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Richmond: Economy/Business/Real Estate


wrldcoupe4

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There used to be a very nice open-to-the-public rooftop restaurant atop Lexington Tower Apartment Building (now, I believe, called Trolley Square - what a silly name!!!). It's directly across Franklin Street from The Jefferson Hotel. But it closed a long time ago.

Yes! I remember that place. I ate there once when I was visiting Richmond back around 1976. I believe it was called "Top of the Tower" or something like that. Thanks for the memory jog.

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Yes! I remember that place. I ate there once when I was visiting Richmond back around 1976. I believe it was called "Top of the Tower" or something like that. Thanks for the memory jog.

That's right! Top of the Tower it was called.

It was a pretty good restaurant and from the 16th floor, provided some nice views.

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Interesting Tommy... IMO, Centennial would seem like a less likely choice than a new tower at the James Center. That Federal Reserve lot would seem more likely too... In case no one has noticed, the trend for high end office space has it moving closer and closer to the riverfront, making Centennial's Main St address potentially less desireable.

Now hold on there, Coupe - we want to encourage and root for Centennial. After all, it is only 1 block further inland (from the rivah) than James Center, albeit a few blocks west.

If M/WV chose it as their headquarters, it's likely Richmond could claim the State's highest. That is, if Centennial would include 200+ condos, a hotel, retail, inside parking AND M/WV!!! :)

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haha don't get me wrong Burt, I always root for Centennial. Just dropping what I hear on the street. :thumbsup:

Even the numbers support what I said... compare the rental rates fetched on Main St with those south of Cary St...

Clearly, though, a Main St address is still prestigious and I'm sure that Centennial has as good a chance as any to lure them. I think we'll be impressed with the hotel portion of the Centennial project, but only time will tell.

Edited by wrldcoupe4
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haha don't get me wrong Burt, I always root for Centennial. Just dropping what I hear on the street. :thumbsup:

Even the numbers support what I said... compare the rental rates fetched on Main St with those south of Cary St...

Clearly, though, a Main St address is still prestigious and I'm sure that Centennial has as good a chance as any to lure them. I think we'll be impressed with the hotel portion of the Centennial project, but only time will tell.

Is it a Ritz Carlton? :)
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See today's TD for a story announcing the arrival of about 100 former (and perhaps new) employees at Mead Westvaco's temporary headquarters very close to Innsbrook and West Broad Village in one of the former Bank of Virginia/Capital One buildings.

The company says it has several sites under consideration for a permanent headquarters.

Tommy, why don't you link the story for us? :)

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See today's TD for a story announcing the arrival of about 100 former (and perhaps new) employees at Mead Westvaco's temporary headquarters very close to Innsbrook and West Broad Village in one of the former Bank of Virginia/Capital One buildings.

The company says it has several sites under consideration for a permanent headquarters.

Tommy, why don't you link the story for us? :)

:D

Henrico welcomes MeadWestvaco

MeadWestvaco Corp. employees have started moving into the company's temporary headquarters in western Henrico County. About 100 employees started work yesterday at the office near the Innsbrook area, mostly arriving before 8 a.m. to beat the heat.

The company is leasing the 210,000-square-foot building on West Broad Street until it opens a permanent headquarters. "We have a number of sites that we are considering," for the permanent office, said company spokeswoman Donna Owens Cox.

The employees who moved into the office yesterday were the first wave. Eventually, 600 people will work at the headquarters. Others will relocate during the summer as the company completes minor renovations to the building such as painting, Cox said. About 200 MeadWestvaco employees who work at an administrative center in Chesterfield County also are moving to the Henrico office. The newcomers were greeted by a "Henrico County Welcomes MeadWestvaco" banner.

The company has hired about 100 people locally and expects to hire about 100 more, Cox said. "We've hired for a range of jobs," she said. "We have been very impressed with the talent that we have found here."

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I'm thinking that I highly doubt Centennial is in the running for this, but who knows.

Unfortunately, I'm going to go ahead and accept that MWV will have a suburban HQ...

Grrrrrr! You're probably right, to my dismay.

Do you think it means a 20-story tower at WBV? I don't think 600 employees could comfortably fit in anything smaller.

Of course, for all we know, Watkins Centre may be in the running. Also a possibility could be the Reynolds property at Broad and Glenside.

I wonder how much lobbying the city put into this project? Not enough, obviously! The end result will be more downtown companies going suburban. :angry:

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well unfortunately from an economic perspective, the suburbs have the city beat almost everytime.... It costs more to build taller, parking, land values, property taxes are higher, and other factors.... Downtown is the closest option to the airport though which is important to a company of this size. They were also very suburban at their old address in CT as well.

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Yes, that makes sense. But let's assume for a moment that Centennial and WBV were the only two choices. No doubt taxes are lower in Henrico. However, both locations require building high-rises and extra garage space for parking (esp. at WBV since driving will basically be the only way to access it). Short Pump property is not exactly cheap these days either (that's the whole reason they're building up . . . I wonder what the actual difference is?). Also, how one would quantify the inconvenience of Short Pump traffic or the "prestige" of a downtown location with a spot in the skyline? Or how to calculate the future value of a property in an increasingly vibrant downtown. I just have to believe that downtown is still competitive - if not at Centennial then maybe in Manchester. (Btw what makes the management of Watkins Centre think that they'll do any better at attracting major employers than say Centerpointe? I hope they're not placing all their bets on Rt. 288. If M/WV moves there I'll be shocked. . . . maybe if they actually succeed at developing a commuter rail line along the Midlothian Trpk corridor . . .)

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Yes, that makes sense. But let's assume for a moment that Centennial and WBV were the only two choices. No doubt taxes are lower in Henrico. However, both locations require building high-rises and extra garage space for parking (esp. at WBV since driving will basically be the only way to access it). Short Pump property is not exactly cheap these days either (that's the whole reason they're building up . . . I wonder what the actual difference is?). Also, how one would quantify the inconvenience of Short Pump traffic or the "prestige" of a downtown location with a spot in the skyline? Or how to calculate the future value of a property in an increasingly vibrant downtown. I just have to believe that downtown is still competitive - if not at Centennial then maybe in Manchester. (Btw what makes the management of Watkins Centre think that they'll do any better at attracting major employers than say Centerpointe? I hope they're not placing all their bets on Rt. 288. If M/WV moves there I'll be shocked. . . . maybe if they actually succeed at developing a commuter rail line along the Midlothian Trpk corridor . . .)

With your post, I'm convinced that MWV needs to move downtown and can feasibly do it! Never thought of it that way, but you're right. Your persuasive writing that you learned at UVA the did it for me! I'm also a UVA alum, but I majored in a science - not big on eloquent writing.... Anyway, nice to see another "Hoo" on this forum! Go Hoos!

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Don't give up on downtown and MWV yet.....

haha is that just hopeful or from another unrevealable "source" Henry? :lol:

Trust me, I would love to see them down there, I just hear a lot of skepticism that it will work out against downtown.

So, I won't hold my breath, but that means I'll be even happier if they did end up choosing downtown. :thumbsup:

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:lol: The Martin Agency, Richmond's largest advertising shop, has taken on an uplifting account. It is the Invisible Look Bra Collection. In a month or so they will unveil billboards in L.A. and in NYCity's Times Square featuring flashing "cups" with headlights 6 feet in diameter. :) Edited by burt
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