Richmond: Economy/Business/Real Estate

[calwinston]

Bigge Crane & Rigging moving its East Coast headquarters to Richmond, VA on Maury St.

Bigge Crane & Rigging has purchased a 20,00-square-foot industrial building on Maury Street from Speight LLC for $1.7 million. Bigge Crane will use the facility as its new East Coast headquarters. Franklin Bell of Thalhimer, a member of the Cushman & Wakefield Alliance, handled the sale negotiations.

http://www.virginiabusiness.com/index.php/news/article/commercial-real-estate-roundup-7-12-10/249307/

Edited July 12, 2010 by calwinston

[calwinston]

The Federal Reserve Bank of Richmond displays its role in the economy as it opens a new exhibit called "The Fed Experience" July 13, 2010.

This will be replacing the Money Museum.

http://www.virginiab...to-life/235518/

Many people forget that money is distributed to Richmond Fed(hence the security and the 5 underground floors that exceed the square footage above ground) then funneled out to the banks! Seems like more money leaves this city than invested in it.

I remember as a kid visiting the money museum running around in awww of the gold bars! When you leave they gave you a shredded miniature bag of money! I was so excited!

As a student at James River High School I entered the chambers of the Federal Reserve Bank of Richmond again competing in the Fed Challenge. Unfortunately we came in second place behind St. Catherines! At least I was able to to meet the Richmond Fed Chair and chill in his office on the top floor overlooking the James River, Manchester, and all of Downtown Richmond!

http://www.virginiab...to-life/235518/

http://www.richmondfed.org/

Oh here's a picture of the a couple of dollar bills. If the symbol on the left hand side of President George Washington has a E in the middle of the Federal Reserve Seal then it was distributed out of the Richmond Federal Reserve!

http://www.flickr.com

Fed unveiled interactive exhibit today

http://www2.timesdispatch.com/business/business/2010/jul/12/FEDDGAT12-ar-289756/

[calwinston]

Regitex Inc is upgrading an existing warehouse and opening a manufacturing plant in Mecklenberg creating 60 jobs!

http://www2.timesdispatch.com/business/2010/jul/15/REGIGAT15-ar-296840/

[calwinston]

Virginia has third highest job net growth in nation!

Virginia has added a net of 71,500 jobs since February, the third-highest number in the nation, Gov. Bob McDonnell announced today.About 31 percent of the new jobs were in Northern Virginia and the remainder fairly evenly distributed among the rest of the state, he said.He also said that 110 economic development projects have been announced since he took office. They will create 7,154 jobs and represent $1 billion in capital development, he said.

Virginia is fairing way better than most states. The unemployment rate in Virginia has been consistently in the top 3-7 lowest in the nation every month during the recession.

http://www2.timesdispatch.com/news/virginia-politics/2010/jul/15/6/jobsgat15-ar-296755/

Edited July 15, 2010 by calwinston

[burt]

Pfizer Pharmaceuticals may get $650,000 from the city as an incentive to keep their research center on Sherwood Avenue near Brook Road in Richmond.

From today's RTD:

http://www2.timesdispatch.com/business/business/2010/jul/17/b-pfiz17-ar-317085/

[calwinston]

"A 'Green House' on Grove"

The award-winning Watershed Architects (1521 West Main Street) recently offered tours of their project on Grove Avenue that pushes the boundaries of home and garden. The firm creates with a mission to "foster healthy sustainable communities through innovative design based on ecological principles and social consciousness........."

Greening the exterior also employs a smart use of nature. "On a property with otherwise limited outdoor space, the original roof has been transformed into an intimate roof garden," Farley says. Native sedums provide a carpet of seasonal color throughout the year and a variety of indigenous plants further enhance the space while providing habitat for various fauna such as birds and butterflies.

http://richmondgrid.com/index_r.asp?ID=479&xxx=Design%20Forward

[calwinston]

The housing market is picking up in Richmond according to this Wall Street Journal report.

http://online.wsj.co...9227201601.html

Houses sold in the Richmond area spiked up 23% in the second quarter compared to last year! Henrico County lead the way with a 28% uptick in sales!

The housing market in the Richmond area has turned upward, with sales outpacing the nation and state, according to reports released yesterday.

The number of new and previously owned houses sold in Richmond and in Chesterfield, Hanover and Henrico counties jumped 23 percent in the second quarter from the same period a year ago -- more than three times the state rate, according to a report by the Richmond Association of Realtors.

Henrico saw the sharpest rise, up 28 percent from a year ago.

Yet the median price -- with half the houses selling for more and half for less -- fell 4 percent during the quarter in the Richmond area to $199,630.

http://www2.timesdispatch.com/business/2010/jul/23/home23-ar-347624/

[burt]

Bloomberg says Richmond ranks as the 25th best city for new college grads:

http://images.busine...p_cities/26.htm

Great aerial photo!

Edited July 25, 2010 by burt

[calwinston]

Good news! The financial sector is expanding again in Richmond! A glut of it moved or merged with other banks and firms in the 1980's and early 90's!

"Richmond investment firm Anderson Strudwick opens nine new offices"

The expansion increases the Richmond-based securities firm's private client group to 21 offices with 106 financial consultants. It marks a major move outside of its traditional southeastern footprint, said J. Todd Newton, the company's CEO.

[calwinston]

This is a indepth answer to a question about Fortune 500 companies in Richmond. Im surprised at how many have merged with larger companies! Richmond has been a mecca for Fortune 500 companies, in relative to its size!

Why do some Fortune 500 companies leave Richmond?

-AnnMarie

Gregory H. Wingfield, president/CEO of the Greater Richmond Partnership, Inc., answers:

The short answer is that they don’t.

Over time we have had very few Fortune 500/1000 companies move their headquarters out of the Greater Richmond area.

The chart below shows the total number of Fortune 1000 companies we have in the area going back to 1980 and demonstrates that we have always been a headquarters location. From that 30 year list, only three have moved out of town. Some have been bought (mainly the banks: Crestar, CFB and Signet), some went out of business: Heileg Meyers and Best Products come to mind. And many more have moved here..............

http://www2.richmond.com/content/2010/jul/26/why-richmond-why/

Number of FORTUNE 1000 Companies with Headquarters in Greater Richmond　

2010

10

2009

12

Lost: Circuit City, Land America

2008

14

Lost: Performance Food Group, Albemarle Corp.

Gained: Altria Group

2007

13

Gained: MeadWestvaco

2006

12

Lost: Overnite

Gained:Genworth Financial

2005

12

Lost:Albemarle Corp., Overnite

2004

10

Lost: CSX

Gained:CarMax

2003

10

Lost: Southern States Coop., Trigon Healthcare

2002

12

Lost: Heilig-Meyers

Gained: Markel, Massey Energy

2001

11

THIS LIST IS ONLY to 2001!!!

GREATER RICHMOND’S FORTUNE 1000 CORPORATE HEADQUARTERS

1980-2001

1 A.H. Robins

2 Albemarle

3 Best Products

4 Central Fidelity Bank

5 Chesapeake

6 Circuit City Group

7 Crestar Financial

8 CSX

9 Dominion

10 E.R. Carpenter

11 Ethyl Corp.

12 Figge International

13 First Colony Corp.

14 Heilig-Meyers

15 James River Corp.

16 LandAmerica

17 Life Insurance Company of Virginia

18 Media General

19 Overnite Transportation

20 Owens & Minor

21 Performance Food Group

22 Pittston

23 Reynolds Metals

24 Richfood Holdings

25 Robertshaw Controls

26 Signet Banking

27 Southern States Coop.

28 Specialty Coatings International

29 Tredegar Industries

30 Trigon Healthcare

31 Universal

Edited August 2, 2010 by calwinston

[calwinston]

"DuPont investing $20 million to create facility for electric-car part in Chesterfield"

The company is spending $20 million to build the operation inside the DiversifiedContractorsInc. building in Chesterfield, close to Dupont’s existing Sprance plant. The facility will make the first nanofiber-based polymeric separators for lithium batteries used in electric vehicles and other commercial purposes. The DuPont Energain separators improve safety by allowing batteries to operate at a higher temperature. This can increase power by 30 percent.Construction of the facility will create 70 jobs. It will employ 11 permanent technologists within the first 12 to 18 months of operation, according to Terry Gooding, regional public affairs manager for DuPont.

http://www.virginiabusiness.com/index.php/news/article/dupoint-to-build-facility-to-make-lithium-ion-battery-components/273423/

Edited August 3, 2010 by calwinston

[calwinston]

Capital One is purchasing two buildings in Innsbrook!! Possibly upwards of 1500 new employees!

“Initial plans call for operations and call center functions to occupy the new space sometime in the second half of 2011,” wrote Shelley Solheim, a spokeswoman for Capital One, in an email with BizSense. “It’s too early to quantify future demand,” she wrote, meaning it’s unclear how many employees might eventually work in the buildings. However, buildings of that size could handle upward of 1,500

http://www.richmondbizsense.com/2010/08/03/two-vacant-innsbrook-buildings-get-new-life/

[calwinston]

NABCEP certified solar school (Green Living Education Center of Virginia) opening up in Chesterfield County! Also Bush has also set up a company called Solar Trackers, a solar installation crew that will hire from students that completed the program.

The education center will be supported by the center’s training school, which Bush said will attract tradesmen in the Mid-Atlantic seeking to become certified solar installers. Bush said eventually certification will most likely be required of installers to receive state and federal incentives.

“Two years ago, there were 20 companies doing solar in the state. Now there are 120. You are already starting to hear the horror stores where things aren’t working because they are not hooked up right,” Bush said.

Bush said they he will tear down a storage building on the property and construct a new classroom building, which will be open on a reservation basis for community groups to meet.

Behind the new building will be three roofs (metal, slate and shingle) set up for training purposes.

The center will teach 18 six-day certification classes through out the year at a cost of $3,000. Bush said they will grant weekly scholarships to students at four area technical centers. The certification is through the industry certification board NABCEP, and Bush said it will be the first such program in the state.

http://www.richmondbizsense.com/2010/08/02/solar-salesman-turns-to-service/

[burt]

In Richmond, The Jefferson Hotel retains its Five-Diamond rating with the AAA, and the new Hilton at Short Pump is awarded Four Diamonds in its first year of operation. The Berkeley Hotel and The Richmond Westin also enjoy AAA's Four Diamond rating.

From today's RTD:

http://www2.timesdis...aa04-ar-411654/

Edited August 4, 2010 by burt

[calwinston]

"DuPont investing $20 million to create facility for electric-car part in Chesterfield"

http://www2.timesdis...at03-ar-381362/

The company is spending $20 million to build the operation inside the DiversifiedContractorsInc. building in Chesterfield, close to Dupont’s existing Sprance plant. The facility will make the first nanofiber-based polymeric separators for lithium batteries used in electric vehicles and other commercial purposes. The DuPont Energain separators improve safety by allowing batteries to operate at a higher temperature. This can increase power by 30 percent.Construction of the facility will create 70 jobs. It will employ 11 permanent technologists within the first 12 to 18 months of operation, according to Terry Gooding, regional public affairs manager for DuPont.

http://www.virginiab...ponents/273423/

The number of jobs will definetely increase if the technology is proven according to officials!

http://www2.timesdispatch.com/business/2010/aug/04/b-mcdo04-ar-411730/

[calwinston]

New McKesson pharmaceutical distribution center in Caroline County is creating 150 jobs!

http://www2.timesdis...ater-ar-415984/

Edited August 6, 2010 by calwinston

[calwinston]

Dominion Resources Greentech Incubator in Ashland has added two more tenants to the fold: Marine Renewable Technologies and Enviro Duck They are joined by Marz Industries and Eastlight Renewable Ventures

The Dominion Resources GreenTech Incubator (DRGI), a center to assist new businesses focused on energy efficiency and other clean and green technologies, has accepted its first two tenants in its Ashland facility in the Presidential II building. DRGI, which opened for business in January 2010, is a joint initiative of Hanover County, the Town of Ashland, the Virginia BioTechnology Research Park (VBRP), the Virginia Biosciences Development Center (VBDC) and Dominion Resources (NYSE: D), the program’s title sponsor. Modeled after the VBDC’s successful biosciences incubation program, DRGI will provide its member companies an affordable facility on the I-95 corridor, assistance with strategy and business planning, access to expertise within Dominion Resources, expert advice from business advisory boards, access to discounted professional services and introductions to sources of grant and investment capital. As the companies grow, they are expected to move to nearby locations in Hanover County, boosting the local economy.

“The Dominion Resources GreenTech Incubator is pleased to welcome Marz Industries and Eastlight Renewable Ventures, LLC as the first clients in our new program”, said David Lohr, Executive Director of DRGI. “Both companies are excellent examples of the types of creative entrepreneurs and innovative alternative energy solutions we are seeking to attract.”

http://www.richmondbizsense.com/2010/08/06/the-pipeline-commercial-real-estate-roundup-for-8-6-10/

http://vabiotech.com/2010/05/first-tenants-accepted-for-new-greentech-incubator-facility-in-hanover-county/

[burt]

A bit of Downtown Richmond trivia:

In perusing a survey by Commercial Commonwealth Partners done for the developers of the John Marshall Residences I learned the following:

In the year 2009:

14,208 people lived in 5,495 households within a one-mile radius of The John Marshall Hotel at 5th and East Franklin Streets.

73,955 people worked within that 1-mile radius in 2,995 businesses.

To verify, go to::

http://www.johnmarshallresidences.com

Click "Retail" along the top of the site, then hit "Retail Information/Brochure."

WARNING: PDF file.

Edited August 21, 2010 by burt

[burt]

The Greater Richmond Convention Center is one of the factors that makes Richmond the most frequently visited city in Virginia, according to Jack Berry with the Richmond Metropolitan Convention and Visitors Center.

About 5.75 million people visit the state capital region annually spending $1.8 bilion.

Richmond hosts 18% of all trips to Virginia and 17% of leisure trips. Williamsburg ranks 2nd and Virginia Beach 3rd.

The 700,000 s/f Center projected 30 conventions in fiscal year 2010-2011 but right now is on track to accommodate 35.

From today's RTD:

http://www2.timesdis...22s1-ar-465850/

Edited August 22, 2010 by burt

[calwinston]

Microsoft building $500 million dollar data center in Mecklenberg County!

http://www2.timesdispatch.com/news/business/2010/aug/27/datacentergater-ar-476140/

[burt]

Richmond may have an elephant in the room that could grow into one of the region's Fortune 500 companies.

Elephant Insurance, a subsidiary of Cardiff-based Admiral Group PLC in Wales, has selected Richmond as its National Headquarters. It presently employs about 80 people but, in its growth plan, anticipates adding as many as 2,000 workers.

Could the ambitious company have the abandoned Circuit City property in its sights?

From writer Carol Hazard in today's RTD:

http://www2.timesdis...ep04-ar-486566/

Edited September 4, 2010 by burt

[eandslee]

Could the ambitious company have the abandoned Circuit City property in its sights?

Would much rather see them build a tall tower downtown.

[burt]

While there is considerable real estate activity in the suburbs, downtown Richmond is not neglected.

A total of 7,710 square feet has been leased in the Seventh and Franklin Building as well as 7,573 s/f in Two James Center at 1021 East Cary Street..

From today's Pipeline in Richmond biz sense:

http://www.richmondb...up-for-9-17-10/

Edited September 17, 2010 by burt

[burt]

Colfax will move its National Headquarters from Richmond to Columbia, Maryland. While the world-wide Colfax employment figure is over 2,000, there are only a couple of dozen in Richmond.

Access to international transportation and better recruiting are cited as reasons for the move.

From today's RTD:

http://www2.timesdis...lf22-ar-518073/

Edited September 22, 2010 by burt

[burt]

The 300 block of East Broad Street is in pretty shoddy condition, but even so this aution is a potential bargain.

From Paul Hammond's Carver/Jackson Ward News blog:

http://www.cjwn.net/news/2010/09/23/do-i-hear-50000-01/#more-2830