Thursday, April 21, 2011

Riverside on the James Purchased by Herndon-based American Real Estate Partners

On April 14, 2011 American Real Estate Partners (, a Herndon, VA-based, fully-integrated private real estate investment company announced its most recent acquisition, the firm's first purchase into the Richmond, Virginia market. In addition to the $63.7 million acquisition of Riverside on the James, the company also announced the firm's first acquisition in the New York metro area.

"These new acquisitions are the very best assets in their respective submarkets and will exceed our return objectives," said Douglas Fleit, Chief Executive Officer. "We are seeking many more of these types of opportunities and expect to be extremely active in acquiring quality office projects the next few years."

American Real Estate Partners concentrates on commercial real estate assets and real estate financial instruments in markets along the Eastern Seaboard, including Washington, DC; Virginia; suburban Maryland; Raleigh-Durham; Philadelphia; New Jersey; and New York. The firm's current holdings total approximately 4.2 million square-feet of Class A office and flex assets.

Monday, April 18, 2011

VCU Creates First Program In Product Innovation

Virginia Commonwealth University has received approval from the State Council of Higher Education to develop a master's degree program in product innovation, making VCU the first university in the U.S. to offer such a program. The VCU's da Vinci Center, which is a collaboration between VCU's schools of the Arts, Business and Engineering, will launch the program beginning with the 2011-2012 academic year. To read the fill Richmond Times-Dispatch article, please click here.

Mayor Jones Announces New Director of Economic & Community Development

On Thursday, May 14, 2011, Mayor Dwight C. Jones announced the appointment of three key positions in his administration, including Director of Economic & Community Development. Lee Downey, currently Vice President for Business Development with McKinney & Company, will begin on May 2. Mayor Jones stated, "You need people who have the direct experience, the direct training and a proven track record to take the city forward, and it's been difficult to find such a person. We've interviewed many people, but I think our waiting was well worth waiting." Click here to read more.

Thursday, April 14, 2011

Mayor Announces ArtBusiness Richmond Development

On Wednesday, March 13, Mayor Dwight C. Jones and Deputy Chief Administrative Officer (DCAO) Peter H. Chapman, announced a new development project in ArtBusiness Richmond that includes an approved loan from the new City-wide loan program. The loan is for adaptive rehabilitation along the Broad Street Corridor and is the first investment in the City Administration's ArtBusiness initiative. To view a video from NBC 12 News, please click here.

Tuesday, April 12, 2011

Foreign Direct Investment (fDi) Magazine Names City of Richmond Best Small City of the Future

The Financial Times Froup fDi (Foreign Direct Investment) Magazine has awarded the City of Richmond the top "Small American City of the Future" 2011/2012. Richmond was also ranked as the third Top Small Cities for FDI Strategy and fifth overall for Small Cities Business Friendliness. To read the City of Richmond press release, please click here.

Friday, April 8, 2011

Richmond Slave Trail Marker Unveiling this Sunday, April 10, 2011

On Sunday, April 10, 2011, an emancipation celebration and unveiling of 17 new slave trail markers will commence at 3:00 PM at Lumpkin's Jail Site, 1500 E. Franklin Street. The markers are located throughout the Shockoe Bottom area of Richmond and mark sites that help tell the historic journey, human impact, and the role Richmond played in the history of slavery. Click here to view an interview by CBS 6 News with Delegate Delores McQuinn.

Tuesday, April 5, 2011

New Neighborhood Stabilzation Program (NSP) Homes for Sale

The City of Richmond has been allocated $2.4 million in Neighborhood Stabilization Program (NSP) funds from the Virginia Department of Housing and Community Development (ECD) to address foreclosed and abandoned properties in three neighborhoods: Highland Park, Barton Heights, and Church Hill. Click here to view the list of properties that have been acquired and are being renovated under Other Publications.

Monday, April 4, 2011

Richmond's 11th Ukrop's Monument 10K is Virginia's Largest Participatory Sporting Event

Over 41,000 runners and walkers participated in this year's Ukrop's Monument Avenue 10K in downtown Richmond. More than 100,000 spectators cheered on the participants. All proceeds benefit the VCU Massey Cancer Center. Click here for a great CBS 6 News video.

VCU's Final Four Debut Brings Record National Exposure

The Washington Post highlights the significant amount of attention given to Virginia Commonwealth University as it rose through the NCAA Tournament. According to this article, it means 11 million Web hits - in one day, significant local and national media coverage, more friends, followers and engaged alumni, and more interest in admissions. Richmond BizSense's Monday Q&A interview with George Mason University President Alan Merten highlights George Mason University's similiar experience in 2006 and the aftermath. GMU has quantified the exposure it received from its run as worth more than $600 million. And five years later, Merten says George Mason is still reaping the benefits. To read the full interview, please click here.