Levar M. Stoney is the mayor of Richmond. (Courtesy of City of Richmond)
By Levar M. Stoney
After a tumultuous 2020 that not only shook the lives of Richmonders, but also our local economy, I am hopeful of Richmond’s recovery from the COVID-19 pandemic. I am hopeful because our recovery has already started and is centered on economic development to create economic justice.
Our Department of Economic Development has been working overtime throughout the pandemic to seize any and all opportunities before us, and there are strong signs that economic development interest in our city has not diminished.
In fact, in an analysis of 38 major metropolitan areas across the U.S., LinkedIn said Richmond attracted the third-largest amount of new residents during the pandemic.
Economic development over the last 12 months — and development projected over the next 12 months — is proof that as vaccinations help city residents stay healthy and return to work outside of their homes, our economic recovery is also on the horizon.
During the height of the pandemic, the City of Richmond distributed more than $7 million in CARES Act funding.
But the most significant reason for optimism for the city’s economic future rests with new development projects and business expansions and relocations that will create jobs and allow us to leverage assets and increase general fund revenue to continue to support our residents and local economy.
Earlier this year, CoStar, a Fortune 100 company which recently purchased $150 million of property along the riverfront, announced they were hiring 200 more employees and leasing 51,000 square feet of office space at Riverfront Plaza.
Recently, the City Council approved the sale and redevelopment of the old Public Safety Building property to Capital City Partners, LLC to create a $325 million mixed-use development that will generate roughly $55 million in new tax revenues during its first 25 years.
The city has the potential to have a $500 million-plus resort casino that will generate over $30 million annually in new tax revenues if approved by city residents in a November referendum.
We have made it a priority to ensure that these projects, and all future development projects that the city is involved with, include substantial community benefits, such as job creation, job training, a living wage, and significant minority business participation both during and after construction.
We’ve also been working closely with our local, regional and state partners to bring in additional investment and career opportunities into our city. Here are just a few examples of companies choosing to locate and expand in Richmond over the last year:
- • Technology training firm Vytal Studies is moving from Austin, Texas, to Richmond, making a $6.8 million capital investment, and creating 155 new jobs.
- • Remote-controlled hydroponic farming systems company Babylon Microfarms is moving from Charlottesville to Richmond, making a $140,000 capital investment, and creating 24 new jobs.
- • As a result of its collaboration with Phlow Corp., United States Pharmacopeia is expanding in Richmond with a $3.3 million capital investment and creating 15 new jobs.
Richmond also continues to be a place for entrepreneurs to thrive:
- • Phlow Corp. was awarded a $354 million contract, which can increase to $812 million, to increase production of essential medicines in the U.S.
- • Richmond-based business Sassy Jones ranked No. 75 on the Inc. 5000 list of fastest-growing private companies in the country.
- • While a new organization itself, The Jackson Ward Collective is a hub connecting Black business owners to each other and to supporters of Black businesses.
- • McKenzie Piper, VCU student and CEO of Tekstyle USA, developed a self-cleaning mask to help fight the spread of COVID-19.
Furthermore, with strong anchors like VCU Health and the Bio+Tech Park, life sciences will be an anchor for future development and job creation downtown.
Before the year is out, we also expect to move forward and issue an RFQ/P for the redevelopment of the city-owned, 60-acre Arthur Ashe Boulevard site. It’s part of the Greater Scott’s Addition Small Area Plan that lays out the vision for land use and redevelopment in the area.
We are also working on a small area plan for the redevelopment of the Coliseum area, which is critical to revitalization of our downtown.
Our priorities must be providing living wage jobs and growing city revenue to fund vital investments in public education, affordable housing and infrastructure.
The City of Richmond is creating opportunity for economic justice through economic development that will ensure we emerge successfully from the pandemic and recover in a way that is truly reflective of Richmond.
Levar M. Stoney is the mayor of the City of Richmond.
To submit a guest opinion to BizSense, please email [email protected]. And click here to read more about the criteria for submission.
Levar M. Stoney is the mayor of Richmond. (Courtesy of City of Richmond)
By Levar M. Stoney
After a tumultuous 2020 that not only shook the lives of Richmonders, but also our local economy, I am hopeful of Richmond’s recovery from the COVID-19 pandemic. I am hopeful because our recovery has already started and is centered on economic development to create economic justice.
Our Department of Economic Development has been working overtime throughout the pandemic to seize any and all opportunities before us, and there are strong signs that economic development interest in our city has not diminished.
In fact, in an analysis of 38 major metropolitan areas across the U.S., LinkedIn said Richmond attracted the third-largest amount of new residents during the pandemic.
Economic development over the last 12 months — and development projected over the next 12 months — is proof that as vaccinations help city residents stay healthy and return to work outside of their homes, our economic recovery is also on the horizon.
During the height of the pandemic, the City of Richmond distributed more than $7 million in CARES Act funding.
But the most significant reason for optimism for the city’s economic future rests with new development projects and business expansions and relocations that will create jobs and allow us to leverage assets and increase general fund revenue to continue to support our residents and local economy.
Earlier this year, CoStar, a Fortune 100 company which recently purchased $150 million of property along the riverfront, announced they were hiring 200 more employees and leasing 51,000 square feet of office space at Riverfront Plaza.
Recently, the City Council approved the sale and redevelopment of the old Public Safety Building property to Capital City Partners, LLC to create a $325 million mixed-use development that will generate roughly $55 million in new tax revenues during its first 25 years.
The city has the potential to have a $500 million-plus resort casino that will generate over $30 million annually in new tax revenues if approved by city residents in a November referendum.
We have made it a priority to ensure that these projects, and all future development projects that the city is involved with, include substantial community benefits, such as job creation, job training, a living wage, and significant minority business participation both during and after construction.
We’ve also been working closely with our local, regional and state partners to bring in additional investment and career opportunities into our city. Here are just a few examples of companies choosing to locate and expand in Richmond over the last year:
- • Technology training firm Vytal Studies is moving from Austin, Texas, to Richmond, making a $6.8 million capital investment, and creating 155 new jobs.
- • Remote-controlled hydroponic farming systems company Babylon Microfarms is moving from Charlottesville to Richmond, making a $140,000 capital investment, and creating 24 new jobs.
- • As a result of its collaboration with Phlow Corp., United States Pharmacopeia is expanding in Richmond with a $3.3 million capital investment and creating 15 new jobs.
Richmond also continues to be a place for entrepreneurs to thrive:
- • Phlow Corp. was awarded a $354 million contract, which can increase to $812 million, to increase production of essential medicines in the U.S.
- • Richmond-based business Sassy Jones ranked No. 75 on the Inc. 5000 list of fastest-growing private companies in the country.
- • While a new organization itself, The Jackson Ward Collective is a hub connecting Black business owners to each other and to supporters of Black businesses.
- • McKenzie Piper, VCU student and CEO of Tekstyle USA, developed a self-cleaning mask to help fight the spread of COVID-19.
Furthermore, with strong anchors like VCU Health and the Bio+Tech Park, life sciences will be an anchor for future development and job creation downtown.
Before the year is out, we also expect to move forward and issue an RFQ/P for the redevelopment of the city-owned, 60-acre Arthur Ashe Boulevard site. It’s part of the Greater Scott’s Addition Small Area Plan that lays out the vision for land use and redevelopment in the area.
We are also working on a small area plan for the redevelopment of the Coliseum area, which is critical to revitalization of our downtown.
Our priorities must be providing living wage jobs and growing city revenue to fund vital investments in public education, affordable housing and infrastructure.
The City of Richmond is creating opportunity for economic justice through economic development that will ensure we emerge successfully from the pandemic and recover in a way that is truly reflective of Richmond.
Levar M. Stoney is the mayor of the City of Richmond.
To submit a guest opinion to BizSense, please email [email protected]. And click here to read more about the criteria for submission.
Mayor Stoney – As someone who runs a business and lives in Richmond, I’m excited and thankful for the economic development we’re seeing in Richmond. Thank you for the updates. I’ve lived all over the country and Richmond has been by far my favorite place to live and work! My one request is that you please continue to focus on road conditions (potholes, etc.) in the area. My business is on the southside of Richmond and our customers complain about coming to our business because the roads are so bad. I would also love to see more roundabouts when possible… Read more »
It ia great that the mayor is head cheerleader for economic growth and development, however, there needs to be a concerted effort to improve getting throw permits and inspection. I was so excited to see the Stanley Martin Carver Square condos concept presented to the Carver Community because they add a new dimension and esthetics to the community and it appears that the permits have yet to be issued. 90 units of real estate tax that could be collected stalled. In a business class a professor used Ames and Zayres as examples as to why they went out of business.… Read more »
Mayor Stoney, You mentioned the many millions of tax revenue dollars the city could receive if a casino is approved in November. However, the city residents that homeowners have to pay one of the highest real estate tax rates in the area. In addition, property assessments continue to increase yearly. I have lived in the same house in the 9th District for many, many years and my assessment has increased by $30,000 in the past 5 years. If a casino is built, I think the real estate taxes should decrease. Richmond currently pays $1.20 per $100 while Chesterfield only pays… Read more »
I guess it was also great economic development when you didn’t allow law enforcement to actually enforce the laws, and instead allowed angry mobs to roam the streets and destroy storefronts. It will take years for the City to recover from the mismanagement of Mayor Stoney.
If that is what you think happened then it is clear you do not actually live here.
I live here. I own a business here. Jack Roland Murphey is 100% correct! What he describes is exactly what happened. Have you looked at W. Broad Street? It will take years for that area to recover. Mayor Stoney’s incompetence allowed this to happen- He should be ashamed of his dismal performance. However, race-baiting narcissists have no shame.
kay, As someone who regularly frequents the neighborhood in question and unfortunately witnessed the worst of those two nights in May, this narrative of the police just letting it happen under the mayor’s direction is completely unfounded. Those nights certainly had terrible results but now nearly every storefront that was active prior has been since restored. The storefronts I still see boarded up now were boarded up prior, either due to the pandemic or prior vacancy (largely due to Douglas’ holdings). The businesses worst hit in the fire (DTLR and GameStop) have vowed to return and their spaces are nearing… Read more »
And it should be further noted that Mayor Stoney remains under CRIMINAL investigation for his role in illegally removing Richmond monuments as well as paying $1.8 million in city funds for a no-bid sweetheart deal to remove the monuments by a campaign contributor. None of this was authorized by city council nor did he follow proper procurement channels which cost the city 6x more than what other municipalities paid to remove similar monuments. How dare this man toot his horn and try to take credit for economic development in Richmond! He’s done unimaginable damage to Richmond residents and businesses while he acts as… Read more »
The arrogance of this man is astounding. Behind every one of those bombed out businesses on Broad St. is a person and a family that has been devastated by the incompetence and dirty politics of Mayor Levar Stoney. Richmond can’t lose this guy fast enough. Yes, Mayor Stoney the Spring/Summer of 2020 and the devastation you allowed will be YOUR lasting legacy. Good luck changing THAT narrative.
60 days since they cashed checks worth my car and they still haven’t mailed the business licenses. Maybe we should fix the ever-broken Finance Dept since it’s the first one businesses deal with and it operates in failure mode, year after year with this department. 1. Your license expires January 1st 2. BLR and BPPT forms mailed separately early February 3. Payments due and cashed by March 1st 4. Better hope you Fedex’d it because they will somehow cash the check but lose the BPPT 5. If you notice the absence of a license (which expired January 1!) by May… Read more »
Yet, Mayor Stoney spends his time trying to figure out how to remove the A.P. Hill monument…His priorities are clearly in the right place. He doesn’t seem to realize that being a Mayor is a “boots on the ground” role to serve and deliver efficient, accountable, competent and cost-effective services to the tax-paying residents and businesses of the city. Astounding!
this sadly sounds accurate.
Permits & Inspections is also a disaster. But the finance department might be worse
Love seeing the resilience of the many entrepreneurs and creatives in this City. They’re making things happen in spite of the many hindrances the City puts in their way. Mayors come and go, but those actually invested in the City will continue to build a better tomorrow for our community.
Opening City Hall for business instead of making everything virtual would fuel economic recovery.