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 January 3, 2025:
The Bizsense Crystal Ball: Things to watch in 2025
Reported by Richmond Bizsense
As we begin a new year and prepare for a changing of the guard in both the White House and Richmond City Hall, it’s worth pondering the themes and trends that may shape the local business community in 2025.
‘We’ll see where the year goes’ – Q&A with incoming mayor Danny Avula
Reported by Richmond Bizsense’s Jonathan Spiers
When he’s ceremoniously sworn in next week as the 81st mayor of Richmond, Danny Avula will also lay claim to two other titles all his own: the city’s first Indian-American mayor, and its first immigrant mayor.
Born in India, the 46-year-old pediatrician has called Richmond home for 24 years, spending half of those years serving the Richmond City and Henrico County Health Departments, six years as director.
Following his inauguration on Jan. 11, Avula will lead Richmond as its top elected official, along with a City Council with three new members and an administration with a vacancy at the top, following the departure of his predecessor’s chief administrative officer.
City Center negotiations down to one development team, sources say
Reported by Richmond Bizsense’s Jonathan Spiers
Richmond’s search for its preferred development team for the seemingly stagnant City Center redevelopment project is said to be down to one team and in final negotiations as the slow-moving process enters a third year.
According to multiple sources with knowledge of the situation, just one of the four project finalists – Capstone Development – remains in active negotiations with the city. Richmond has been leading the selection process after issuing a joint solicitation in late 2022 with the Greater Richmond Convention Center Authority.
The 9-acre project would replace the Richmond Coliseum with a 500-room convention center hotel and a mix of office, retail and housing development.
Douglas Development buys vacant Dominion office tower for hotel-housing conversion
Reported by Richmond Bizsense’s Mike Platania
Dominion Energy and Douglas Development have done a deal downtown that’s set to add hundreds of apartments – and hotel rooms – to Richmond’s Financial District.
Earlier this week the D.C.-based developer purchased Dominion’s Eighth & Main office tower for $19.5 million, city records show.
Douglas is planning to convert the 20-story building at 707 E. Main St. into 200 hotel rooms and 290 apartments. The plans, confirmed by Managing Principal Norman Jemal, would revitalize a 1970s-era tower that’s been mostly vacant in recent years.
The sale included a parking deck at 620 E. Cary St. and a 0.1-acre parking lot at 720 E. Cary.
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