Richmond: Economy/Business/Real Estate

[burt]

First Market Bank and Union Bank and Trust merged recently but have not yet decided on a name for the financial institution. BUT, it will be headquartered in Richmond. The location and square footage have not been revealed, but Mayor Jones in his Building a Better Richmond newsletter says it will be downtown.

I think Union Bank & Trust is currently based somewhere on the Northern Neck -- Tappahannock?

The Ukrop family is heavily invested in First Market Bank.

From today's RTD:

http://www.timesdispatch.com/rtd/business/...-212202/275480/

Edited June 23, 2009 by burt

[HopHead]

First Market Bank and Union Bank and Trust merged recently but have not yet decided on a name for the financial institution. BUT, it will be headquartered in Richmond. The location and square footage have not been revealed, but Mayor Jones in his Building a Better Richmond newsletter says it will be downtown.

I think Union Bank & Trust is currently based somewhere on the Northern Neck -- Tappahannock?

The Ukrop family is heavily invested in First Market Bank.

From today's RTD:

http://www.timesdispatch.com/rtd/business/...-212202/275480/

If I'm not mistaken, First Market already has a fairly new building downtown. I think they are somewhere near where Stool Pigeons is if I remember correctly.

[wrldcoupe4]

I can't imagine the headquarters moving from the Turning Basin building at Virginia Street and Canal Street.

[Shakman]

Depsite, once again, the loss of a Stadium in Bottom, here is some good news relative to the economy of Greater Richmond. According to Business Week, Richmond rank as the 6th best place in the Nation to start over.

Link to Times Dispatch article:

http://www.timesdispatch.com/rtd/business/...-222806/275926/

[burt]

Depsite, once again, the loss of a Stadium in Bottom, here is some good news relative to the economy of Greater Richmond. According to Business Week, Richmond rank as the 6th best place in the Nation to start over.

Link to Times Dispatch article:

http://www.timesdispatch.com/rtd/business/...-222806/275926/

If anyone can locate that list under Lifestyles on line at businessweek.com I wish they would print it here. I read all about Alaska, North Dakota, Utah, etc. and saw a picture of the Jefferson Davis monument but was unable to pull up the 20 best list.

[wrldcoupe4]

Whitlow Chevrolet, and Dominion Auto Group's Chevy and Cadillac dealerships in Colonial Heights will be closing as part of GM's reorganization.

Edited June 24, 2009 by wrldcoupe4

[burt]

If anyone can locate that list under Lifestyles on line at businessweek.com I wish they would print it here. I read all about Alaska, North Dakota, Utah, etc. and saw a picture of the Jefferson Davis monument but was unable to pull up the 20 best list.

Here's half the answer to my question which I found in today's RTD:

http://www.timesdispatch.com/rtd/business/...-011001/275965/

[burt]

The State is still on board to build a 1000 space parking deck downtown at 7th and Franklin. I think it it will go on the s/w corner of that intersection although the precise location is not identified in this story.

The performing arts center has reduced its committment for spaces in the open lot directly across from The Carpenter Theatre which will be reserved for the disabled, but the Center has an agreement with the state to lease 600 spaces in the garage at the s/e corner of 7th and Marshall.

Where do patrons of the National park?

http://www.timesdispatch.com/rtd/news/loca...-125001/276330/

Edited June 25, 2009 by burt

[Brent]

Patrons of the National park wherever they can find a space. I can see the need for some handicap spaces (or valet) nearby but everyone else can park anywhere they want, the performing arts center doesn't need designated parking. Dispersing the crowd would be better for traffic and would make the streets more lively anyway...

[burt]

While most of this story deals with baseball in Manchester, the mid-section of the piece discusses property on the north shore of the James.

Real Estate firm CB Richard Ellis has "shown the 6-acre property to 12 potential buyers" and hope to "attract as many as 10 more later this month." Perhaps a decision will be made by September.

A board member of Venture Richmond who operates the canal boats in the Kanawa waters is quoted as saying: "The two canals will never physically meet." But she hopes a direct walkway connecting the two is possible.

I hope a buyer of the property will prove her wrong about actually connecting the two waterways. There HAS to be a way -- either with locks or boat-lift.

From today's RTD which was also posted by Shakman in the Sports thread:

http://www.timesdispatch.com/rtd/news/loca...-232601/277605/

A sad note on this story is that 490 people will lose their jobs when Reynolds Packaging shuts down its two operations along The James.

Richmond already leads the State in job losses. Very sad, indeed!

Edited July 2, 2009 by burt

[burt]

The Building Permits column in today's RTD has a couple of interesting items. I tried to bring it over here but it didn't seem to work.

One item is plus $900,000 for a restaurant at Rockets Landing and another is about plus $5,000,000 for an office on South 10th Street which I assume is to do with the Williams Mullen building. James Center DevelopmentCompany is listed as owner and Armada/Hoffler is Construction Contractor.

Edited July 6, 2009 by burt

[jbjust]

Every little bit helps...

Thalhimer reports Oppenheimer and Co., Inc. , a New York-based investment bank, has leased 11,500 square feetat Riverfront Plaza, 901 E. Byrd Street, in Richmond.

Richmond BizSense

[burt]

The Martin Agency wins Expedia account.

Expedia spent about $60 Million last year, but media planning and buying and PR are not included in the Martin deal.

This is an expanded story in Tuesday's RT-D:

http://www2.timesdispatch.com/rtd/business...-212005/283833/

Edited August 4, 2009 by burt

[burt]

Economic news isn't all bad.

Richmond area based Robinson Radio, Inc. and Packet360 are among the 500 fastest growing private companies in The Nation, according to Inc. magazine.

From today's RT-D:

http://www2.timesdispatch.com/rtd/business...-212004/286602/

[wrldcoupe4]

I guess the "bad news" is that we only have two companies on the list - better than 0.

[burt]

Ratz!!!

A loss for downtown as RightMinds, an ad agency, moves to Suburbia. The agency which was housed in the Main Street Station Tower in Shockoe Bottom decided that operating on one level was preferable to dispersed offices on several floors in the old rail depot. The tower space has been described as chic and has garnered much national attention.

The new office for RightMinds will be in Bayberry Court off of Forest Avenue in Western Henrico.

Edited August 24, 2009 by burt

[burt]

If you missed out on the 2009 Downtown Loft Tour or other events, go to:

http://www.venturerichmond.com

Hit "Living Downtown", then hit "Downtown Loft Tour" as well as other photos available thru this Venture Richmond website.

Thumb nail pix can be enlarged to full screen. Hit ESC to return to thumb nails.

Edited August 25, 2009 by burt

[burt]

The Richmond Marriott which covers the entire block bounded by 5th, 6th, Broad and Marshall Streets has undergone a $15 million renovation.

From today's story in the RT-D by Peter Bacque:

http://www2.timesdispatch.com/rtd/business...-215806/288903/

[burt]

Josee Covington built her travel agency from nothing in the mid 1960's. Last year Covington Travel sales exceeded $83 million.

Many local cultural institutions are grateful to her.

What a lady!

The Business Travel News survey of US Travel Management Companies ranked Covington as Number 32 by number of transactions.

From today's RT-D:

http://www2.timesdispatch.com/rtd/business...usiness/289480/

Edited August 31, 2009 by burt

[Cadeho]

The Richmond Marriott which covers the entire block bounded by 5th, 6th, Broad and Marshall Streets has undergone a $15 million renovation.

From today's story in the RT-D by Peter Bacque:

http://www2.timesdispatch.com/rtd/business...-215806/288903/

I have been driving by taking pics... it looks good at night at the enterance. However those always come out blurry. I love that the building does not look like a monument to the 1980s.

[burt]

Reflecting regional cooperation amongst Richmond, Henrico, Chesterfield and Hanover counties, the downtown 700,000 square foot Greater Richmond Convention Center hosted a record 341,000+ people at events in the 2009 fiscal year.

From today's RT-D:

http://www2.timesdispatch.com/rtd/business...-213803/290767/

Edited September 5, 2009 by burt

[burt]

Downtowner (Joey) posted yesterday's R-TD story about the Scott & Stringfellow/BB&T downtown move in the Richmond Development thread, but here's today's update.

http://www2.timesdispatch.com/rtd/business...-213404/300828/

It amounts to a shift of about 500 personnel from Main Street to Riverfront Plaza, but at least they still will be in the Downtown Financial District.

The move will practically fill the vacant space in the Riverfront property left by Wachovia Securities.

It's not made clear in the news story, but I suspect it will adversely affect two of the oldest high rises in the city. Scott/Stringfellow is presently located in the old Mutual Building at the southeast corner of Main & 9th Streets. BB&T has a sign atop old First & Merchants Nat'l Bank across 9th Street at the southwest corner of that intersection. It was for many years the tallest building in Richmond.

Perhaps some of our real estate contributors have heard rumors about the fate of the two older buildings.

The Mutual Building is one of my personal favorites downtown. It would convert to great hotel usage, IMO.

[Downtowner]

Burt that building is mine and your favorite both. I have always loved its strong presence when you come across the river on the manchester bridge. Espsecially love it when you pass Riverfront Plaza at the manchester bridge. I think though if we ever get a signature tower where the triangle lot is then you will probably not see it since it will be blocked. But I am curious about the plans of these buildings that they vacated for Riverfront.

[heykey4]

Walmart seeks to open in urban markets,

http://www.ft.com/cms/s/0/8a5ffa1e-c728-11de-bb6f-00144feab49a.html

Love it or hate it, Walmart attracts customers, sometimes at the expense of "mom & pop" stores, but not all the time. Living a stone's throw from the Mechanicsville Walmart, I can attest that the place is always busy.

If Walmart ever decided to open in Richmond (I know there's one at Forest Hill & Chippenham, but I'm talking non-annexed areas) I could see it occupying the old Sears building on Broad Street (I don't know what's in that building now). But parking would be an issue, and Lowe's & Kroger have built suburban type stores in the vicinity already.

[burt]

The Jefferson Hotel has been awarded five diamonds by the AAA for the 17th coinsecutive year.

From a recent RTD story by Peter Bacque:

http://www2.timesdispatch.com/rtd/business/local/article/B-AAAA07_20091106-201804/304113/