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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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Posted (edited)

Burt -- in this economic environment, there aren't a lot of law firms planning dramatic growth in the near term.

The rosy article says about Hunton/Williams and McGuire/Woods and other legal companies... "It's one of Richmond's strong points to have these major national law firms headquartered here. AND THEY ALL SEEM TO BE ON A GROWTH PLAN" (my caps.)

Maybe I'm mis-reading the article and all their hiring is in other cities.

It seems strange to me that Williams/Mullen would build a relatively small building that is scheduled to be 90% leased before it is ready for occupancy. Why not take a risk and build larger, even in this current economic climate?

In other biz news, the Pfizer/Wyeth merger doesn't speculate on the fall-out for Richmond.

From today's R-TD:

http://www.timesdispatch.com/rtd/business/...to_deal/188528/

Edited by burt
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wrldcoupe4 Metropolitan Area

wrldcoupe4

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The rosy article says about Hunton/Williams and McGuire/Woods and other legal companies... "It's one of Richmond's strong points to have these major national law firms headquartered here. AND THEY ALL SEEM TO BE ON A GROWTH PLAN" (my caps.)

Maybe I'm mis-reading the article and all their hiring is in other cities.

It seems strange to me that Williams/Mullen would build a relatively small building that is scheduled to be 90% leased before it is ready for occupancy. Why not take a risk and build larger, even in this current economic climate?

I bet the tower wouldn't be happening if it had any additional speculative space. The fact it's moving forward as it is almost defies reality.

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jbjust Burg

jbjust

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The rosy article says about Hunton/Williams and McGuire/Woods and other legal companies... "It's one of Richmond's strong points to have these major national law firms headquartered here. AND THEY ALL SEEM TO BE ON A GROWTH PLAN" (my caps.)

Maybe I'm mis-reading the article and all their hiring is in other cities.

It seems strange to me that Williams/Mullen would build a relatively small building that is scheduled to be 90% leased before it is ready for occupancy. Why not take a risk and build larger, even in this current economic climate?

In other biz news, the Pfizer/Wyeth merger doesn't speculate on the fall-out for Richmond.

From today's R-TD:

http://www.timesdispatch.com/rtd/business/...to_deal/188528/

Law firms everywhere are hurting badly in this economy. Nobody, and I repeat nobody, it looking to significantly increase headcount or step up recruiting in this environment. Some of the best firms in the country are laying off dozens of associates every day. I will be happy if Williams Mullen makes it through the current economic client and is still around to move into the building when it's done. I guarantee if they were deciding today whether to build the building the answer would be "No."

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burt Megalopolis

burt

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Posted (edited)

I was taking Mark Bowes at his word. (See my posting of his R-TD story above dated 1/25/09.)

One would assume that a bunch of lawyers would be astute enough to see dark clouds looming over the nation's economy and plan accordingly.

By the way, will the WM building be only 15 floors high? Some speculate that it will rise to 17 stories and top out ut at 220 feet.

Edited by burt
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HopHead City

HopHead

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More terrible news:

Good By Land America Financial Group:

http://www.nbc12.com/global/story.asp?s=9778581

What's really sad (or ridiculous) is that the CEO, Ted Chandler, jumped ship a few weeks ago and got a nice little package from Lawyers Title (one of the subsids) for essentially running the company into the ground. Meanwhile hundreds of these employees have nothing to show for their service. All too familiar of a story in our country these days.

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burt Megalopolis

burt

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Qimonda's closing will have a major effect on area economy. The $3 Billion plant in Eastern Henrico may or may not be an attractive buy for another company. Meanwhile, since the middle of last year almost 3,000 skilled people who have or will lose their high-paying jobs are flooding the market.

State and local incentives have been recouped if I read the story correctly.

From today's R-TD:

http://www.timesdispatch.com/rtd/business/...-222213/197474/

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burt Megalopolis

burt

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Posted (edited)

Tobacco Row is a completed project. Every old cigarette factory along the seven block stretch of East Cary between 19th and Pear Streets has been converted either to residential or office use.

Here's a story from today's R-TD:

http://www.timesdispatch.com/rtd/business/...-214012/200419/

If I knew how to do it I'd bring over a picture of Tobacco Row as it looked circa 1939. It's on page 1 in the Tobacco Row Development thread if anybody wants to check it out.

Edited by burt
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TBurban Town

TBurban

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Another bankruptcy for a Richmond area based company :angry: :

http://www.timesdispatch.com/rtd/business/...-113603/201789/

IMHO, and coming from a person like myself who has VERY little business expertise, I expected S&K to follow shortly after they sold their HQ building in Short Pump. In fact, I was surprised they didn't file for bankruptcy before Circuit City.

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