Richmond: Economy/Business/Real Estate

[Flood Zone]

2 hours ago, Brent114 said:

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. 

The Ryan Homes comment made me chuckle. My wife is a (many, many generations removed) descendant of George Poindexter, a 17th Century bloke originally from the island of Jersey, and old George built his home, Criss Cross, quite close to where I-64 is today in Goochland County. The thing is not too much to look at, but it's been on the NRHP for 50 years. And now I'm imagining Ryan Homes building a 350-home development, Criss Cross Crossing, abutting all corners of the historic property.....

Nah, not gonna happen.

1 hour ago, I miss RVA said:

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).

To be fair to Chesterfield, which I'm not accustomed to being (even though, or perhaps because, I grew up there), Henrico has a distinct "density advantage" by being located so close to historically dense or quasi-dense population centers. Heck, I live quite close to Willow Lawn, and pretty much everyone I know forgets that our house is in the county. It might as well be the city of Richmond. We've got the sidewalks, street lights, tight lots, etc. All it takes for Westwood, Libbie Mill, and Willow Lawn is to retool those areas for a new generation of what it means to be "dense." The closest analog for Chesterfield may well be Bon Air, but that, of course, was an historic getaway area, so not all that comparable. 

 

[RiverYuppy]

I'm happy about the dearth of available lots. I think it will help with pushing infill and density in the city. I've been seeing an uptick in empty lots in my neighborhood developed into houses. I have also seen an uptick in existing lots being split up to increase density.

When was the last time Richmond had a condo development the size of Riverside or The Vistas? Decades ago!

More SFHs in Powhatan where residents don't enter city limits for years are not what is going to convince someplace like CoStar that their executives would like RVA. "Sure you won't have someplace like Dupont Circle and there aren't really *any* upscale condos near shopping, but you're going to love the amount of Chipotle's going up 30-45 minutes from the office!"

Edited February 14 by RiverYuppy

[KJHburg]

This might be helpful in looking and comparing population densities from the US Census  and other interesting facts (including building permits and % who own vs rent etc) 

I look at the 3 counties or cities in Richmond  the city of Richmond of course has the highest density then Henrico then Chesterfield and compared with Fairfax County,  Davidson County which is Nashville and Mecklenburg County home of Charlotte.    And check out the building permits in each county and city Richmond area is just building a lot less homes and I think now that your growth rate has increased new suburban and urban developments will follow. 

U.S. Census Bureau QuickFacts: Mecklenburg County, North Carolina

[I miss RVA]

7 hours ago, RiverYuppy said:

I'm happy about the dearth of available lots. I think it will help with pushing infill and density in the city. I've been seeing an uptick in empty lots in my neighborhood developed into houses. I have also seen an uptick in existing lots being split up to increase density.

When was the last time Richmond had a condo development the size of Riverside or The Vistas? Decades ago!

More SFHs in Powhatan where residents don't enter city limits for years are not what is going to convince someplace like CoStar that their executives would like RVA. "Sure you won't have someplace like Dupont Circle and there aren't really *any* upscale condos near shopping, but you're going to love the amount of Chipotle's going up 30-45 minutes from the office!"

Well said. Love the Chipotle visual. Classic.

As for condo buildings like Riverside or the Vistas - it's been about 20 years now.

[I miss RVA]

Another story that might slip under the radar, but it's a huge WIN for RVA. Michael Schwartz has reporting in today's RBS that Rockefeller Capital Management has opened a Richmond location of Rockefeller Global Management Office. The new RVA location will be downtown in the Williams Mullen Center on S. 10th Street. This is REALLY big news for several reasons: RCM and RGMO are HEAVYWEIGHTS in wealth management. They're global. And, according to RBS, they're in a total - a TOTAL - of 30 markets worldwide. (NOTE - they have more than 30 offices/locations - meaning some markets/metros have multiple locations - but they are in 30 markets.)

And now, RICHMOND is one of those 30 global markets!! We're joining an exclusive roster of "big boys" that includes New York, Chicago, Los Angeles, San Francisco, Dallas, Atlanta, Denver and London, among others.

WOWWW.

I keep saying this - ANY time we are tabbed for an out-of-state company to plant a flag in RVA, it is a HUGE WIN for our city and our metro. It furthers our name recognition - and in this case, the Rockefeller group is GLOBAL, which potentially puts the name "Richmond" in front of eyes not just domestically from coast-to-coast, but now around the world. This one -- for me -- is Snoopy-dance worthy.

Something else: as reported on Business Wire - RGMO pointed that metro RVA is one of the fastest growing regions in the state - which means, RVA's growth IS getting noticed. All the more reason we MUST continue to push even HARDER to ramp up and accelerate our economic and population growth. Metro RVA leading the Commonwealth in population growth IS GETTING NOTICED OUTSIDE OF VIRGINIA!!! Seriously, folks, I cannot express enough the importance of this.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/15/rockefeller-familys-wealth-advisory-firm-expands-into-richmond-after-luring-team-from-truist/

Rockefeller Global Management Office's Press Release - via Business Wire:

https://www.businesswire.com/news/home/20240201177565/en/Rockefeller-Global-Family-Office-Expands-National-Wealth-Management-Presence-with-Addition-of-Lewis-Wealth-Partners-in-Richmond-VA

Edited February 16 by I miss RVA

[RiverYuppy]

Capital One is buying Discover Financial in a deal that would marry two of the largest credit-card companies in the U.S. 

I wonder how this might impact the Capital One office in Goochland. One can only dream that they might expand into Richmond!

Edited February 19 by RiverYuppy

[I miss RVA]

1 hour ago, RiverYuppy said:

Capital One is buying Discover Financial in a deal that would marry two of the largest credit-card companies in the U.S. 

I wonder how this might impact the Capital One office in Goochland. One can only dream that they might expand into Richmond!

Let's hope!

[ancientcarpenter]

Things have been awfully quiet. Many "meh" fluff articles posted by RBS lately - I wonder if they're working on something big that's taking their attention away?  We shall see. 

[I miss RVA]

40 minutes ago, ancientcarpenter said:

Things have been awfully quiet. Many "meh" fluff articles posted by RBS lately - I wonder if they're working on something big that's taking their attention away?  We shall see. 

Dunno - it's kinda the doldrums in terms of announcements, which happens.

One counterpoint to consider: While new announcements are exciting and fun and give us hope for the future, let's remember that there are simply SO many projects in the pipeline that have long-since been announced. And while it's great to have announcements of new/planned developments, personally I'm much more eager at this point for the projects in the pipeline to get rolling. I know a LOT of stuff is hung up in something of a "holding pattern" waiting for further improvements in the economic situation, whether it's actual costs of materials, supply chain issues, labor shortages and - the biggie - the forecasted cuts to the prime rate. It goes back to a question I've raised previously: HOW MUCH improvement must take place before the dam breaks and we see the pipeline really start flowing again? We're NOT going to see those close to zero interest rates of years past -- that's just unrealistic. So let's forget that as a factor. But exactly WHAT will it take to break the dam and get projects flowing from "planned" to "under construction"? HOW MUCH must the overall climate improve to get things moving?

Obviously we see developers absolutely ROLLING in Scott's Addition. Three buildings at N. Chasen are underway. The Ace is underway. Site work has been happening at the Outlier location. We could have five buildings under construction simultaneously this year and next in Scott's. Just up the street, on Ellen Road, the site appears to have been cleared for the 7-story apartment building set to rise across from the Diamond District.

Seems like the BIG bottleneck is in Manchester, where (and please correct me if I'm wrong) construction (as @wrldcoupe4 correctly and accurately predicted in the middle of last year) has ground to what amounts to a complete halt. (I believe Coupe said there would be a "pause" in Manchester, if memory serves.) 

I might be off base on this, but it seems like a big part of the vacuum of developments that COULD really shake loose explosively once the dam breaks is tied to Fountainhead and Tom Papa. Consider that he has at least two major projects on hold in Manchester: The Box II and South Falls II, two buildings (one project) downtown (Locks 7 and 8 ) and at least one or maybe two projects in the burgeoning Grace Street corridor in Monroe Ward/Arts District. That by itself is six buildings. In Manchester, Avery Hall is on hold. Hourigan is on hold. Presumably Bank Street (the apartment building in the Arts District at Madison and Broad) is on hold - which accounts for another four buildings. So 10 buildings in total just with these four developers -- and that doesn't even count Papa's planned South Falls III condo building, which he has long since stated is "down the road".

So as I've said in asking this question previously, this isn't a question about the economy, It IS improving. It's more about the question of what are developers (and even lenders) waiting to see happen before they hit the "go" button and the planned projects start getting underway? How much does the needle need to move to break the log jam?

[Flood Zone]

1 hour ago, ancientcarpenter said:

Things have been awfully quiet. Many "meh" fluff articles posted by RBS lately - I wonder if they're working on something big that's taking their attention away?  We shall see. 

Time for another update on the Michael Hild saga to spike the readership.

[I miss RVA]

Folks, Jack Jacobs has a story in today's RBS that's another one of those articles that might slip under many radar screens but is a really huge WIN for metro Richmond:

The Brazilian steakhouse chain Fogo de Chao has opened a Richmond location at the West Broad Village in Short Pump. It's the chain's third Virginia location - the other two are in Reston and Tysons. Fogo de Chao operates locations in 24 states and Puerto Rico, and internationally in Bolivia, Brazil, Dubai (UAE), Ecuador, Mexico and Saudi Arabia. Their business model is to locate in "busy metropolitan areas" -- and friends, this means Richmond has joined a pretty exclusive list. My eyes popped when I saw the story because they're a big deal. There are four Fogo du Chao steakhouses here in Chicagoland - and I see/hear the ads for them all the time - so there's plenty of name recognition.

ANNNNNND... they aren't the only out-of-state steakhouse with an exclusive roster of locations that's planting its flag in metro RVA:

Houston-based Perry's Steakhouse & Grille has also opened a location in Short Pump - the chain's first Virginia location. Perry's operates 20 locations in eight states, specifically in prominent metropolitan areas. Again, Richmond joins a very exclusive short list of cities/metros that have a Perry's location. (For reference - they have three locations here in Chicagoland.)

I've said it before and I'll say it again: THIS IS A HUGE WIN FOR RICHMOND!! It's indicative that RVA is definitely gaining name recognition. It demonstrates that as now the fastest growing region in the Commonwealth, the area is definitely getting noticed by out-of-state businesses. I can't stress enough how BIG this is for metro RVA.

Unquestionably, this is fantastic news.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/23/two-new-to-market-steakhouse-chains-open-outposts-in-short-pump/

Edited February 23 by I miss RVA

[I miss RVA]

Wow - pretty cool to get two of these stories in one day - and yes, I mean the developments that might slip under our radar screens but in reality are a HUGE WIN for metro Richmond:

WRIC-TV 8 news is reporting that the PGA Tour Superstore has entered the Richmond market and is opening a brand new location in Short Pump tomorrow. The new store will be the retail chain's second in Virginia. The other location in the Commonwealth is in Fairfax.

Including the new Richmond store, the retailer, which is fully licensed by the PGA Tour, has 75 locations in and around major/primary metropolitan areas in 27 states and the District of Columbia.

Once again, this is proof positive that RVA is absolutely gaining name recognition and is being considered by out of state businesses as an important, up-and-coming market and a good place in which to plant their flag. With the two steakhouses, that's three retailers with a fairly exclusive and limited set of locations that metro Richmond is joining. Unquestionably, this is nothing short of a HUGE WIN for RVA - and I can't say that enough. An interesting side note: the PGA Tour Superstore website lists the RVA location as "Short Pump" - which lends credence to the fact that Short Pump has become a legitimate suburban edge town/city/suburb worthy of independent name recognition, the way Arlington, TX is to Dallas or Fairfax is to D.C. or Schaumberg, IL is to Chicago. That's something extra that I also find very impressive. (See graphic, below.)

From WRIC-TV8 News:

https://www.wric.com/news/local-news/pga-tour-superstore-to-open-in-richmond-area-this-weekend/

Edited February 23 by I miss RVA

[I miss RVA]

Yet another one of those under-the-radar articles that IMNSHO is a HUGE WIN for Richmond.

Durham, N.C. - based breakfast eatery Rise Southern Biscuits and Righteous Chicken is opening up a second Richmond location - this time in the city. The new location will be in the Carytown Exchange development and is slated to open in the fall. The Carytown location will be Rise's second in Virginia - with the other being in Short Pump. Given all of the parts of the state into which this chain could locate, that their only two locations in the Commonwealth are in metro Richmond speaks long and loud to the fact that RVA continues to gain momentum and name recognition. 

The restaurant will be located on the Cary Street side of Carytown Exchange.

By year's end, Rise will have 25 locations in nine states, with RVA joining a rather exclusive short list of cities/metros that have ample name recognition, including metro RDU-CH (six locations), metro Los Angeles, San Diego, Orlando, Dallas, metro Nashville (2 locations), Baltimore-Washington metro (3 locations in the general area), and metro Kansas City (2 locations).

Pretty cool that RVA will be only the fifth metro with more than one Rise location.

I've said it before and it bears saying again - stories like these constitute a BIG WIN for metro RVA. Seems like we're "movin' on up" as theme song from The Jeffersons said back in the '70s.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/02/28/breakfast-chain-rise-eyes-expansion-with-new-location-in-carytown/

Edited February 28 by I miss RVA

[Flood Zone]

Not sure what's the best thread to report on Short Pump's peculiar accumulation of steakhouses, but I figured this one might be an appropriate place to note today's RBS article saying Fleming's is coming to West Village (not to be confused with West Broad Village). This is on top of Fogo de Chão and Perry’s opening in the area recently. Fleming's going out there is likely a big ol' "L" for Stony Point Fashion Park but who knows.

Incidentally, I can't imagine anything less inspiring than that rendering of West Village, but different strokes for different folks. 

[I miss RVA]

3 minutes ago, Flood Zone said:

Not sure what's the best thread to report on Short Pump's peculiar accumulation of steakhouses, but I figured this one might be an appropriate place to note today's RBS article saying Fleming's is coming to West Village (not to be confused with West Broad Village). This is on top of Fogo de Chão and Perry’s opening in the area recently. Fleming's going out there is likely a big ol' "L" for Stony Point Fashion Park but who knows.

Incidentally, I can't imagine anything less inspiring than that rendering of West Village, but different strokes for different folks. 

Yeah - I saw that. Wow... not sure if Short Pump can support three higher-end steakhouses. Is there anything right now going on to spark any kind of growth in Short Pump? Last I saw, Short Pump's population had fallen by about 3,000 between 2020 and 2022(3?). What big job creators are coming in to re-kickstart growth in that part of the metro? Will increasing available housing stock in that area help stem the tide of population bleed  -- or even help reverse it?

Dunno... if Short Pump had continued on the trajectory it was on when it had topped 30K a couple of years ago - and was now trending at about 35K and still going up, I could see this (three steakhouses) possibly working. 

[Flood Zone]

45 minutes ago, I miss RVA said:

Last I saw, Short Pump's population had fallen by about 3,000 between 2020 and 2022(3?). What big job creators are coming in to re-kickstart growth in that part of the metro?

Short Pump's population total is amorphous, and its businesses don't necessarily rely on hyper-local population anyway. It's an easy drive from the near west end or the Midlo/Hull areas.

Edited to add: I guess the steakhouse thing is emblematic of people who frequent Short Pump rejecting the first waves of chains to land there???

Edited March 1 by Flood Zone

[rjp212]

The last slice of Mayo Island is on the market.  Hopefully, the city will grab it for the full park.

https://www.loopnet.com/Listing/510-S-14th-St-Richmond-VA/31105111/

[whw53]

City's got enough land imo -  it would be neat to have a private venture do something here - i could see a bar\restaurant maybe with an outdoor stage or some other type of attraction would be welcomed. What if Belle Isle moonshine had a tasting room or something here for instance , or some sort of outdoor rock climbing thing , or idk maybe a betting hall full of those slot machines type things u see at gas stations with a fishing supply store or something  - i would just like to see more commercial activity at the waterfront to liven it up some. 

Edited March 5 by whw53

[Shakman]

Yes!  A restaurant there would be nice.

[I miss RVA]

15 minutes ago, whw53 said:

 i would just like to see more commercial activity at the waterfront to liven it up some. 

Same here. It would be great to have, no question.

[rjp212]

It's between the flood walls though. Not sure what else you can do besides temporary facilities.

[eandslee]

How about a boat, kayak, raft, and other river equipment rental store that also sells bait for fishing, snacks, drinks and a bunch of other outdoorsman needs…maybe with an attached restaurant?  Although, I’m not sure such an outfit could afford the outrageous price of just that small piece of land!! 

[I miss RVA]

17 minutes ago, eandslee said:

How about a boat, kayak, raft, and other river equipment rental store that also sells bait for fishing, snacks, drinks and a bunch of other outdoorsman needs…maybe with an attached restaurant?  Although, I’m not sure such an outfit could afford the outrageous price of just that small piece of land!! 

Or, being dead-center within the flood plain, the insurance costs. 

Edited March 5 by I miss RVA

[I miss RVA]

22 hours ago, rjp212 said:

The last slice of Mayo Island is on the market.  Hopefully, the city will grab it for the full park.

https://www.loopnet.com/Listing/510-S-14th-St-Richmond-VA/31105111/

@RVABizSenseMike has reporting on this in today's RBS.  Interestingly, the current owner suggested his parcel would be perfect for high-rise apartment building. Much as I wish that were the case (and y'all know how adamant I am about high-rise development in this city!) - that's a non-starter, given that Mayo Island sits smack dab in the middle of - and below - the James River flood plain. Those of us old enough to remember have seen the 14th Street Bridge either submerged or nearly submerged in some of RVA's worst floods (remnants of Hurricane Camille in 1969, Tropical Storm Agnes 1972, the 1985 flood, etc.) - and Mayo Island was pretty much completely under water in those 100-year events. And THAT was WITHOUT flood walls on either side of the river that hem in and prevent a flooded James from spreading out over either riverbank - thus INCREASING the height/depth that floodwaters could reach during a major event. 

Soooo... much as I'd love it if there were a way to put a high-rise on there - it's not doable.

One takeaway from Mike's article that I either had forgotten or wasn't aware of: reconstruction of the 14th Street Bridge isn't slated to get underway until 2027 - with completion by 2030. Am guessing that since so far there's $90 million in the hopper so far in funding for the project, the next three years will allow for the remainder of whatever federal, state and local funds are necessary to get this to the starting line. Mike's story pointed out that one potential issue is concern that the substructure itself may not be viable and might need to be replaced. That may have been previously reported, but I don't remember seeing that point raised.

Anyway... there it is.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/03/06/privately-owned-slice-of-mayo-island-hits-the-market-at-1-6m/

[123fakestreet]

6 hours ago, I miss RVA said:

 Interestingly, the current owner suggested his parcel would be perfect for high-rise apartment building. Much as I wish that were the case (and y'all know how adamant I am about high-rise development in this city!) - that's a non-starter, given that Mayo Island sits smack dab in the middle of - and below - the James River flood plain.

I agree no way it happens, but making the first 2 stories a "pass-thru" structure such as a parking deck would solve this pretty easily. It's what they were going to do for the associated buildings with the planned bottom ballpark, as well as what the back end of Vistas on the James uses.