News

Q&A: Who would start a bank in this economy?

There’s a new kid on the banking block. Xenith Bank, currently in organization, recently moved into their new office headquarters downtown. The bank will focus on small- and medium-size business. BizSense sat down with Chief Executive and President T. Gaylon Layfield to talk about the plans for the bank and the issues facing the banking… Read more »

Sneak Preview: Movieland

Movieland by Bow-Tie Cinemas, Richmond City’s first movie theater in 35 years, opened its doors to the press to showcase the 17-screen multiplex in advance of its opening Feb. 27.

The Pipeline: Commercial Real Estate Round Up for 2.13.09

Grubb & Ellis Harrison & Bates report Magan & Sons, LLC purchased a 1.48-acre parcel at Short Pump Town Center in Henrico for $1.2 million. The buyer plans to develop a hotel on the site. Porter Realty reports SunTrust bank leased 100,000 square feet of warehouse space at 4201-4221 Carolina Avenue in Henrico County. CB… Read more »

First Market Bank gets $34 million in bailout money

Richmond-based First Market Bank might be in the mood for granting more loans after receiving a $34 million loan from the federal government. On Tuesday, the U.S. Treasury announced it provided 28 banks with $238.6 million as part of the Capital Purchase Program, which is intended to increase lending among healthy banks. First Market Bank,… Read more »

Construction slowing even more

Construction activity is slowing at an increasing rate in Richmond, leading to more layoffs, longer pay terms and downward pressure on the prices subcontractors can charge. For the first time in recent memory, builders say foreign laborers are also starting to return to their countries of origin. In January, builders filed 123 residential building permits… Read more »

Local duo zips up distribution deal

A local husband-and-wife design team will soon have their product sold through direct-response TV and at major retailers nationwide through a licensing agreement with Massachusetts-based distributor Harvest Direct. Chris and Kat Costello, owners of Green Alley LLC, started developing the “zpr bag” in 2007. The product is a customizable handbag designed for teenage girls. Z-P-R… Read more »