Building volume, value plummet in Henrico, Chesterfield

Construction in Richmond is entering a deep chill. Building volume is down as much as 50 percent in some parts of Richmond. And the projects that are coming out of the ground appear to be smaller than in the past, according to an analysis of building permit data. But despite a steep pullback, the permitting… Read more »

Hotel Chain with 5 RIC locations in trouble

The Wall Street Journal reported this morning that Extended Stay Hotels, Inc. is in early talks that could result in turning the hotel chain over to lenders. The hotels are geared towards business travelers who need rooms for longer than a night or two. Four of the hotels are around Innsbrook, and the bankruptcies of… Read more »

‘Small businesses really drive the train,’ says mayor-elect

As Mayor-elect Dwight Jones prepares to transition from the pulpit back to public office, Richmond BizSense sat down with him to find out his plans for economic development and fostering business growth. Jones, a Philadelphia native with a deliberate delivery, is no stranger to doing business in Richmond. He chaired the downtown development group Richmond… Read more »

Auto bailout’s local fallout

It looks like Detroit’s carmakers will get their bailout. That’s good news for the 60 new car dealerships in the metro Richmond market, which employ about 3,500 workers, according to the Virginia Automobile Dealers Association. Without federal loans, Chrysler and GM would most likely end up in bankruptcy. That could slow sales even more and… Read more »

Surf’s up, couch style

Talk about homestyle. One social networking site is providing travelers with a free alternative to staying in a hotel. That might be why about 10,000 people a week sign up to join The Couch Surfing Project matches people all over the world who have an extra couch or bed with someone looking for a… Read more »

Anderson Strudwick in merger negotiations

Richmond-based investment bank/brokerage Anderson Strudwick is in merger negotiations with Wunderlich Securities, a Tennessee investment bank/brokerage. Representatives from Wunderlich will be in Richmond today to present the deal to the company, according to a source familiar with the deal. It’s likely that employees will vote later today.

Richmond Paperboard mill to Close

Paperboard producer Caraustar Industries Inc. has announced that it will close its Richmond mill at 17 East 2nd Street. In a statement, the Atlanta-based company said, “Recession and declines in product demand necessitate that the company move aggressively to retain cost efficiencies and increase capacity utilization across its mill system,” said the company in a… Read more »

Downtown development marches on

Despite rising vacancy rates and a slumping economy, developers presented a cheery outlook for development in downtown Richmond at an event yesterday hosted by Venture Richmond. More than 100 people gathered for the Downtown Development Forum at the newly renovated National Theatre at Broad and Seventh streets. Presenters delivered two-minute updates on development projects that… Read more »

90-day prescription for Richmond’s economy

The Greater Richmond Partnership is reevaluating its game plan. The public-private economic development agency completed a 90-day plan to help Richmond remain a top place for businesses. (Richmond was just anointed a top 10 metro area for business by MarketWatch) Perhaps the most visible aspect of the partnership’s work is to promote the region to… Read more »

Chamber of Commerce forced to cut staff

The Greater Richmond Chamber of Commerce is not immune from the economic slowdown. The Chamber, a not-for-profit organization which relies upon revenue from events and memberships, has laid off four full-time employees and one part-time employee.