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Richmond: Economy/Business/Real Estate

wrldcoupe4

By wrldcoupe4
in Richmond

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Wahoo 07
Wahoo 07

Like many on this board, I would love to see Richmond throw up some 600' buildings; however, a shorter but dense urban core makes for a better city than a few sparkling, disconnected high rises and a

KJHburg
KJHburg

I am a Charlotte native and current resident but I did live in Fairfax County for 10 years in the early 80s.  I am very familar with how the rest of the state hated Northern VA then and probably still

Downtowner
Downtowner

https://www.valdostadailytimes.com/ap/business/plenty-building-world-s-largest-indoor-vertical-farm-campus/article_6ea0f258-c663-5235-859a-49b0a7a9088e.html     300 more jobs coming to mea

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burt Megalopolis

burt

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I think I read that the Quality Inn at 2nd and Cary is changing over to a Holiday Inn Express.

And what about the Radisson's conversion to Doubletree? Has anyone any news about this hotel at Franklin and Madison? We all know from recent pictures that the building (except for the Franklin Street facade) has been painted white and that reconfiguration is going apace in the lobby area.

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burt Megalopolis

burt

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I read in Style today that Ben & Jerry's is coming to Carytown!

Style Article

Also, I read in the print addition that a new restaurant is getting ready to open on the Boulevard near Buz & Ned's.

Yea, JSI. It will be called STRONG HILL dining experience, or similar. I'll post more about it tomorrow in the Dining Out thread.

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burt Megalopolis

burt

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You may recall reading a few days ago that two rejuvenated apartment buildings in Shockoe Bottom were going on the auction block. The aution of the two buildings was cancelled at the last minute, according to Carol Hazard at the Times Dispatch.

I wonder what the occupancy rate is at the two properties, Shockoe Place and Superior Warehouse. The latter, it might be recalled, created quite a stir over proposed demolition several years ago.

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

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Lots of good news today regarding the Richmond region's economy and real estate.

First, among 49 largest metropolitan areas in the U.S., Richmond's Jobless Rate is the lowest in the country

The Richmond area held on to its ranking in January as the major U.S. metropolitan area with the lowest jobless rate, but it had some company.

The Birmingham-Hoover, Ala., metropolitan area tied with Richmond, both with jobless rates of 3.2 percent, according to new figures from the U.S. Bureau of Labor Statistics.

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Next, Richmond area housing sales increase 11.7% in February

Prices rose 7.2 percent to an average $260,191, up from $242,527 a year earlier, according to figures released yesterday by the Richmond Association of Realtors.

"We have seen a vast increase in showings and people out there looking, and now it's starting to pay off," said Wes Atiyeh, immediate past president of the association....

For the year, the total of new and previously owned homes sold was up 8.3%.

--------------------------------

Lastly, Wells Fargo chooses Richmond area as the site of its first regional commercial banking office in Virginia

"This is really about choice," said Lowndes Burke, regional vice president in charge of commercial banking.

"We chose Richmond because it needs competition, the economy is growing and the economy is diverse -- not reliant on one or two companies."

The commercial banking segment will move this summer to Riverside on the James.

All Good News! :thumbsup:

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eandslee City

eandslee

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Lastly, Wells Fargo chooses Richmond area as the site of its first regional commercial banking office in Virginia

All Good News! :thumbsup:

Wells Fargo is predominately a western bank. It's all over the place out here. Strange that Riverside on the James would have enough room for a regional office for a large bank to occupy. I didn't know there was so much vacancy in those towers. Hopefully, they'll want to move soon into their own building (this might be only a tempory location) - they might need room for expansion later. If not, they are at least making the class A office vancancy rates drop downtown! :thumbsup:

Edited by eandslee
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burt Megalopolis

burt

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Wells Fargo will have a very low-profile presence in Richmond, as I read the story. Its real estate office is at 7100 Forest Avenue in Henrico while the commercial segment will locate in ROTJ. The local offices only have a total of 7 people employed, but plan to add five more in the next year.

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eandslee City

eandslee

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Wells Fargo will have a very low-profile presence in Richmond, as I read the story. Its real estate office is at 7100 Forest Avenue in Henrico while the commercial segment will locate in ROTJ. The local offices only have a total of 7 people employed, but plan to add five more in the next year.

OK, so I didn't read the article until after I posted my message, but how can you call 12 people a regional office? With such a large bank, you'd think that they have more of a presence here. Weird western banks!

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burt Megalopolis

burt

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OK, so I didn't read the article until after I posted my message, but how can you call 12 people a regional office? With such a large bank, you'd think that they have more of a presence here. Weird western banks!

The fact that Wells Fargo thinks Richmond is worthy of establishing an office in the area probably means future expansion down the road...hopefully downtown.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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It's their commercial banking segment, which might explain the smaller size. I'm sure as business expands, they'll end up adding more employees. I thought the more important things to take away from the article were (1) their reasons for choosing Richmond over other markets and (2) the fact that their office will be downtown.

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burt Megalopolis

burt

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Richmond is 14th Best Place for Business and Careers

Rankings for Virginia cities/areas:

14. Richmond

26. Virginia Beach/Norfolk

37. Washington D.C./NoVa

65. Lynchburg

146. Roanoke

The rankings were determined through comparing (1) cost of doing business, (2)job growth, and (3)educational attainment.

I believe our friends in Raleigh enjoy the top spot.

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ampm Crossroads

ampm

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Congrats to the Virginians on the high rankings for business and careers... guess I should be hoping to head that direction soon...

I'm somewhat surprised to hear Wells Fargo is moving into the Richmond market. Isn't there already good representation of most of the nation's larger banks in the Richmond market? I guess its a good forcast of the future of Richmond if Wells Fargo thinks there is enough business to go around...

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