Richmond: Economy/Business/Real Estate

[Child2021]

More great news coming from Aditxt 

Richmond Inno - Richmond's Aditxt makes second acquisition in a month (bizjournals.com)

[eandslee]

On 1/8/2024 at 4:54 PM, eandslee said:

HUGE accolades received today listing Richmond as the 8th best US city for HQ projects.  Surprising which cities are not on the top 10 list.

See:

https://www.grpva.com/news/consultants-rank-greater-richmond-a-best-u-s-city-for-headquarters-projects/?utm_content=277795247&utm_medium=social&utm_source=facebook&hss_channel=fbp-350808887428&fbclid=IwAR0dqiVxDgwJOmiMzUiMxXRPc5_7PRPi_bdxqYdqZ5PzZ9s6u6wteoGggcY_aem_AYGR35EUi31UjhIGm-9fCj1JwJXHM0r-2926g-Bh0Nauz9UdjxrPL6O030ijGXmPaQw&mibextid=Zxz2cZ
 

and see:

https://siteselection.com/issues/2024/jan/here-come-the-boys-from-the-south.cfm?mibextid=Zxz2cZ

Axios Richmond did a follow-up story to the accolades we got in the above ranking. This is a good short read with some of Jennifer Wakefield’s comments:

https://www.axios.com/local/richmond/2024/01/11/richmond-best-cities-company-headquarters-ranking

[Rooster]

14 hours ago, Child2021 said:

More great news coming from Aditxt 

Richmond Inno - Richmond's Aditxt makes second acquisition in a month (bizjournals.com)

Exciting times at Aditxt/Pearsanta -  Here's to a prosperous 2024!

[I miss RVA]

10 hours ago, eandslee said:

Axios Richmond did a follow-up story to the accolades we got in the above ranking. This is a good short read with some of Jennifer Wakefield’s comments:

https://www.axios.com/local/richmond/2024/01/11/richmond-best-cities-company-headquarters-ranking

This nugget from the Axios article is perhaps the most important takeaway:

Worth noting: Part of what makes Richmond's inclusion in this ranking so exciting is that it was named in response to a blank question, Wakefield says.

• Respondents were asked: "If you were running a company and needed to find a new home for its corporate headquarters, list three cities you would place on your short list."

This is EXACTLY what I'm talking about when I hammer how critically important it is every time the name "Richmond" shows on or near the top of various cities lists/rankings. NAME RECOGNITION is CRITICAL, given that there are several factors that conventional wisdom would suggest go AGAINST Richmond vis a vis the other cities on this list. They are:

1.) Of the 11 cities listed, sadly and VERY unfortunately -- RVA is still BY FAR the smallest market in this group of best potential HQ cities. And, folks, I do mean BY FAR - it's not even remotely close - every one of those markets is significantly larger than RVA, which not only sucks on GP but actually puts us at a significant competitive disadvantage with those other -- larger -- markets in terms of what we can offer from the standpoint of potential workforce, what the market can sustain in terms of development, construction, etc. As I've said on these forums many times - when it comes to direct competition for economic development, etc. among cities, SIZE MATTERS! 

2.) Of the 11 cities listed, Richmond is the ONLY city that does not have a legitimately "major" or legitimately "midsized" airport. As awesome as the progress and growth has been of late, RIC is - BY FAR - the smallest airport serving the cities on this list - and even if we hit a projected all-time annual record of between 4.7 and 4.8 million passengers for 2023 - we're FAR behind the second-"smallest" airport on this list of cities - Columbus, OH - which (when December figures are released) should finish 2023 somewhere around 8.1 to 8.2 million passengers, meaning Columbus's airport has roughly 70 to 75% more volume than RIC has.

3.) The Axios article mentions that Richmond being a state capital is advantageous and is a notable factor for CEOs looking to potentially reposition a HQ here. HOWEVER - it's far from being a "secret sauce" for RVA - because of the 11 cities on this list (including Richmond), no fewer than SEVEN of them (Atlanta, Austin, Columbus, Denver, Nashville, Phoenix, Richmond) are state capitals - and five of them finished higher than Richmond on the list (only Denver ranked lower). 

4.) As mentioned previously, RVA is the ONLY city on this list without a major-league-level professional sports franchise. Even Austin has one - a Major League Soccer team. Eight of the 11 cities have NFL clubs, eight have MLS squads, seven have NHL franchises, six have NBA clubs and six have MLB teams. Of the other 10 cities on this list, all four that don't have MLB teams have AAA-level minor-league teams. 

Just given these four factors (above) conventional wisdom might suggest that RVA shouldn't even be on this list - and yet - here we are - and it's due to our continuing to garner NAME RECOGNITION!! This is certainly where Greater Richmond Partnership (among other agencies in metro Richmond and in the Commonwealth of Virginia) can really go pedal-to-the-metal to market, market, market, MARKET the living HELL out of Richmond on a national -- and for that matter - international -- level to keep the name "Richmond" first and foremost in the minds of CEOs and upper echelon execs who might be seriously looking for a hot city to either relo (lock-stock-and-barrel) their corporate HQ, establish a U.S. HQ, open an HQ2, open a major operations center, open a research center, establish a large manufacturing center, etc.

The possibilities are endless - but we MUST constantly push hard to land "big fish", "medium-sized fish" and "smaller fish" businesses that both individually and collectively can bring tens upon tens of thousands of jobs to metro RVA. Given just how VERY far behind we are the other 10 cities on this list, I find it absolutely incredible and beyond impressive that we're legitimately competitive. I pray the powers that be here take advantage of this and not let our outstanding and critically important ranking go to waste.

Edited January 12 by I miss RVA

[eandslee]

RVA may be smaller and not have a lot of the “advantages” all the other cities on the list have, but if a company wants to be a part of the growth and transformation of a cool city to absolute greater greatness, then I think that makes Richmond more attractive than any other city on the list.  It’s analogous to surfing and catching a wave while it’s rising just before it breaks and riding that baby all the way to the beach!

[I miss RVA]

3 hours ago, eandslee said:

RVA may be smaller and not have a lot of the “advantages” all the other cities on the list have, but if a company wants to be a part of the growth and transformation of a cool city to absolute greater greatness, then I think that makes Richmond more attractive than any other city on the list.  It’s analogous to surfing and catching a wave while it’s rising just before it breaks and riding that baby all the way to the beach!

While I 100% agree with you in principle, the fact remains that the primary drivers behind companies relocating, establishing new HQ's (be they corporate, regional, HQ2, international - you name it) or opening a huge manufacturing center are the hard nuts-and-bolts economics of a given market. First and foremost, is the market large enough to support the kind of development and provide the kind of workforce a company is looking for? Secondly, does it have good transportation (read this as: an airport of sufficient size to have a LOT of direct flights and/or connections to specific markets with which the company does business, be it domestically or even globally)? Farther down the list: what amenities that signify that a city or metro or region is healthy, vibrant, growing, etc., are there?  Professional sports franchises go a long way toward creating that image of successful markets. Ditto large entertainment venues that can hold large touring events, be they concerts, shows, etc., that - again - create the image that a given city is "big time" enough to attract "big name" events. Sadly - on this last point - RVA doesn't have that (for now). Hopefully -- praying -- GreenCity will get off the ground SOON and start moving forward to get that arena built. SO much is bypassing us right now because we have no venue large enough to host it. Give us a 17,500-seat arena, and that should change in very short order.

Again - don't get me wrong. In principle, I agree with you - and it's certainly something GRP (among others) can and should use as part of a hard-hitting, wide-net marketing campaign. But at the end of the day - we need to have the kinds of things in place here that will move Richmond beyond the point of being "seriously considered" or even getting as far a "being a finalist" - for a huge company relo or HQ2 or ginormous manufacturing center only for us to get passed over for a competitor with a larger airport and better air service or a bigger population that can offer a workforce closer to what makes economic sense to the company. (What's the adage: "always a bridesmaid...") And yes - I know - CoStar, LEGO... all HUGE WINS for metro RVA - and thank God for them!! But combined, they're (at the moment) bringing in no more than 5,000 jobs. We need a couple of heavy-hitters that will bring 10K, 15K, 20K jobs IN ONE OR TWO SHOTS. THAT will be the kind of direct injection of "urban miracle grow" that RVA sorely needs!

Either way - it comes down to dollars and cents - and right, wrong or otherwise, it's just the nature of competition that, in most (not all - but most) cases -- size matters.

One final point - and it may seem counter intuitive:  I lay out all the "Debbie Downer" kind of "negativity" to emphasize how AWESOME it is that - DESPITE so many factors weighing against us relative to cities with which we are competing, Richmond obviously continues to garner sufficient name recognition to be a city that readily pops into the minds of CEO's and corporate execs when asked an open-ended question about cities they'd consider for a relocation. THAT - to me - speaks VOLUMES in our favor - that we don't have NEARLY the firepower those other cities have in terms of market size, transportation and amenities - and yet, folks consider RVA a good place to do business.

I guess for the foreseeable future, we're gonna have to be like Avis - we have to try harder. And that's my point. It's a gift that we're in the top 10 of cities favored for HQ relocation - and we're going up against true HEAVYWEIGHTS - not a single lightweight on this list. And yet - here we are - right in the mix. Competing. All the more reason to push every avenue possible to amp up growth here as hard as humanly possible - to land fish of all size (preferably a few big fish, obviously) - and accelerate growth here.  GRP definitely is all over this. I truly believe - if we DO push harder to get more - to amp up growth - to grab unexpected "big fish" - only good can come from it.

We've got a TON going for us. We wouldn't be on the list otherwise - especially when you consider all the cities and markets that did NOT make this select group of cities. All I'm saying is - we HAVE to capitalize on it - and make hay while the sun is shining. We can do this, folks! We honestly can.

WE CAN DO THIS!!!

That said: LET'S GOOOOOOOOOOOOOOO!!!!! 

Edited January 12 by I miss RVA

[I miss RVA]

Fayetteville, Arkansas-based coffee chain 7-Brew Drive-Thru Coffee is making it's first foray into the Richmond market with construction of a from-scratch drive-thru shop on Le Gordon drive in Midlothian, according to Jack Jacobs' reporting in today's RBS. The company currently has 180 locations in in 26 states, including two in Virginia - one each in Harrisonburg and Newport News. 7-Brew shops have no indoor seating - rather they focus on drive-thru service, with a small area set aside for outdoor season for 10-15 customers. The Midlothian shop is to be the first of five across metro-Richmond, with a second shop planned for the Midlothian area, another on Hull Street Road, one on Courthouse Road, and one in Short Pump.

I'm sure y'all get tired of me saying this - but - I think it's important that we recognize these out-of-state market entries, even though they might seem small, as big WINS for metro RVA. It's always good when out-of-state businesses come, plant their flags and invest in the RVA market - surely a sign that our market is picking up further momentum and garnering name-recognition.

Interesting that four of the five metro locations will be in Chesterfield - and that all five will be in the suburbs. WIthout in-store seating, obviously we'd not likely see this as a storefront in city locations such as Manchester or Scott's - HOWEVER - it would be interesting it they did open a strictly take-out version in either of those two neightborhoods. Having a 7-Brew walk-in/takeout shop on Hull Street or perhaps on W. Broad in Scott's would be great additions to those neighborhoods. I know - not likely to happen - but if I were in the city's economic development office or in Greater Richmond Partnership, I'd sure as heck pitch the idea to them. Worst they could say is - "we'll stick to the suburbs, thanks." Then again - keeping with the drive-thru motif, if Stratford Hills can get a Sheetz - then why can't it get a 7-Brew? Or perhaps Westover Hills, where Forest Hill Avenue is starting to blow up with development?  Just my two tarnished copper shekelim.

Either way - this is great news.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/01/17/coffee-chain-7-brew-underway-on-first-local-outpost-in-chesterfield/

Edited January 17 by I miss RVA

[I miss RVA]

While this article could well be posted under "Richmond Grocery Wars" - since it's not about a "traditional" grocer like a Kroger or Publix or Aldi, etc. - I think it fits more here - where we often put news about out-of-state businesses planting their flags/investing in metro Richmond.

THAT SAID:

Rosemont, Illinois-based US Foods is planning to build a from-scratch location of its ChefStore retail chain at 7821 Shrader Road in Henrico, according to @RVABizSenseMike's reporting in today's RBS. The food-distribution giant has 90 stores nationwide, including a location opened last year in Roanoke, marking the company's first foray into Virginia. The 20K sq ft store near Hungry Springs and W. Broad will be their first metro Richmond location.

Undoubtedly I sound like a broken record, but this is yet another WIN for metro-RVA. Anytime an out-of-state company decides to come and set up shop here, it's further proof that the RVA market is gaining momentum, gaining name recognition and becoming a "must-be-there" market. I'll take these wins every day of the week!

PERSONAL FUN FACT: Rosemont is located in the western suburbs of - you guessed it - CHICAGO!!!   It's literally right next to and just east of O'Hare airport. I've been to Rosemont many times over the past 23 years.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/01/18/distribution-giant-us-foods-to-build-chef-centric-grocery-store-in-henrico/

Edited January 18 by I miss RVA

[whw53]

On 1/18/2024 at 2:03 PM, I miss RVA said:

While this article could well be posted under "Richmond Grocery Wars" - since it's not about a "traditional" grocer like a Kroger or Publix or Aldi, etc. - I think it fits more here - where we often put news about out-of-state businesses planting their flags/investing in metro Richmond.

THAT SAID:

Rosemont, Illinois-based US Foods is planning to build a from-scratch location of its ChefStore retail chain at 7821 Shrader Road in Henrico, according to @RVABizSenseMike's reporting in today's RBS. The food-distribution giant has 90 stores nationwide, including a location opened last year in Roanoke, marking the company's first foray into Virginia. The 20K sq ft store near Hungry Springs and W. Broad will be their first metro Richmond location.

Undoubtedly I sound like a broken record, but this is yet another WIN for metro-RVA. Anytime an out-of-state company decides to come and set up shop here, it's further proof that the RVA market is gaining momentum, gaining name recognition and becoming a "must-be-there" market. I'll take these wins every day of the week!

PERSONAL FUN FACT: Rosemont is located in the western suburbs of - you guessed it - CHICAGO!!!   It's literally right next to and just east of O'Hare airport. I've been to Rosemont many times over the past 23 years.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/01/18/distribution-giant-us-foods-to-build-chef-centric-grocery-store-in-henrico/

Was waiting for this one- Lynchburg got one 2022. Roanoke last year. 

[I miss RVA]

After decades of pilfering RVA's financial industry and wresting away from us our position as one of the leading centers of finance in the southeastern U.S., the Queen City of the Carolinas is finally giving something back that benefits the RVA market. CLT-based wealth management firm New Republic Partners is expanding into Richmond, according to Michael Schwartz' reporting in today's RBS. New Republic -- founded by Tarheel State heavyweight families the Belks (of the famous department store chain) and Springs-Close-Bowles (textile magnates) -- now has offices in region's three primary markets - Charlotte, Raleigh-Durham and Richmond. The firm set up shop in RVA last month. The article did not specify WHERE the Richmond office is located - so no idea if it's in the suburbs, downtown, etc.

According to Michael's reporting, New Republic is excited about entering - and is bullish on - the RVA market. As I often say (like a broken record) that while this kind of story might slide under the radar for many, I view it as a significant WIN for RVA. This financial heavyweight now adds Richmond to their roster of cities that are well-known in the region and that have (and in Richmond's case, is gaining) name-recognition nationally. Another good pickup for RVA.

From today's Richmond BisSense:

https://richmondbizsense.com/2024/01/23/charlotte-based-wealth-advisory-firm-new-republic-sets-up-shop-in-richmond/

Edited January 23 by I miss RVA

[eandslee]

This is great news for the Richmond Metro Region:

Metro Richmond leads state in 2023 job growth

https://www.henricocitizen.com/articles/metro-richmond-leads-state-in-2023-job-growth/

[I miss RVA]

15 hours ago, eandslee said:

This is great news for the Richmond Metro Region:

Metro Richmond leads state in 2023 job growth

https://www.henricocitizen.com/articles/metro-richmond-leads-state-in-2023-job-growth/

Now THAT's what I'm talkin' about!!! Wow - we outpaced NoVA by a pretty wide margin as well. Very impressive, Mr. Kotter...

[eandslee]

A great video interview with Jennifer Wakefield of the Greater Richmond Partnership where she is asked how GRP works to bring new businesses to Richmond. I just wish she was able to share about some of the “big fish” they are working with.  Man, to spend one day in their office!  Check it out here:

https://rvasbn.com/featured-interviews/attracting-business-growth-greater-richmond-partnerships-role/

[I miss RVA]

1 hour ago, eandslee said:

A great video interview with Jennifer Wakefield of the Greater Richmond Partnership where she is asked how GRP works to bring new businesses to Richmond. I just wish she was able to share about some of the “big fish” they are working with.  Man, to spend one day in their office!  Check it out here:

https://rvasbn.com/featured-interviews/attracting-business-growth-greater-richmond-partnerships-role/

It would be AMAZING to spend even one day in that office. I can't even fathom it. Wow...

[I miss RVA]

Yet another story that might slip under the radar - but constitutes another WIN for Richmond (and this time, the CITY!) -- @RVABizSenseMike has reporting in today's RBS that the local owner of the very popular long-time Lynchburg diner Texas Inn is bringing a location to Richmond. Madison+Main advertising founder (and Lynchburg-native) David Saunders purchased the diner about five years ago after moving to Richmond from Los Angeles, where he worked in the ad industry. Texas Inn - which has a REALLY cool history (it was founded in Indiana in 1927 as "Texas Tavern" - then it moved to Roanoke in 1929 - and later relo'd to Lynchburg and changed its name to Texas Inn). Saunders grew up going to the restaurant in Lynchburg.

According to Mike's reporting, Saunders is not yet at liberty to reveal the exact location of the new restaurant (which will be the fourth location in the chain - with two spots in Lynchburg and one in Harrisonburg) -- HOWEVER -- Saunders dropped a HUGE dime that it'll be in or near Scott's Addition - specifically "near" the intersection of Arthur Ashe Boulevard and W. Broad Street. Great quote (which is testament to how impactful Scott's Addition's recent boom has been) - the location will be "smack dab in the middle of probably the largest population center" in the city. SWEEEEEET!!

I say this all the time - this constitutes yet another WIN for Richmond. I can't help but believe that this will become a VERY popular eatery in the city. (Who can say no to breakfast food at reasonable prices?) Once it's open, y'all will HAVE to stop by for a "Cheesy Western" or some of their world-famous relish, or chili or their hot dogs and let me know how you like Texas Inn's offerings. (The reader feedback in RBS is EXTREMELY positive - apparently the food is DELISH!)

@RVABizSenseMike - will RBS do a follow-up on this once Saunders closes on - and reveals - the Richmond location? Inquiring minds want to know!

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/05/local-ad-man-bringing-lynchburgs-texas-inn-diner-to-richmond/

Edited February 5 by I miss RVA

[Flood Zone]

Been to Texas Inn several times. I'd describe its menu as "endearingly grody." Should do well in that general area.

[I miss RVA]

1 hour ago, Flood Zone said:

Been to Texas Inn several times. I'd describe its menu as "endearingly grody." Should do well in that general area.

"Endearingly grody" -- I love it!! 

[RVABizSenseMike]

2 hours ago, I miss RVA said:

 

@RVABizSenseMike - will RBS do a follow-up on this once Saunders closes on - and reveals - the Richmond location? Inquiring minds want to know!

 

 

We most certainly will. 

[I miss RVA]

10 minutes ago, RVABizSenseMike said:

We most certainly will. 

Awesomeness!! Thanks, Mike! 

[I miss RVA]

Posting this here because this is a collection of projects across a very broad number of different city locations.

@RVABizSenseMike has reporting in today's RBS that the city planning commission has approved several important projects that could be tremendously impactful going forward. They are:

1.) Authorization for the city to accept $4 million from CSX toward replacing the ancient bridge on N. Arthur Ashe Boulevard over the CSX tracks near the Acca Yards that connects Scott's Addition with Greater Scott's/the Diamond District.

2.) The proposed five-story, 60-unit apartment building at 14th and Hull.

3.) Rezoning to TOD-1 for a 3-acre riverfront site in the 4400 block of E. Main and the 4500 block of Old Main Street in Rockett's. Developer WVS Cos. is planning a mixed-use development, that could include a "12-plus-story" apartment building.

4.) Commonwealth Catholic Charities request for rezoning at 809 Oliver Hill Way.

5.) The four-story boutique hotel proposed for the 1900 block of W. Cary Street.

VERY glad to see ALL of these initiatives get the double-thumbs-up from the planning commission.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/07/planning-commission-approves-boutique-hotel-in-the-fan-new-bridge-on-arthur-ashe-blvd/

Edited February 7 by I miss RVA

[whw53]

I encourage some of us here to write letters to support the Hull St project - there were 2 or 3 commissioners who either voted against or abstained as there were 3 or 4 residents who spoke against the project saying it was insensitive and too dense for the Hull St corridor blah blah. So it's on to CC 2\12 but mildly vulnerable to continuation. I'll follow back in the YIMBY thread with more info on this and some info on where to send a letter to. There will also be a petition to sign we will be submitting.

Edited February 7 by whw53

[I miss RVA]

1 hour ago, whw53 said:

I encourage some of us here to write letters to support the Hull St project - there were 2 or 3 commissioners who either voted against or abstained as there were 3 or 4 residents who spoke against the project saying it was insensitive and too dense for the Hull St corridor blah blah. So it's on to CC 2\12 but mildly vulnerable to continuation. I'll follow back in the YIMBY thread with more info on this and some info on where to send a letter to. There will also be a petition to sign we will be submitting.

Good call, @whw53 -- we definitely need to step up and write letters. Great idea to get folks at YIMBY involved and see if they can really hammer this hard. We don't want this getting stalled or worse - and I agree with you in being concerned about possible continuance. City Council has a long track record of continuing proposed projects over and over and over until they wither on the vine and die. Nothing kills off a proposed development like the council kicking the can down the road continuously. Ugh...

Insensitive... to WHAT exactly? Crumbling buildings? Vacant lots? Rats, pigeons? Seriously?

And too dense?   This has a grand-whopping 60 units. I guess that IS a "huge" injection of density when it's replacing a condemned building that has ZERO units.

Forgive me, but WHAT is their major malfunction? You'd seriously think that any/all on that down-at-the-heel stretch of Hull south of Commerce Road would seriously welcome this kind of investment that will start the process of bringing this part of Manchester back to life. It's 60 apartments in a small building. It's not Avery Hall putting 550 units on this corner. I can't shake my head hard enough.

Thanks for pulling the curtain back on this, @whw53! Let's roll up our sleeves and get behind this. We've done it before. We can certainly do it again. LET'S MAKE THIS HAPPEN!!

Edited February 7 by I miss RVA

[I miss RVA]

So a very interesting article in today's RBS that speaks to something that appears to potentially have a DIRECT impact on truncating metro RVA's growth. And I'd very much like our gurus @wrldcoupe4 & @upzoningisgood (and anyone else in the CRE with expertise who can speak to this) to please weigh in with your thoughts.

The headline says it all: "The slide in homebuilding numbers attributed to lack of buildable lots". Wow... To me, as a layman, that's a mouthful.

Jonathan Spiers brings several quotes from Home Building Association of Richmond CEO Danna Markland outlining the state of play and pointing to how this could impact the region - particularly as it relates to economic (and presumably population) growth in metro Richmond.

From Jonathan's reporting:

While the numbers appear to show a decline in productivity and sales among area builders, HBAR CEO Danna Markland said they do not reflect demand but rather a tipping point in the region’s available lot inventory.

Developers and builders burned through their inventory through each of the previous three years, Markland said, adding that there is “an insufficient capacity of approved and feasible lots in the pipeline.”

“The deceleration of sales in 2023 has little to nothing to do with demand,” Markland said...

Markland said the deceleration of sales “should be a warning sign” as the region looks to up its workforce and economy.

“Businesses in the region talk about ‘workforce’ as a major barrier to growth. The workforce problem is a housing problem,” she said. “Unless we get more approved lots on the ground, the inventory pipeline will continue to decline, and with it so will housing availability. You know what that means, prices will climb.”

So how does this get fixed? If companies/businesses tie growth (such as via entry into the RVA market) to workforce, and workforce is tied to housing but housing is being truncated by the lack of buildable lots (and, as a layman, I don't understand what this term means), then what does this do to RVA's potential for economic and population growth? Markland says businesses see workforce as a "barrier to growth" - but in truth, it's a problem with housing, not workforce. (Or maybe she's indicating it's a domino effect?)

Is this a nationwide problem? Are our competitors (and you know the cities) experiencing this problem? (I tend to think they are not - but again, I'm a layman with no access to industry information). Where is this leading? And how does this get fixed so as NOT to hold back metro Richmond's growth?

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/13/slide-in-homebuilding-numbers-attributed-to-lack-of-buildable-lots/

[Brent114]

The counties can change zoning in favor of high density and accept the fact that the concept of a single family home on a half acre lot is dated and untenable.  
 

The quick solution is to deforest Amelia, New Kent, Powhatan and Goochland.    I personally hope that doesn’t happen.  I’d rather Richmond, Henrico and Chesterfield achieve Hong Kong density before any more green space is sacrificed so that Ryan Homes can stay profitable. 
 

I imagine that the cities to our south have the same issues.  They’ve been known for their sprawl for the last 30 years.  Surely they are running out of lots that aren’t an hour away from the centers of their respective metros.  Those cities have also embraced higher density development too , which is probably their biggest advantage.  

Edited February 13 by Brent114

[I miss RVA]

41 minutes ago, Brent114 said:

The counties can change zoning in favor of high density and accept the fact that the concept of a single family home on a half acre lot is dated and untenable.  
 

The quick solution is to deforest Amelia, New Kent, Powhatan and Goochland.    I personally hope that doesn’t happen.  I’d rather Richmond, Henrico and Chesterfield achieve Hong Kong density before any more green space is sacrificed so that Ryan Homes can stay profitable. 
 

I imagine that the cities to our south have the same issues.  They’ve been known for their sprawl for the last 30 years.  Surely they are running out of lots that aren’t an hour away from the centers of their respective metros.  Those cities have also embraced higher density development too , which is probably their biggest advantage.  

   !!! @Brent114

A few thoughts on each point:

1.) 100% agreed. Henrico does seem to have embraced the concept of density and Chesterfield has been doing it in pockets, though not to the extent Henrico has. While there are some big developments in Chesterfield (particularly the redevelopment at Midlo and Chippenham) - there aren't projects in the pipeline from a density standpoint of the scope of what Henrico is embracing in Westwood, Libbie Mill and Willow Lawn (not to mention the recent uptick in density in Short Pump). And - as many of the developments, particularly in Short Pump, are proving, not everything has to be apartments. Townhomes, condos, etc., are an increasing part of the mix. Hopefully, Chesterfield will really embrace this concept, particularly since growth is SO hot there. Hanover is another hot growth spot - but the pushback (dare we say "NIMBYism"?) in some cases is proving to be a challenge. They're much more resistant to embracing the higher density that is becoming common in Henrico and even in Chesterfield. I'll be interested to see how things develop over the next decade in eastern Goochland - methinks there might be a ton of potential there (in my uneducated, layman's thought process).

2.) Agreed - much better to embrace density than to embrace sprawl. Goochland is already starting to absorb sprawl - and it probably won't be all that long before things pop in Powhatan, although there is SO much developable space still in Chesterfield, Powhatan might still be a ways off, whereas in Goochland it's already starting to happen. I'd think proof positive of this is that GRTC is already running the #19 bus out to Goochland - a sure sign of growth, both current and potential.

3.) Good points regarding those competitor cities. They've been sprawling hand over fist for decades - but their governmental structures makes it easier (none of them are of the independent city paradigm). But for sure - they're all embracing significantly higher density - and from articles I've read (and again, @upzoningisgood could educate us on how this is working in Nashville) - the downtowns are booming with plenty of high-rise, high-density residential development. Aside from student housing, that's not happening here right now, although several older office high-rises in the legacy Financial District have been flipping residential over the past decade plus. Re: those other cities, they also still have significant office development in their downtowns as well.  Aside from CoStar, we're not seeing that here and I fear we won't see that anytime soon.

Curious to see how downtown RVA wakes up from its dormancy over the next decade or so. I'd give damn near ANYTHING to get "the project formerly known as The Admiral" at 2nd and E. Marshall restarted and underway. Dunno what it'll take to get that one going through. For whatever reason, I've viewed this project as potentially HUGE for potentially igniting a "domino-effect" of development in that part of downtown (particularly when City Center is factored into the mix).

One flip side to the downtown issue: Manchester has been booming for the past decade plus, though things seem to have slowed to a crawl of late while Scott's continues its explosive development. Curious now long this lull in Manchester's boom will last before getting kickstarted again.

Edited February 13 by I miss RVA