Richmond: Economy/Business/Real Estate

[wrldcoupe4]

Richmond Stands Tall Among Similar Sized Rival Cities

While I don't know where all the cities (metros) stood on each issue, I'll list where Richmond stands and which city (metro) topped each category. The six other cities were Birmingham, Charlotte, Jacksonville, Raleigh, Nashville, and Louisville.

Lowest Unemployment Rate

1. Birmingham

2. Richmond

Highest Household Income

1. Raleigh

2. Richmond

Mortgage costs (highest to lowest)

1. Raleigh

2. Richmond

Renting Costs (highest to lowest)

1. Jacksonville

2. Richmond

Violent Crime rates (highest to lowest)

1. Nashville

2.

3.

4.

5.

6. Richmond

7. Raleigh

Property Crime rates (highest to lowest)

1.

2.

3.

4.

5. Richmond

6.

7.

Number of Fortune 500 Companies (highest to lowest)

1. Richmond

% of families living below poverty line

1. Richmond (lowest)

Shortest Commuting Times

1. Louisville

2. Richmond

% of adults with College degrees of higher (highest to lowest)

1. Raleigh

2. Richmond

[burt]

The immense law firm, Hunton & Williams, has hired Mancini Duffy of New York City to design renovation of the firm's 297,934 s/f office space in Riverfront Towers at 951 East Byrd Street.

This was reported in Commercial Notes in today's RTD business page.

That same source mentioned that 201 and 203 North Lombardy were sold for $865,000. The addresses include Lombardy Market and Bogart's.

If anyone doesn't know, Bogart's Back Room (behind the sandwich restaurant of the same name) is one of the most intimate jazz clubs in the city. I believe it's an actual carriage house attached to the store fronting Lombardy. One used to be able to enter thru a back door in an alley as well as thru the front. It's a tight space but has lots of atmosphere, and terrific music.

Edited January 28, 2007 by burt

[burt]

Richmond had the lowest unemployment rate in December for the 49 largest metropolitan areas in the Nation. Read today's Times Dispatch Business page story which I've copied below:

http://www.timesdispatch.com/servlet/Satel...s=1045855934855

[wrldcoupe4]

Wow... 2.8% is pretty good!

[wrldcoupe4]

Altria is reportedly spinning off Kraft Foods... If Philip Morris USA was ever spun off, Richmond would have yet another Fortune 500 company....

[burt]

Altria is reportedly spinning off Kraft Foods... If Philip Morris USA was ever spun off, Richmond would have yet another Fortune 500 company....

Is it possible that spun-off Kraft would consider Richmond as a headquarters?

Edited January 31, 2007 by burt

[wrldcoupe4]

You never know.. but my guess is that they are pleased out in Illinois.

[jbjust]

I would think there would be a much better chance of Altria relocating to Richmond. What other holdings does it have?

[burt]

I would think there would be a much better chance of Altria relocating to Richmond. What other holdings does it have?

Altria has VAST World-wide holdings I think, and Im sure they are perfectly happy being headquartered in Manhattan.

But maybe Kraft would established a Regional headquarters here.

Why is it in the back of mind that some connection between Kraft corporate and Richmond has been mentioned on this board or at RCW fairly recently?

[burt]

The State Forensic lab has a new leader. Peter M. Marone will succeed the nationally noted Paul F. Ferrara as the new Director of the Department of Forensic Science.

Virginia's Forensic lab, under Ferrara is probably rated as the number one such facility in America. Under Ferrara's leadership, DNA became the indisputable determing factor of guilt or innocence in the world of criminology.

Marone, a brilliant man in his own right, was appointed by Governor Kaine.

The Forensic lab employs 350 technicians/workers and expects to add ten more.

It is located in the Biotech park near the new Philip Morris Research Center.

This information was reported by Frank Green in today's Times Dispatch.

Edited February 1, 2007 by burt

[burt]

Cadmus will buy 2 plants, according to the Times Dispatch story reprinted below.

If Cadmus accepted a buy-out by Cenveo, Inc. in Stamford, Connecticut, does it mean Richmond will be the headquarters city of the combined companies?

Anyone want to speculate?

Oooops. I goofed in linking. The story is in the entry below.

Edited February 6, 2007 by burt

[burt]

Here's the RTD story mentioned above about Cadmus:

http://www.timesdispatch.com/servlet/Satel...sPN=%21business

Edited February 6, 2007 by burt

[burt]

The Martin Agency in Shockoe Slip is an advertising shop to be reckoned with by the big boys on Madison Avenue. It has a pretty impressive roster of clients. Wal*Mart is the latest addition. Geico with its little green gecco and funny cavemen is a mainstay. Today, Bob Rayner at the Times Dispatch talks about another of the agency's big accounts -- UPS -- and reveals that the man you've seen recently on your screen drawing images on a whiteboard and telling the advantages of shipping via UPS works right down there in Shockoe Plaza.

Read Bob's amusing piece below:

http://www.timesdispatch.com/servlet/Satel...sPN=%21business

[wrldcoupe4]

Computer Chips are #1 Virginia Export

Exports of computer chips now ranks higher than that of Coal for the first time.

Virginia has two semiconductor factories: Micron in Northern Virginia and Qimonda in Richmond. Combined, they exported to foreign markets $1.39 Billion in chips in the first 11 months of 2006.

Edited February 9, 2007 by wrldcoupe4

[burt]

Here's another great story by Bob Rayner of the Times Dispatch about the Martin Agency. Industry publication Advertising Age ranked Martin as the 5th best agency nationwide.

http://www.timesdispatch.com/servlet/Satel...sPN=%21business

[wrldcoupe4]

News in the world of Richmond business...

Paramount's Kings Dominion is reverting to its old name: Kings Dominion. This is one of many transformations occurring at the park since it was bought by Cedar Fair LP.

AND

Goodwill opened a new 5,000 SF boutique in Carytown on Saturday in space partially vacated by Leo Burke. "Second D

[burt]

There's additional Richmond Ad agency news today:

Martin has snared more business -- the X games branding account. Story in todays RTD.

Cabell Harris of Work Inc. has devised a book of "kiss confessions" for Macy's. It is called "Kiss and Tell" and Harris researched the subject with the help of Paris Hilton and other Hollywood notables. See the amusing story at Richmond dot com today.

I believe Cabell Harris teaches at VCU's Ad Center in addition to his position with Work Inc.

[burt]

Does anyone know if the apartments in Shockoe Lane (the alley off Shockoe Plaza) are occupied?

The original design for the building was quite daring, but it evolved into a very ordinary looking box.

[wrldcoupe4]

I'm sure they are occupied, but I don't know what the occupancy rate is.

[burt]

I missed it, but friends tell me that CBS Sunday Morning aired a 15-minute segment on The Martin Agency. I was told that Richmond never looked better.

Did anyone see it?

[wrldcoupe4]

Burt, didn't find video but I did find the story:

Martin Agency featured on CBS Sunday Morning

[burt]

Hahaha. I'm going to have to get on Mike Hughes for saying "people don't come to Richmond for it's restaurants."

For penance, he will be required to create a pro bono account touting Richmond as the finest dining-out city between Washington and Atlanta.

Thanks for finding the CBS story, Coupe. Wish I could have seen the video as well.

Edited February 23, 2007 by burt

[burt]

Today's column by Greg Gilligan in the Times Dispatch Business Section talks about the opening this coming Thursday of the largest Kroger's in Virginia.

Gilligan also reports that Richmond's Shades of Light will share a location in Virginia Beach with KDW Home next to La Promenade Center on Laskin Road in the Hilltop area.

http://www.timesdispatch.com/servlet/Satel...sPN=%21business]

Edited February 26, 2007 by burt

[burt]

Eventhough we have separate threads for each of the following, the latest news from Richmomd City Watch is so upbeat I'm combining the good news here:

#1. According to Wrdlcoupe4, tenenat fit-up totaling $675,324 has been approved for TOAD'S PLACE.

#2. Ryan Ramsey tells us that Whiting Turner (presumably the contractors) have placed banners at the location and that about 75 workers are on site at the MILLER & RHOADS hotel project.

#3. jc has exciting news. He says that permits were approved yesterday for $1.8M worth of work at THE NATIONAL THEATER.

#4. And miracle of miracles, the most outspoken critic of RICHMOND CENTERSTAGE says "WOW! The future is NOW!

[Henry]

Burt, I assume you know that the critic's comment was dripping with sarcasm.