-8e5dc3035f41.html#tracking-source=home-top-story-1

Edited April 20, 2021 by I miss RVA

[eandslee]

Also, a lot of City properties are about to be the subject of redevelopment/development RFPs to include the Coliseum site, Fulton Gas Works, and City land on AA Boulevard.  This proposal will go before the City Council for vote during its next meeting on Monday!

https://richmond.com/news/local/richmond-city-council-panel-endorses-plan-to-offload-77-city-owned-properties/article_14b770c0-443f-5456-a36c-a2ae355c74cc.html

[I miss RVA]

56 minutes ago, eandslee said:

Also, a lot of City properties are about to be the subject of redevelopment/development RFPs to include the Coliseum site, Fulton Gas Works, and City land on AA Boulevard.  This proposal will go before the City Council for vote during its next meeting on Monday!

https://richmond.com/news/local/richmond-city-council-panel-endorses-plan-to-offload-77-city-owned-properties/article_14b770c0-443f-5456-a36c-a2ae355c74cc.html

"BUT THE SCHOOLS!!!  Oh... wait... " 

[Downtowner]

details on Amazon’s new facility near the raceway. 1000 new jobs being created. I have some photos I snapped of the ground work while passing by one day. I’ll post them here late on tonight. 
 

https://www.wtvr.com/rebound/amazon-center-richmond-raceway

[wrldcoupe4]

Industrial development is on fire. 

[Icetera]

2 hours ago, wrldcoupe4 said:

Industrial development is on fire. 

The Foundry's former occupant would like a word with you:

[I miss RVA]

Looks like the plan for the city to offload developable properties has been approved. Hopefully that means the ball will start rolling for some really good projects on these sites. So far, it appears that the office building planned for the old Public Safety building site is still being described as a 20-story tower. Obviously, since spec space appears to have been reduced, that might change - but who knows at this point. From RichmondBizSense: 

https://richmondbizsense.com/2021/04/27/council-adopts-plan-to-unload-77-city-owned-properties-including-coliseum/

[KJHburg]

Heard this from a friend who usually is pretty accurate.  He heard that Costar maybe planning the tallest building in Virginia on their vacant plot next to their existing building.  Have any of you heard this?  It would only have to top that Westin in VA Beach at 508 feet?   Just curious.  

[eandslee]

Wish it were true, but we’ve seen preliminary plans that indicate otherwise...unless they’ve changed their minds.