Richmond: Economy/Business/Real Estate

[eandslee]

1 hour ago, Downtowner said:

As someone like myself who works a trade job it’s great to see things like this keep going on. I honestly thought it would be demolished but glad someone saw it as an opportunity to bring it back to life and be part of the steel industry. Love hearing stories like this. 

I think it was considered for residential redevelopment at one point not too long ago.  Can’t remember exactly why it didn’t happen though…something about contamination of the land or something like that. 

[wrldcoupe4]

Access.

[eandslee]

31 minutes ago, wrldcoupe4 said:

Access.

Thanks!  Access…of course! 

[I miss RVA]

1 hour ago, eandslee said:

I think it was considered for residential redevelopment at one point not too long ago.  Can’t remember exactly why it didn’t happen though…something about contamination of the land or something like that. 

The folks at Kinsley sunk $12.5M into rehab, up-fitting, re-equipping and site cleanup. Not sure how extensive the ground contamination was, but they took care of it as part of starting up the plant there. I'm glad these folks are in town - frankly, I think this is the very best and highest use of the property. No question, it would have made for an interesting  -- if not downright odd -- residential or mixed use project, but that it can be used to its fullest capacity for what it was originally built to do just feels right. I'm glad to see the plant up and running - it's a real plus to the diversity of the RVA economy.

[I miss RVA]

From Richmond BizSense: Medical office building at Stony Point housing Virginia Urology has been sold.

https://richmondbizsense.com/2021/10/12/chicago-reit-scoops-up-south-richmond-medical-office-for-52m/

[I miss RVA]

Huge Lowes distribution center location being moved to 3200 Commerce Road -- and it won't be built in Hanover. This certainly is big. Did anyone see this coming?  From Richmond BizSense:

https://richmondbizsense.com/2021/10/21/lowes-distribution-center-to-be-built-in-south-richmond-not-hanover/

Edited October 22, 2021 by I miss RVA

[wrldcoupe4]

Yep, just hasn't been in the press. It's a nice win for South Richmond.

[eandslee]

Someone on Reddit posted this and it was actually a good read regarding Richmond’s booming multi-family housing market. Take a read - got me all excited!  The future is bright, my friends!

https://rebusinessonline.com/richmonds-multifamily-sector-is-the-best-kept-secret-in-the-southeast/

[I miss RVA]

3 hours ago, eandslee said:

Someone on Reddit posted this and it was actually a good read regarding Richmond’s booming multi-family housing market. Take a read - got me all excited!  The future is bright, my friends!

https://rebusinessonline.com/richmonds-multifamily-sector-is-the-best-kept-secret-in-the-southeast/

GREAT article! Even with a few inaccuracies and omissions, it's a good write-up. (Scott's Addition is NOT in the "northern part of downtown" - it's in a completely different sector of the city, a few miles northwest of downtown. And there's no mention of Manchester - which is in my mind a big omission, given the booming multi-family residential market there. But aside from that, a really superb article.

Now THAT'S what I'm talking about - getting some good pub about RVA as one of "THE" up-and-coming cities/metros and getting out name out there with the Charlottes, Raleighs and Nashvilles of the world. THIS is EXACTLY what Richmond needs!

Edited November 22, 2021 by I miss RVA

[wrldcoupe4]

That and Richmond is not a county seat of Henrico. But yes, good read.

[Downtowner]

48 minutes ago, wrldcoupe4 said:

That and Richmond is not a county seat of Henrico. But yes, good read.

I thought that was funny when they mentioned that. I was like wait what? 

[Downtowner]

https://richmondbizsense.com/2021/11/22/the-agenda-local-government-briefs-for-11-22-21/?fbclid=IwAR3frBrDYhrZ9AqizrbCLo-ZogC3WdQ8LsPFm4-UOm297-5q7rBdyOtrC9Y

 

love reading these but a lot of info on projects moving forward around the metro area.

[Downtowner]

https://richmond.com/business/alden-global-capital-makes-offer-to-buy-lee-enterprises-owner-of-the-richmond-times-dispatch/article_beb484af-0b49-504b-9e3e-dba86b5a12fe.html#tracking-source=home-the-latest
 

the news keeps pouring in today. Found one more that just popped up on my phone just seconds ago I’m about to post. 

[eandslee]

While thinking about Richmond's post-pandemic commercial real estate status (and thinking about what CoStar might do with a new office tower as well as what will happen at Navy Hill's Block D 90K sq ft of spec office space to be built), I decided to do a little research to see how the commercial/office market in Richmond is doing.  This link gives the story.  Bottom line is that the market seems to be doing well (despite what you hear from your friends or other news outlets).  Considering the pandemic, the vacancy rate is down in the CBD (I heard anything under 10% vacancy rate is very strong and the outlook is that vacancy rates will decrease) and the metro area as a whole is doing very well.  The area appears to becoming more stable and strong considering the pandemic (a recovery is clearly evident).  With this in mind, I think CoStar could very well proceed with their tower plans.  Also, it would be nice to hear an announcement of the Block D spec space getting claimed by some company wanting to locate downtown in a prominent VCU tower - hopefully soon.  Anyway, here's the report from Thalhimer:

https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Office_Q32021.pdf

 

Just thought I'd add the 2021 Q3 Multi-family report as well in case you wanted to see how strong the market in Richmond is for Multi-family residential:

https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Multifamily_Q32021 (FINAL)_0.pdf

 

Main page:

https://www.thalhimer.com/marketwatch/market-reports/richmond-va

 

 

Edited November 29, 2021 by eandslee

[I miss RVA]

21 minutes ago, eandslee said:

While thinking about Richmond's post-pandemic commercial real estate status (and thinking about what CoStar might do with a new office tower as well as what will happen at Navy Hill's Block D 90K sq ft of spec office space to be built), I decided to do a little research to see how the commercial/office market in Richmond is doing.  This link gives the story.  Bottom line is that the market seems to be doing well (despite what you hear from your friends or other news outlets).  Considering the pandemic, the vacancy rate is down in the CBD (I heard anything under 10% vacancy rate is very strong and the outlook is that vacancy rates will decrease) and the metro area as a whole is doing very well.  The area appears to becoming more stable and strong considering the pandemic (a recovery is clearly evident).  With this in mind, I think CoStar could very well proceed with their tower plans.  Also, it would be nice to hear an announcement of the Block D spec space getting claimed by some company wanting to locate downtown in a prominent VCU tower - hopefully soon.  Anyway, here's the report from Thalhimer:

https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Office_Q32021.pdf

 

Just thought I'd add the 2021 Q3 Multi-family report as well in case you wanted to see how strong the market in Richmond is for Multi-family residential:

https://www.thalhimer.com/sites/default/files/Richmond_Americas_Alliance_MarketBeat_Multifamily_Q32021 (FINAL)_0.pdf

 

Main page:

https://www.thalhimer.com/marketwatch/market-reports/richmond-va

 

 

This is really good information.

Now what we REALLY need is a corporate relo by a company that would bring  at least 500 jobs (1,000 or more would be even better!) - looking for some good, Class-A downtown office space - maybe that would fill the NH Block D tower to the point that -- with VCU -- we'd see it scaled back up and not trimmed.

[I miss RVA]

This could be a very interesting development going forward. Getting some deep-pocketed ownership of a home-grown pharma firm could be a real boon, particularly since it appears that they play to keep the HQ in Shockoe Slip. Very glad about that last part. 

From the Times-Dispatch:

https://richmond.com/business/richmond-based-pharmaceutical-development-company-to-be-sold-to-investment-firm-for-310-million/article_71704fb3-0a08-52ed-a402-959bafe7b971.html?utm_source=richmond.com&utm_campaign=%2Fnewsletter-templates%2Flocal%2Fdaily-business&utm_medium=PostUp&utm_content=0ec7e032dd1e4ec101109fd5c9cd7c5c0a175c41

[Downtowner]

Is anyone on here signed up for this? If anyone could you give us a report back on what they had to say? 
 

https://richmondbizsense.com/events/2022-economic-forecast/

[I miss RVA]

1 hour ago, Downtowner said:

Is anyone on here signed up for this? If anyone could you give us a report back on what they had to say? 
 

https://richmondbizsense.com/events/2022-economic-forecast/

I'd love to know what was said. Is there a transcript or a recording available anywhere?

[ancientcarpenter]

13 hours ago, I miss RVA said:

I'd love to know what was said. Is there a transcript or a recording available anywhere?

 

Especially since there is a virtual option we could hope for a recording?

 

I'll reach out to UofR's and see what they may have. 

Contacted Michael Schwartz at RBS since it looks like he's hosting it. 

Edited January 12, 2022 by ancientcarpenter

[I miss RVA]

Very interesting piece in today's Richmond BizSense: Another architecture firm -- this one based in Norfolks -- is opening a Richmond office in the Arts District. Looks like the stretch of Broad around Adams and Foushee is becoming a haven for architecture firms. Nice to see this!

Check out the quote from the article:

Jackson Ward and Monroe Ward have been popular destinations for architects in recent years.

Further east down Broad is where D.C.-based Hickok Cole relocated its local office in 2020, which was the same year Architecture AF bought the building it had been leasing on Second Street.

North Adams Street is home to offices for both Walter Parks Architects and ArchitectureFirm, the latter of which also became its own landlord in 2020. Future Cities, the urban design firm behind the major GreenCity project in Henrico and now-flopped Navy Hill project in the city, is based out of a building at the corner of Broad and Foushee Street.

https://richmondbizsense.com/2022/01/12/norfolk-based-architecture-firm-makes-its-move-into-richmond/

[Shakman]

Excellent.  Now design better buildings in Richmond.

[RVA-Is-The-Best]

6 hours ago, I miss RVA said:

Very interesting piece in today's Richmond BizSense: Another architecture firm -- this one based in Norfolks -- is opening a Richmond office in the Arts District. Looks like the stretch of Broad around Adams and Foushee is becoming a haven for architecture firms. Nice to see this!

Check out the quote from the article:

Jackson Ward and Monroe Ward have been popular destinations for architects in recent years.

Further east down Broad is where D.C.-based Hickok Cole relocated its local office in 2020, which was the same year Architecture AF bought the building it had been leasing on Second Street.

North Adams Street is home to offices for both Walter Parks Architects and ArchitectureFirm, the latter of which also became its own landlord in 2020. Future Cities, the urban design firm behind the major GreenCity project in Henrico and now-flopped Navy Hill project in the city, is based out of a building at the corner of Broad and Foushee Street.

https://richmondbizsense.com/2022/01/12/norfolk-based-architecture-firm-makes-its-move-into-richmond/

Also noted this interesting line:

Quote

Hanbury’s already begun work for VCU, Cooper said, as it’s handling the planning and site selection for a facility for VCU’s School of Dentistry.

Will be interesting, this'll be VCU Medical Center's next big project I'm assuming. Hope it's big and we see renderings eventually

[wrldcoupe4]

Not just that, but also the new interdisciplinary health sciences building. Both have major price tags  

VCU Health plans to build a new school of dentistry at a cost of $196 million, to be funded by the state in the 2024-26 biennium.

Replacing the current building would be an interdisciplinary health sciences building, library, innovation center and green space, slated to cost $281 million, funded mostly by the state.

The new building will be a central hub for the MCV campus, and it will feature a bridge system that connects adjacent buildings.

https://www.vadental.org/for-our-patients/2021/05/18/new-vcu-school-of-dentistry-building-included-in-vcu-six-year-capital-plan

[eandslee]

Looks like another NOVA company is extending into RVA and adding 125 jobs!  Keep them coming!

 

https://www.grpva.com/newsroom/news/it-consulting-firm-intact-technology-to-create-125-new-jobs-in-richmond/

Edited January 13, 2022 by eandslee

[ancientcarpenter]

On 1/12/2022 at 10:32 AM, ancientcarpenter said:

 

Especially since there is a virtual option we could hope for a recording?

 

I'll reach out to UofR's and see what they may have. 

Contacted Michael Schwartz at RBS since it looks like he's hosting it. 

 

RBS replied. Looks like it will be $22 if anyone is interested in the recording:

https://richmondbizsense.com/events/video-archive/

 

This is great news for VCU and the entire City Center area!