Richmond: Economy/Business/Real Estate

[Child2021]

Yes, we have been outpacing Memphis for quite some time.

[Child2021]

Fortune 500, Global 500, 1000 list.

We lost one Fortune 500, but we gained a Fortune 100 for time in about 10 or more years!

And we now have 2 Fortune Global 500s!

CarMax, and Performance Food Group.

[wrldcoupe4]

Looks like we have 8 Fortune 500's and 3 additional in the 1000.

https://www.virginiabusiness.com/article/36-va-companies-make-2023-fortune-1000-list/

[Child2021]

I didn't see Genworth, lol. 

[Icetera]

On 6/5/2023 at 10:05 AM, Child2021 said:

I didn't see Genworth, lol. 

Genworth dropped a ton to 486, but still F500.  Universal Corp. fell off entirely.

[KJHburg]

Richmond has a very impressive list of Fortune 500 companies and has for a long time.  Charlotte has 9 and Atlanta more than both cities (18)   But Richmond has more than Nashville 5 or Raleigh Durham which has 2.  South Florida from Miami to West Palm has 5 or 6 I see conflicting news so Richmond is doing great in this area for sure.   And yes having headquarters of large companies does matter.  

[wrldcoupe4]

Yes totally agree this came up in the Bisnow state of the Richmond market event this week. 

[Child2021]

Don't forget we have two big law firms headquartered here, which are McGuireWoods LLP, and Hunton Andrews Kurth LLP. 

[I miss RVA]

Atlantic Union Bank laying off 4% of its total workforce (74 employees) -not sure how many are in Richmond - and shedding almost two of their three floors of leased space at the James Center. Ugh...  Welp, I suppose that kiboshes any thoughts of AUB building an HQ in downtown RVA anytime in the near future (if ever) -- given that they are leasing two full buildings in the suburbs.

Oy vey...

From today's Richmond BizSense:

https://richmondbizsense.com/2023/06/16/atlantic-union-to-cut-4-percent-of-staff-consolidate-office-space-as-part-of-cost-cutting-measures/

[eandslee]

Yeah, this bank was my one hope that they’d be large enough and ambitious enough to build a new HQ tower downtown. Given that they are keeping their suburban digs and reducing their downtown footprint, I can see them consolidating all of their offices into one single suburban office building somewhere in the area. It really is a shame because they could have really changed the skyline with a cool tower on the octagon parking lot in front of their building in the James Center. Who knows…maybe something will change soon. 

[I miss RVA]

On 6/16/2023 at 9:07 AM, eandslee said:

Yeah, this bank was my one hope that they’d be large enough and ambitious enough to build a new HQ tower downtown. Given that they are keeping their suburban digs and reducing their downtown footprint, I can see them consolidating all of their offices into one single suburban office building somewhere in the area. It really is a shame because they could have really changed the skyline with a cool tower on the octagon parking lot in front of their building in the James Center. Who knows…maybe something will change soon. 

Yep. It would'a been nice, for sure. But I'm sure they'll consolidate in the 'burbs and I wouldn't be all that surprised if they vacate James Center altogether in another year or so. Sadly, AUB isn't at the level of the banks in that city 248 miles southwest of RVA. Like Dracula, those banks suck the life out of virtually everything financial in the entire southern Mid-Atlantic region (and assimilate them like the Borg) and then build vanity towers that look stunning on NFL telecasts.  

Edited June 19, 2023 by I miss RVA

[KJHburg]

On 6/16/2023 at 10:26 AM, I miss RVA said:

Yep. It would'a been nice, for sure. But I'm sure they'll consolidate in the 'burbs and I wouldn't be all that surprised if they vacate James Center altogether in another year or so. Sadly, AUB isn't at the level of the banks in that city 248 miles southwest of RVA. Like Dracula, those banks suck the life out of virtually everything financial in the entire  southern Mid-Atlantic region (and assimilate them like the Borg) and then build vanity towers that look stunning on NFL telecasts.  

alright now....and glad you are watching our Carolina Panthers! 

 

[I miss RVA]

11 hours ago, KJHburg said:

alright now....and glad you are watching our Carolina Panthers! 

 

I don't watch them -- then again, I live in Chicago, and quite frankly I don't give two shekels about them. I see those camera shots if/when they happen to pop up in passing on NFL RedZone, which is my drug of choice.

Nice try though. 

Edited June 19, 2023 by I miss RVA

[Downtowner]

15 hours ago, I miss RVA said:

I don't watch them -- then again, I live in Chicago, and quite frankly I don't give two shekels about them. I see those camera shots if/when they happen to pop up in passing on NFL RedZone, which is my drug of choice.

Nice try though. 

Hey the bears are on the upswing gotta get past the lions this year first though. Hey at least Green Bay can spend some time in the toilet and get us both out of it. The day my Detroit lions win the Super Bowl that city may get burnt to the ground with the drought that city and the embarrassment the lions have had over the years. I’m going to baltimore to watch the play the ravens in October. Super excited. 

[I miss RVA]

17 minutes ago, Downtowner said:

Hey the bears are on the upswing gotta get past the lions this year first though. Hey at least Green Bay can spend some time in the toilet and get us both out of it. The day my Detroit lions win the Super Bowl that city may get burnt to the ground with the drought that city and the embarrassment the lions have had over the years. I’m going to baltimore to watch the play the ravens in October. Super excited. 

Green Bay will be down this season for certain - and probably for a while. I kinda follow the Bears and am happy for them when they win because I live here - but my team is and always will be the beloved Burgundy and Gold of what I now lovingly refer to as the Redballteammanderskins (since they had three nicknames in the span of four seasons). I grew up going to Washington for football - attended plenty of games over the years at RFK Stadium and FedEx Field (I was at the second-ever regular-season game at FedEx Field - a Monday-nighter against Dallas). Cut me and I bleed Burgundy and Gold. So while I should be in some kind of 12-step program for my NFL RedZone addition (and I'm a RedZone junkie - I admit it!) - I will have my beloved Washingtons on when they play (even if it's in addition to keeping one eye on RedZone.)

[Downtowner]

24 minutes ago, I miss RVA said:

Green Bay will be down this season for certain - and probably for a while. I kinda follow the Bears and am happy for them when they win because I live here - but my team is and always will be the beloved Burgundy and Gold of what I now lovingly refer to as the Redballteammanderskins (since they had three nicknames in the span of four seasons). I grew up going to Washington for football - attended plenty of games over the years at RFK Stadium and FedEx Field (I was at the second-ever regular-season game at FedEx Field - a Monday-nighter against Dallas). Cut me and I bleed Burgundy and Gold. So while I should be in some kind of 12-step program for my NFL RedZone addition (and I'm a RedZone junkie - I admit it!) - I will have my beloved Washingtons on when they play (even if it's in addition to keeping one eye on RedZone.)

I went ahead and got YouTube tv when I moved to the Winchester area and have Sunday ticket. No offense to Washington football fans I got so sick and tired of the in market crap and having no way to watch out of market than to find a streaming site to get it. Now I have Sunday ticket thank god directtv no longer has it. But yes I’m praying for the new stadium to go in either northern va or the old rfk with the new owners. Be curious to know what the new owners think of a new stadium I also see then changing the name. The logo and name in my opinion is horrible no way to market it at all. 

[Virginian11]

Got Sunday ticket as well here in RVA to watch my….CAROLINA PANTHERS!  I feel this site will vote me off the island to know I’m a RVA resident who pulls for anything Charlotte - lol- long suffering hornets fan, too!

[I miss RVA]

1 hour ago, Virginian11 said:

Got Sunday ticket as well here in RVA to watch my….CAROLINA PANTHERS!  I feel this site will vote me off the island to know I’m a RVA resident who pulls for anything Charlotte - lol- long suffering hornets fan, too!

I just threw up in my mouth. And you call yourself "Virginian"?  (just kidding, btw - to each his own. For the record, after VCU, my favorite college hoops program resides in Chapel Hill, so I guess I'm a sports "traitor" as well.) 

Btw - in "pulling for anything CLT (city not airport)" - hopefully you mean ONLY sports-related - and not in adhering to their mindset of and penchant for rubbing RVA's nose in it about how THEY (legends in their own minds that they are) are the supposedly "Divinely Ordained Second Coming of New York City" while RVA is nothing more than a "has-been-that-never-was" wide spot in the road that LARPs at being "big city".

Hopefully you're not in THAT camp of "all things CLT". (city, not airport). Because if you pull for them to THAT level, then yeah - pack your bags, pal, and don't let the door hit ya where the Good Lord split ya! 

(Sorry - I couldn't resist -- no offense is intended!) 

Edited June 19, 2023 by I miss RVA

[Downtowner]

20 minutes ago, I miss RVA said:

I just threw up in my mouth. And you call yourself "Virginian"?  (just kidding, btw - to each his own. For the record, after VCU, my favorite college hoops program resides in Chapel Hill, so I guess I'm a sports "traitor" as well.) 

Btw - in "pulling for anything CLT (city not airport)" - hopefully you mean ONLY sports-related - and not in adhering to their mindset of and penchant for rubbing RVA's nose in it about how THEY (legends in their own minds that they are) are the supposedly "Divinely Ordained Second Coming of New York City" while RVA is nothing more than a "has-been-that-never-was" wide spot in the road that LARPs at being "big city".

Hopefully you're not in THAT camp of "all things CLT". (city, not airport). Because if you pull for them to THAT level, then yeah - pack your bags, pal, and don't let the door hit ya where the Good Lord split ya! 

(Sorry - I couldn't resist!) 

I have one better or maybe worse. I’m a uga dawgs fan. Have a relative that went there my father in law also went there. One of my good friends from high school went there. I’m an all sec fan. Hate the acc. Always have. Kind of like I find the nfc east completely annoying but I do love those Philadelphia bird dawgs lol. The eagles love those Georgia dawgs. Also a diehard Braves fan more than just because of the r-Braves have family in the suburb of Alpharetta in the atlanta area. Only reason I’m a lions fan I know I’ve said it before had a relative who played for them drafted in the third round in the 1993 draft. But I am a die hard caps and wizards can. Sad I know on the wizards but I will always love my wizards. 

[I miss RVA]

5 minutes ago, Downtowner said:

I have one better or maybe worse. I’m a uga dawgs fan. Have a relative that went there my father in law also went there. One of my good friends from high school went there. I’m an all sec fan. Hate the acc. Always have. Kind of like I find the nfc east completely annoying but I do love those Philadelphia bird dawgs lol. The eagles love those Georgia dawgs. Also a diehard Braves fan more than just because of the r-Braves have family in the suburb of Alpharetta in the atlanta area. Only reason I’m a lions fan I know I’ve said it before had a relative who played for them drafted in the third round in the 1993 draft. But I am a die hard caps and wizards can. Sad I know on the wizards but I will always love my wizards. 

When I think of Alpharetta, GA - I think of APBA games -  and if anyone over the years has played APBA Baseball, you know EXACTLY what I'm talking about. The company was founded in 1951 in Lancaster, PA - but when original proprietors sold it about 20 or so years ago, the new owner took it with him to Alpharetta. So any time I order any new season card sets (I have the complete line of APBA sports games) they come from there. (Weird connection, I realize, but still...)

[Child2021]

Can't believe someone skipped over this: Carpenter acquires Belgian foams biz for $468M - Virginia Business

DETAILS:

Richmond-based Carpenter Co. has completed its acquisition of Belgium-based Recticel’s engineered foams division for $468 million, a deal that makes makes Carpenter the world’s largest vertically integrated manufacturer of polyurethane foams and specialty polymer products, the company announced Wednesday.

Founded in 1950, Carpenter is a manufacturer and supplier of foam, fiber and chemicals used in “comfort cushioning products” such as bedding and carpet padding.

The acquisition, which represented about two-thirds of Recitel’s business, includes Recitel’s Foam Partner and Otto Bock operations, Carpenter said in a news release. The division has about 2,800 employees at 32 locations across 20 countries and had about $600 million in sales in 2022.

Carpenter has more than 4,000 employees in the U.S., Canada and Europe and the acquisition gives the company presence in Asia, the Middle East and Africa. Before the acquisition, Carpenter operated eight locations in Europe. The acquisition makes Carpenter the largest flexible polyurethane foam producer and solutions provider in Europe.

“We are very excited to welcome the employees of Recitel, Foam Partner and Otto Bock into Carpenter,” Carpenter CEO Brad Beauchamp said in a statement. “We believe that combining these great businesses with ours will result in the best flexible foam company throughout all market segments and geographic locations. We believe that this acquisition will bring additional innovations in polyurethane foam beyond our industry leading materials like Serene foam, Hybrid TheraGel memory foam and others. Recticel is also known for their leadership in sustainability and recycling of foam materials and we expect that to pair very well with our own developments on those issues that are facing the industry.”

[Child2021]

Could this acquisition be the precursor to something big forming?  

[I miss RVA]

13 minutes ago, Child2021 said:

Can't believe someone skipped over this: Carpenter acquires Belgian foams biz for $468M - Virginia Business

DETAILS:

Richmond-based Carpenter Co. has completed its acquisition of Belgium-based Recticel’s engineered foams division for $468 million, a deal that makes makes Carpenter the world’s largest vertically integrated manufacturer of polyurethane foams and specialty polymer products, the company announced Wednesday.

Founded in 1950, Carpenter is a manufacturer and supplier of foam, fiber and chemicals used in “comfort cushioning products” such as bedding and carpet padding.

The acquisition, which represented about two-thirds of Recitel’s business, includes Recitel’s Foam Partner and Otto Bock operations, Carpenter said in a news release. The division has about 2,800 employees at 32 locations across 20 countries and had about $600 million in sales in 2022.

Carpenter has more than 4,000 employees in the U.S., Canada and Europe and the acquisition gives the company presence in Asia, the Middle East and Africa. Before the acquisition, Carpenter operated eight locations in Europe. The acquisition makes Carpenter the largest flexible polyurethane foam producer and solutions provider in Europe.

“We are very excited to welcome the employees of Recitel, Foam Partner and Otto Bock into Carpenter,” Carpenter CEO Brad Beauchamp said in a statement. “We believe that combining these great businesses with ours will result in the best flexible foam company throughout all market segments and geographic locations. We believe that this acquisition will bring additional innovations in polyurethane foam beyond our industry leading materials like Serene foam, Hybrid TheraGel memory foam and others. Recticel is also known for their leadership in sustainability and recycling of foam materials and we expect that to pair very well with our own developments on those issues that are facing the industry.”

Okay then!!! ALL THE MORE REASON for the fine folks at CRAC/RIC, etc. to seriously begin chasing down some direct air service between RIC and Europe. Between this acquisition, LEGO building their billion-dollar ultra-factory here, at least one German-based manufacturer having expanded RVA-area operations in the past year - I think there is or at least will be justification before too darn long to get us some European flights coming into and flying out of RIC.

I've said it before - and I'll say it again:

44 GATES!!!

Edited June 20, 2023 by I miss RVA

[I miss RVA]

Michael Schwartz is reporting in today's RBS that the Virginia Credit Union is opening a SECOND downtown RVA branch - this time in the Berkeley Hotel at 12th and E. Cary in Shockoe Slip. It will be the overall fifth credit union branch to open in the city and the second in downtown, joining the Arts District branch at Adams and Broad.

My question has been and remains: WHEN will we see a branch open in lower Manchester? There's one in Scott's Addition, one in Carytown and one opening soon in Church Hill. Whither Manchester? Wondering if the construction of the Avery Hall, Hourigan and even South Falls II residential towers is what's needed before VACU decides to take the Nestea Plunge on Manchester? I'm thinking perhaps VACU doesn't see Manchester as yet having the critical mass of population, even though it's BOOMING and new construction continues to fill up at a blistering pace with even more new construction either underway or in the pipeline - including the big riverfront-facing towers?

From today's Richmond BizSense:

https://richmondbizsense.com/2023/06/22/virginia-credit-union-to-open-branch-in-shockoes-berkeley-hotel/

BERKELEY HOTEL LOCATION - 12th AND CARY

 

ARTS DISTRICT BRANCH - ADAMS AND BROAD

Edited June 22, 2023 by I miss RVA

[Child2021]

This is a interesting read. 

Hanover residents hopeful after Virginia Supreme Court’s Wegmans ruling | Richmond Free Press | Serving the African American Community in Richmond, VA

Information:

A recent decision by the Virginia Supreme Court means residents are being given a second chance to make their case against a Wegmans distribution center — even though construction on the 1.7 million-square-foot facility located in Ashland is nearing completion.

“The blue sky kind of hope would be that [Wegmans] don’t get their certificate of occupancy and they have to return the land back to what it was,” said Henrico resident Renada Harris in a recent phone interview. She grew up in the Brown Grove community where her parents and sister still live, and is a member of the Brown Grove Preservation Group.

“It was my sister Bonnica Cotman who founded the Brown Grove Preservation Group in 2020 to fight the Wegmans development that was going to be 50 feet from our backyard,” Ms. Harris said. “I say ‘ours’ because I go there every week. My sister and my parents live right next door to each other.”

A number of Brown Grove residents, community group Protect Hanover and the Hanover NAACP filed a lawsuit against the Virginia Department of Environmental Quality arguing that the project’s environmental impacts to health and quality of life in the majority Black community were not adequately assessed. They cited not only loss of wetlands located on the 217-acre mostly wooded development site, but also contended that both the construction and operation of the proposed facility would result in noise and light pollution, increased flooding risk, diminished water quality and a significant increase to daily trips by cars and trucks that would cause traffic congestion and air pollution.

While this suit remains active, it is a second suit that was filed against the Hanover County Board of Supervisors that came before the state Supreme Court.

That lawsuit, Morgan v. Hanover County Board of Supervisors, is based on the contention that county officials violated multiple state laws and local ordinances by granting a special exemption and making modifications to the site’s zoning designation in May 2020. The plaintiffs were denied the right to make that case when the Hanover Circuit Court declared they lacked standing because they had failed to meet a requirement to demonstrate “particularized harm.”

This past February, the state Supreme Court sent the case back to the lower court after finding that “the allegations of particularized harm made by the homeowners are fairly traceable to the Board’s 2020 decision.” Last month the court refused a request from Wegmans to reconsider the decision.

Chris French is a member of Protect Hanover who “lives about a mile as the crow flies away from the Wegmans facility” in Mechanicsville. He believes this decision is an important one.

“It does a lot. The state Supreme Court does not pick up any case willy nilly. They only pick up cases that have impact across the entire state of Virginia,” he said by telephone. “The citizens of the Commonwealth now have greater access to the courts when it comes to land use decisions.”

That’s important, especially for minority communities that have often been particularly harmed by patterns of locating industrial and public infrastructure projects in their backyards.

The Brown Grove community was founded about 150 years ago and many living there now are descendants of Caroline Dobson Morris, a midwife nicknamed the “mother of Brown Grove,” who settled there after being freed from enslavement. These residents saw the Wegmans deal as just one more that would be detrimental to their health and their quality of life, pointing to past decisions such as the routing of Interstate 95 through Brown Grove in the 1950s and 1960s, which split the community in half. Since then a landfill, a concrete plant, an airport and a truck stop off the nearby highway have also been built.

Ms. Harris says issues of dust, traffic congestion, road accidents and pollution the community already faces would be exacerbated further by Wegmans distribution center.

“Our history in Brown Grove is a history of dispossession of our land, dismissal of our opinions, defeat and oppression,” she added.

But now residents are hopeful of a different outcome. When reached by phone for comment, the plaintiffs’ attorney Brian Buniva said “it was a glorious day” when the court ruled in favor of his clients and he is confident about their chances going forward.

“What is likely to happen is that the court will have no choice but to declare the rezoning was unlawful on at least two of the eight counts we have brought. That would mean starting over with the Board of Supervisors to obtain approval.”

Mr. Buniva added that several things could impact the chances of a different result should that happen, including recent elections, the death of the board’s longest serving member Aubrey M. “Bucky” Stanley, Jr. in December 2021, and the fact that Brown Grove has since been recognized as a rural historic district by the state and designated a National Historic Landmark.

Ms. Harris said one of the reasons Brown Grove fought for this historic designation is because “what Wegmans’ lawyers and Hanover County were saying is, ‘No, that’s not a Black community, it’s a white community so there’s no environmental justice protections in that area.

“We’re hopeful now that we have national recognition,” she added. “We’re telling the truth about how Hanover County has treated the community and it may be uncomfortable for them, but now we do have their attention. Now the Hanover officials are engaging with the community as a partner in their plans for the community. We hope that we continue to head in the right direction.”

As for whether or not Wegmans will be able to open on schedule, it is unclear. An email request for comment from the grocery giant was not returned. But Mr. French said should the residents be successful as they hope, Wegmans bears the responsibility for the decision to build while there were legal challenges ongoing.

“They chose to ignore everybody. They chose to go at it on their own with the viewpoint that they would be victorious,” he said. “If they lose, they made a very risky business decision and they have to pay the consequence of that decision.”