Richmond: Economy/Business/Real Estate

[I miss RVA]

Good stuff! Glad to see a fact sheet like this that can -- and should -- be used as part of the marketing strategy going forward.

The Richmond Magazine article was a real eye-opener. I knew we weren't doing much in marketing department until just the last couple of years - but I didn't know the extent of just how bad the situation really was. We basically sat on our hands for DECADES and did virtually NOTHING to promote the city, the metro or the region nationally as a place to come and do business. IMNSHO - that was a catastrophic failure on our part- and there's absolutely no wonder AT ALL why we got SWAMPED by competitor markets over the last two to three decades -- markets that have been and continue to be very bullish about growth and aggressive in marketing and job recruitment.

This - a simple, easy to understand fact sheet that really highlights some legitimate home runs - is at least a step in the right direction.

[Icetera]

It is not quite a tower built out of LEGOs but at least there is now a single giant brick in Chesterfield:

https://www.progress-index.com/story/lifestyle/2023/04/11/lego-group-project-visitor-center-installed-in-chester-watch-video-over-1700-jobs-nine-open-now/70102858007/?fbclid=IwAR0Pdggpn7l19Wxatv7NODGMbn8EBkdWRp9JeW297M_-RokOx3YtuTPQSDo

 

Quote

 

CHESTER ­— Have you driven past The LEGO Group Project in Meadowville Technology Park lately? You can't miss the newly-installed, temporary Visitor Center. Visible from Rivers Bend Blvd., it is bright yellow and shaped like a LEGO brick.

If you drive your children by it, I bet they'll get a kick out of seeing it as well as the recently installed billboards which feature cute LEGO Mini Figures.

LEGO derives its name from the Danish phrase "leg godt" which means "play well." Children and adults worldwide have been entertained by LEGO for over 70 years.

Did you realize the correct plural of LEGO is just LEGO? The LEGO Group suggests LEGO bricks or LEGO sets. I grew up saying LEGOs, and it's been a challenge to drop the "s."

 

The LEGO Group has a temporary location through 2024 at 1600 Ruffin Mill Rd. in Colonial Heights, and its permanent address is 1400 Meadowville Rd. in Chester, just a hop, skip and jump down the road from me.

The Visitor Center installed on Friday, March 31 is on the site of The LEGO Group's $1 billion project in Chesterfield County. The first U.S. LEGO manufacturing plant will include a 1.7 million-square-foot precision production facility.

Over the next few years, 1,761 people will be hired for a range of professional and production positions.

 

 

[eandslee]

I used my access to "one free article a month" to read this article in the RTD.  The title of the article intrigued me and so I had to click on it.  After reading, this is a big deal!  From what I understand, having the programs in the state to train people to work in the semiconductor business is the one major thing Virginia is lacking compared to our peer states that are winning contracts from major semiconductor businesses.  With this new program, it will eliminate that "Achilles Heel" for the state, making Virginia an attractive state in which to build, establish, and operate a semiconductor.  On the radar for us is the Upper Magnolia Mega Site where Chesterfield County (with tons of state backing) is working to lure in such an operation...one that will hire thousands and which will pay annual salaries that are well above the average for the area.  There are other smaller site in the Richmond Metro area as well, which could accommodate a semiconductor-type factory.  So hopefully, we see some commitments to establish something like this in the RVA metro pretty soon!  This is a key piece of the puzzle to lure in these types of factories.  Let's go get 'em!

https://richmond.com/news/state-and-regional/govt-and-politics/virginia-launches-push-to-expand-semiconductor-business-in-state/article_af86a73a-e059-11ed-bef3-0f80d8ba7e5b.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Fnews-alert&utm_medium=PostUp&lctg=4411731&tn_email_eh1=8af7d0eaf5bba42026bcbde39a6bd3b57d9ca904

[I miss RVA]

2 hours ago, eandslee said:

I used my access to "one free article a month" to read this article in the RTD.  The title of the article intrigued me and so I had to click on it.  After reading, this is a big deal!  From what I understand, having the programs in the state to train people to work in the semiconductor business is the one major thing Virginia is lacking compared to our peer states that are winning contracts from major semiconductor businesses.  With this new program, it will eliminate that "Achilles Heel" for the state, making Virginia an attractive state in which to build, establish, and operate a semiconductor.  On the radar for us is the Upper Magnolia Mega Site where Chesterfield County (with tons of state backing) is working to lure in such an operation...one that will hire thousands and which will pay annual salaries that are well above the average for the area.  There are other smaller site in the Richmond Metro area as well, which could accommodate a semiconductor-type factory.  So hopefully, we see some commitments to establish something like this in the RVA metro pretty soon!  This is a key piece of the puzzle to lure in these types of factories.  Let's go get 'em!

https://richmond.com/news/state-and-regional/govt-and-politics/virginia-launches-push-to-expand-semiconductor-business-in-state/article_af86a73a-e059-11ed-bef3-0f80d8ba7e5b.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Fnews-alert&utm_medium=PostUp&lctg=4411731&tn_email_eh1=8af7d0eaf5bba42026bcbde39a6bd3b57d9ca904

Maybe we'll land a huge heavy-hitter at the Magnolia site - AND grab a smaller but potent relocation at one (or more) of the smaller sites. No reason RVA metro couldn't become home to two or more such facilities. 

[I miss RVA]

This post could go in either the Scott's Addition or Libbie Mill/Westwood - but since it impacts both areas, I'm putting it here. The new owners of Blue Bee Cidery are moving from their current Summit Avenue location in Scott's Addition to Bethlehem Road in the burgeoning Libbie Mill/Westwood area just outside the city. A definite loss for Scott's Addition- but the iconic building that houses Blue Bee is owned by a developer who purchased the property but not the cidery business. Here's hoping the new developers/owners will put another iconic food/beverage business in the beautiful structure on Scott's - and that said business will be every bit the asset to the neighborhood that Blue Bee has been. No doubt Blue Bee will be a tremendous asset to the up-and-coming Westwood area - which is essentially Scott's Addition 2.0 - and they'll have tremendous success there as the neighborhood explodes with high-density apartment development the way Scott's has now for the past several years.

From today's Richmond BizSense:

https://richmondbizsense.com/2023/05/01/under-new-ownership-blue-bee-cider-set-to-move-from-scotts-addition-to-henrico/

[wrldcoupe4]

Newsletter from Greater Richmond Partnership:

Greater Richmond gains top ranking, millions of dollars in new company investments and more

Great news for our region! For a second consecutive year, Greater Richmond is among thetop 10 metros for economic development projects per capita according to Site Selection magazine, outranking metros like Columbus, Ohio, Grand Rapids, Mich., Indianapolis, Ind., and Kansas City, Kan. The rankings were released around the same time that the region celebrated a few new projects:

ISO Group, based in The Netherlands and specializes in horticulture automated solutions, will invest $570,000 and add 30 jobs in Chesterfield County. 

SanMar Corporation, the nation's largest wholesaler of promotional apparel and accessories, will invest at least $50 million and create 1,000 jobs in Hanover County.

Weidmüller Group, a leader in designing and manufacturing electrical components, announced it will expand in Chesterfield County with a $16.4 million investment that will add more than 100 jobs.

As seen above, Greater Richmond is an optimal business location for both national and international companies to invest thanks to a business-friendly environment and low operating costs. For these reasons and more, companies constantly invest and reinvest in the region leading to an ongoing forward momentum. Here's a taste of what that looks like:

The LEGO Group held a groundbreaking ceremony for its $1 billion manufacturing facility in Chesterfield County. The Danish toymaker plans to create 1,761 jobs and has already begun hiring. The LEGO Group will hire 500 employees by the end of this year. 

Zoning in Henrico County was approved for a 90-acre redevelopment which will feature two 258,000 square-feet office facilities. The added space will be crucial in attracting Life Sciences companies as the demand for lab space has increased recently especially in part due to the region's awarding of the EDA's Build Back Better Regional Challenge.

Speaking of new funding for Life Sciences, the National Institutes of Health awarded Virginia Commonwealth University $27.5 million, the largest NIH grant in VCU history. Plus, Activation Capital will receive $15 million in funding from the state to establish a new 102,000-square-foot Innovation Center.

Stone Brewing announced it will expand operations while doubling its workforce. The brewing company was recently acquired by Japanese beer giant Sapporo and will soon begin producing their products at its Richmond facility. 

Spirit Airlines announced a new direct route from Richmond International Airport to Las Vegas. With this new flight, RIC now offers 34 direct air routes. 

All this positive news adds up and is causing more corporate executives and site location consultants to consider the region for expansion or relocation. 

Finally, I'm happy to share GRP won a top Economic Development Organization award from Business Facilities Magazine for Diversity, Equity and Inclusion initiatives. We couldn't have landed this award without our partnership with the City of Richmond and counties of Chesterfield, Hanover and Henrico.

[eandslee]

Love this!  Congrats!  I think RVA has an excellent business promotion team. I especially liked this comment (see, even GRP gets it):

Spirit Airlines announced a new direct route from Richmond International Airport to Las Vegas. With this new flight, RIC now offers 34 direct air routes. 

[Child2021]

Chesterfield’s new tech park already generating buzz - Virginia Business

Look at what we have here!

 

“We’re building towards those determinations, because we have been working with companies like that on projects like that,” Hart says, though he declined to offer more detail.

Hart says he’s already receiving calls from site consultants about Upper Magnolia Green. The Greater Richmond Partnership is also promoting the site through newsletters to consultants and interested parties, says Michael Ivey, the regional economic development organization’s vice president of marketing and communications.

[I miss RVA]

4 hours ago, wrldcoupe4 said:

Newsletter from Greater Richmond Partnership:

Greater Richmond gains top ranking, millions of dollars in new company investments and more

Great news for our region! For a second consecutive year, Greater Richmond is among thetop 10 metros for economic development projects per capita according to Site Selection magazine, outranking metros like Columbus, Ohio, Grand Rapids, Mich., Indianapolis, Ind., and Kansas City, Kan. The rankings were released around the same time that the region celebrated a few new projects:

ISO Group, based in The Netherlands and specializes in horticulture automated solutions, will invest $570,000 and add 30 jobs in Chesterfield County. 

SanMar Corporation, the nation's largest wholesaler of promotional apparel and accessories, will invest at least $50 million and create 1,000 jobs in Hanover County.

Weidmüller Group, a leader in designing and manufacturing electrical components, announced it will expand in Chesterfield County with a $16.4 million investment that will add more than 100 jobs.

As seen above, Greater Richmond is an optimal business location for both national and international companies to invest thanks to a business-friendly environment and low operating costs. For these reasons and more, companies constantly invest and reinvest in the region leading to an ongoing forward momentum. Here's a taste of what that looks like:

The LEGO Group held a groundbreaking ceremony for its $1 billion manufacturing facility in Chesterfield County. The Danish toymaker plans to create 1,761 jobs and has already begun hiring. The LEGO Group will hire 500 employees by the end of this year. 

Zoning in Henrico County was approved for a 90-acre redevelopment which will feature two 258,000 square-feet office facilities. The added space will be crucial in attracting Life Sciences companies as the demand for lab space has increased recently especially in part due to the region's awarding of the EDA's Build Back Better Regional Challenge.

Speaking of new funding for Life Sciences, the National Institutes of Health awarded Virginia Commonwealth University $27.5 million, the largest NIH grant in VCU history. Plus, Activation Capital will receive $15 million in funding from the state to establish a new 102,000-square-foot Innovation Center.

Stone Brewing announced it will expand operations while doubling its workforce. The brewing company was recently acquired by Japanese beer giant Sapporo and will soon begin producing their products at its Richmond facility. 

Spirit Airlines announced a new direct route from Richmond International Airport to Las Vegas. With this new flight, RIC now offers 34 direct air routes. 

All this positive news adds up and is causing more corporate executives and site location consultants to consider the region for expansion or relocation. 

Finally, I'm happy to share GRP won a top Economic Development Organization award from Business Facilities Magazine for Diversity, Equity and Inclusion initiatives. We couldn't have landed this award without our partnership with the City of Richmond and counties of Chesterfield, Hanover and Henrico.

Thanks, Coupe! This is exactly the kind of things that need to be publicized, given the competitiveness of the regional and national market, particularly since RVA is going up against not just similarly-sized regions but also, in many cases, much larger metros. We have to keep this roll going - and getting the word out is one of the power tools in our toolbox that we need to bring to work every day in promoting the city, the metro and the region. LOVE seeing this!!

[I miss RVA]

2 hours ago, Child2021 said:

Chesterfield’s new tech park already generating buzz - Virginia Business

Look at what we have here!

 

“We’re building towards those determinations, because we have been working with companies like that on projects like that,” Hart says, though he declined to offer more detail.

Hart says he’s already receiving calls from site consultants about Upper Magnolia Green. The Greater Richmond Partnership is also promoting the site through newsletters to consultants and interested parties, says Michael Ivey, the regional economic development organization’s vice president of marketing and communications.

This really could be a grand-slam home run ball for metro RVA. Whatever infrastructure needs to be in place - I hope and pray there is movement already underway to get that into place so we don't miss out on the next BIG opportunity like Intel or the other company that went either to New York or Ohio. Landing something that could bring 10,000 jobs to the metro in one fell swoop would be HUGE.

Edited May 1, 2023 by I miss RVA

[Shakman]

I love it that jobs are coming to Richmond, but I want to see more white-collar jobs coming the area.

Edited May 2, 2023 by Shakman

[I miss RVA]

50 minutes ago, Shakman said:

I love it that jobs are coming to Richmond, but I want to see more white-collar jobs coming the area.

If Greater Richmond Partnership can land a couple of the still not-yet-revealed heavyhitters they've indicated they're still chasing - I think you'll see that. Indeed, we're doing quite well in landing manufacturing sector businesses and their thousands of jobs - and we need to keep that trend rolling. But I agree with you - snagging a big HQ2 would go a LONG way toward changing the economic dynamic here. Problem is, we face a lot of stiff competition from places like Nashville, Austin, Columbus, the "Hydra" cities of the Carolinas among many others - not to mention right in our own back yard in NOVA. We MUST beat out these other cities and land at least one (or more) of these real heavyweights. Very glad that we've been "finalists" in recent years. Now let's pull on the HQ2 side what we did on the LEGO side -- and nail down a couple of HUGE wins for RVA!

[Child2021]

https://www.virginiabusiness.com/article/henrico-insurer-to-create-100-jobs-in-hq-expansion/

https://www.virginiabusiness.com/article/baking-soda-manufacturer-to-expand-in-chesterfield-county/

[I miss RVA]

33 minutes ago, Child2021 said:

https://www.virginiabusiness.com/article/henrico-insurer-to-create-100-jobs-in-hq-expansion/

https://www.virginiabusiness.com/article/baking-soda-manufacturer-to-expand-in-chesterfield-county/

WOW - really good news all the way around. More metro Richmond jobs is a VERY good thing!

[Downtowner]

Wish I could read of subscribe to va business without having to put a company name on it as I don’t own a company. They really hurt themselves only catering to business owners. 

[rancenc]

Major development project could be in the works for the Richmond area.

https://richmond.com/news/state-and-regional/developer-proposes-major-project-on-ashland-hanover-line/article_f6bff144-eb6f-11ed-98ea-cf06767c84b0.html

[eandslee]

1 hour ago, rancenc said:

Major development project could be in the works for the Richmond area.

https://richmond.com/news/state-and-regional/developer-proposes-major-project-on-ashland-hanover-line/article_f6bff144-eb6f-11ed-98ea-cf06767c84b0.html

Anyone have another link not behind a paywall?  I want to read this article…this sounds interesting. 

Edited May 6, 2023 by eandslee

[I miss RVA]

7 hours ago, eandslee said:

Anyone have another link not behind a paywall?  I want to read this article…this sounds interesting. 

I'll see what I can do.

(Jesus - I sound like Tony Soprano...) 

Edited May 7, 2023 by I miss RVA

[I miss RVA]

Metro RVA is ranked sixth nationally as the fastest-growing metropolitan areas in terms of economic growth using the metric of projects per capita, according to a survey by Site Selection magazine, an economic development industry publication. RVA checked in at 41.5 projects per capita - sixth best among U.S. metros of 1 million population or more. As robust as this number is, it's down slightly from 2021, when we were ranked third nationally. STILL - to stay in the top-10 and on the edge of the top-5, particularly with the economic uncertainty afoot, is a WIN for RVA!

Indeed, this is the engine fueling metro RVA's population growth, the rate of which leads the Commonwealth, making us the fastest growing region in the state. According to the Times-Dispatch article, the Richmond metro's rate of growth is three times that of Virginia's other four metropolitan areas (NOVA, Hampton Roads, Roanoke, Lynchburg) -- all very heady and good news!

All of this is proof positive that the Greater Richmond Partnership's tremendous business recruitment and marketing efforts are bearing fruit and paying solid dividends. Love the quote from GRP's CEO Jennifer Wakefield:

“We can’t be more excited that people around the world are recognizing our region’s affordable cost of doing business,” said Jennifer Wakefield, president and CEO of the Greater Richmond Partnership. “Clearly our region is very hot. We have more companies looking at us with bigger projects than the last 15 years.”

From today's Richmond Times-Dispatch:

https://richmond.com/business/local/booming-business-richmond-is-attracting-new-developments-jobs-residents/article_be743908-e5ed-11ed-af51-3f1210dae9c1.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Fnews-alert&utm_medium=PostUp&lctg=4428112&tn_email_eh1=0ec7e032dd1e4ec101109fd5c9cd7c5c0a175c41

Edited May 8, 2023 by I miss RVA

[KJHburg]

@eandslee here you go as I don't read your local paper as much as you do:

""The Northern Virginia developer that built the Byrd Center industrial park by Richmond International Airport and the office buildings at Chesterfield County’s Ruffin Mill Center wants to build a complex with offices, warehouses and town homes on a 234-acre site straddling the town of Ashland-Hanover County line.

The site is south of Route 54 and east of Interstate 95 and has been designated for a mixed-use development.

WestDulles Properties‘ site plan for what it is calling the Iron Horse Business Park shows a total of six retail or office buildings on Route 54, with 14 warehouse or business office buildings behind them. There would be space for a hotel at the intersection of Route 54 and Mount Hermon Road.

 

 

The town is reviewing an amendment to its comprehensive plan that would include a review of the impact on traffic, buffers, environmental protection and design of buildings. Hanover is working on the developer’s request for a rezoning and conditional use permit.

 
The comprehensive plan amendment review and the county’s review of the developer’s rezoning and conditional use permit will address concerns about water quality and runoff from the large paved areas required for the business park. It also will address initial reactions from nearby residents that the warehouses will be too big as well as the impact on Hanover residents’ priority that the county maintain a rural feel.

The impact on county schools also will be part of the rezoning and conditional use permit review.

In response to concerns about traffic, town and county officials are considering a ban on truck traffic and lower speed limits on Mount Hermon Road, in addition to improvements to its intersection with Route 54. They also are considering a median on Route 54.

WestDulles Properties is a commercial real estate development and investment firm that has been active in Northern Virginia, Richmond and Winchester since 1985.

In Henrico County, it developed the 12-building Byrd Center industrial park, with 596,542 square feet of space on 42 acres fronting on South Laburnum Avenue and Charles City Road.

It developed the Ruffin Mill Center office park, with four buildings totaling about 136,800 square feet on 10.5 acres along Ruffin Mill Road and Continental Boulevard in Chesterfield.

It also is developing the TradePort95 warehousing and distribution center, which will comprise three buildings totaling 1,330,000 square feet, 5 miles south of the Richmond Marine Terminal in Chesterfield.""

 

[Child2021]

Comparing Rental Reports, I got recently downvoted on Reddit (lol) about Demand essentially being outstripped by supply, and it looks like the trends have flipped back where it was prior to the Pandemic. 

 Richmond Multifamily Report – April 2023 - Multi-Housing News (multihousingnews.com)

Apartment Demand Bounces Back in Richmond (costar.com)

On a separate note, take a look at this: 

Richmond in top 20 of best cities for high school grads to start a career - Augusta Free Press

Also, any predications on how many Fortune 500 & 1000 companies we will have this year?

[I miss RVA]

2 hours ago, Child2021 said:

Comparing Rental Reports, I got recently downvoted on Reddit (lol) about Demand essentially being outstripped by supply, and it looks like the trends have flipped back where it was prior to the Pandemic. 

 Richmond Multifamily Report – April 2023 - Multi-Housing News (multihousingnews.com)

Apartment Demand Bounces Back in Richmond (costar.com)

On a separate note, take a look at this: 

Richmond in top 20 of best cities for high school grads to start a career - Augusta Free Press

Also, any predications on how many Fortune 500 & 1000 companies we will have this year?

WOW - we came in 19th overall -- and were tops in Virginia! AND - we were the 15th best in the nation in terms of "professional opportunities" - fantastic!

[Icetera]

11 hours ago, Child2021 said:

Comparing Rental Reports, I got recently downvoted on Reddit (lol) about Demand essentially being outstripped by supply, and it looks like the trends have flipped back where it was prior to the Pandemic. 

 Richmond Multifamily Report – April 2023 - Multi-Housing News (multihousingnews.com)

Apartment Demand Bounces Back in Richmond (costar.com)

On a separate note, take a look at this: 

Richmond in top 20 of best cities for high school grads to start a career - Augusta Free Press

Also, any predications on how many Fortune 500 & 1000 companies we will have this year?

Unless you are hating on the evil land-lords, r/RVA will always downvote.  It is sadly a terrible forum for any intelligent discussion.

[Child2021]

If you're wondering, yes I have taken a look at the Woodes and Poole 2060 population projection. I'm not particularly in agreeance with it either.  One of the reasons is that it seems to just project current growth rates , and slightly decline them until 2060. A Second one is 40 years is simply a long time out and things can and will change.  Third reason is what if the 2020 census isn't correct either? that would kind of mess up the further projections. 

It shows the Metro at 1,715 Million in 2060, of course not accounting any MSA changes. 

On another note, the Census Metro population estimates came out today. 

Richmond (Metro) grew only by 24k people, but the City is estimated to be at 229k now. 

Here is the data: 

Link: https://www2.census.gov/programs-surveys/popest/datasets/2020-2022/metro/totals/cbsa-est2022.csv

Looks like we blew past Memphis!

[I miss RVA]

2 hours ago, Child2021 said:

If you're wondering, yes I have taken a look at the Woodes and Poole 2060 population projection. I'm not particularly in agreeance with it either.  One of the reasons is that it seems to just project current growth rates , and slightly decline them until 2060. A Second one is 40 years is simply a long time out and things can and will change.  Third reason is what if the 2020 census isn't correct either? that would kind of mess up the further projections. 

It shows the Metro at 1,715 Million in 2060, of course not accounting any MSA changes. 

On another note, the Census Metro population estimates came out today. 

Richmond (Metro) grew only by 24k people, but the City is estimated to be at 229k now. 

Here is the data: 

Link: https://www2.census.gov/programs-surveys/popest/datasets/2020-2022/metro/totals/cbsa-est2022.csv

Looks like we blew past Memphis!

Holy moly - we sure did!

And we're only about 224K behind metro Milwaukee and only 104K behind metro Oklahoma City. 

We're ranked ahead of Buffalo, Honolulu, Salt Lake City and Tulsa metro areas.

AND - Richmond CITY is just 3,600 people behind the city of Norfolk. If these trends continue, we'll pass 'em by mid-decade!!  

Richmond City is also just 57,183 behind the city of St. Louis - and the Gateway City is hemorrhaging population (as is the entire St. Louis metro area).