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BizSense Beat: June 14, 2024

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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 June 14, 2024:

Lender wins fight for control of some Hild properties in Manchester
Reported by Richmond Bizsense’s Michael Schwartz

Virginia Credit Union recently prevailed in its legal bid to put a receivership in place and gain control of five south Richmond properties tied to Michael Hild.

The former Live Well CEO and Southside real estate developer was found guilty by a jury in 2021 for his role in a reverse mortgage bond pricing scheme that defrauded multiple lenders and helped topple the Chesterfield-based lender.

Judge dismisses legal challenge to Diamond District financing
Reported by Richmond Bizsense’s Jonathan Spiers

A lawsuit challenging Richmond’s new approach to financing the Diamond District project was dismissed in court Friday, seemingly clearing the way for the city to move forward with issuing bonds for the ballpark-anchored development.

After hearing arguments for about an hour Friday, Circuit Judge W. Reilly Marchant tossed out the complaint from local activist Paul Goldman, who alleged that his rights to petition for a referendum of city voters to weigh in on the change were unfairly burdened due to an unclear process in the city’s charter.

Goldman, who similarly challenged the proposed casino in South Richmond that voters twice rejected in separate referendums, filed the lawsuit in May seeking to delay the bond issuance and receive direction from the court on how he could properly petition and collect signatures to require a referendum.

Pop-up market operator opening year-round, daily location at Chesterfield mall
Reported by Richmond Bizsense’s Jack Jacobs

Last December, PopUp RVA wanted to create some buzz.

The local pop-up market operator made an Instagram post that promised a “big announcement,” and encouraged followers to guess at what it would be for a prize.

While the reveal was simply that Santa Claus would make an appearance at the company’s holiday-themed Sip & Shop event at Stony Point Fashion Park, it was the guesses posted online that got founder Brian Sullivan’s attention: customers were hoping for news of a more permanent location and extended operating hours.

That feedback inspired the company’s latest offering – a year-round, daily indoor vendor market at Chesterfield Towne Center. It’s set to open Aug. 1 in a 9,000-square-foot space at the Chesterfield mall.

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