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BizSense Beat: March 31, 2023

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BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.

Here’s a recap of the top stories for the week of March 31, 2023:

Local home remodeler abruptly closes, leaving clients and subcontractors in limbo
Reported by Richmond BizSense’s Mike Platania

The abrupt closure of a local home remodeling firm has left clients and subcontractors searching for answers — and wondering what will become of their money. Henrico-based Fabling Built ceased operations earlier this month, according to an email the company sent to clients obtained by BizSense. The March 15 email stated that the company was immediately shutting down.

In ‘call to action,’ city leaders declare housing crisis in Richmond
Reported by Richmond BizSense’s Jonathan Spiers

The same day that the city received a federal funding boost to improve housing availability for lower-income residents, city leaders declared a housing crisis in Richmond in an effort to drum up more action from stakeholders. In a press conference Tuesday, Mayor Levar Stoney and a majority of City Council members announced they had introduced, at the council’s meeting Monday night, a resolution acknowledging that a housing crisis exists and calling for support from state government and private and nonprofit developers.

New Rocketts Landing section welcomes first residents, developer eyes 12- to 14-story tower next door
Reported by Richmond BizSense’s Michael Schwartz

It’s hard to miss the newest section of Rocketts Landing — and the next section after that may be even more eye-catching. Jutting out prominently along the curve of East Main Street, The Waterford at Rocketts Landing is nearing completion and earlier this month began to welcome its first residents. The $42 million, 204-unit apartment building sits at 4501 E. Main St. It was developed by WVS Cos., the mastermind of Rocketts Landing. Its partner in the deal is PRG, a Philadelphia-based firm that invests in many of WVS’ projects and also acts as property manager.

N.C. developer eyeing two industrial buildings near ‘Project Rocky’ site
Reported by Richmond BizSense’s Michael Schwartz

As final plan reviews for the massive “Project Rocky” continue in Goochland County, a smaller but potentially similar industrial project is in the works about a mile up the street. Axial Industrial, a division of North Carolina–based Crescent Communities, is looking to develop a pair of industrial buildings totaling 350,000 square feet of space at 2212 Ashland Road, just east of the Rockville Commerce Industrial Park.

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