Here’s a recap of the top stories for the week of March 13, 2026
Richmond’s Model Tobacco building headed to auction block
Reported by BizSense’s Jonathan Spiers
The property at 1100 Richmond Highway is scheduled for a foreclosure auction March 26 on the steps of the John Marshall Courts Building in Richmond.
The former tobacco warehouse was redeveloped as the 200-unit Model Tobacco Lofts four years ago by developer Chris Harrison, the former UVA and NFL football player and C.E.O. of Maryland-based C.A. Harrison Cos.
Harrison was accused of skimming loan funds for the Model Tobacco project and another project in North Carolina to put towards unauthorized expenses.
Harrison was indicted in 2024 on embezzlement charges and sentenced in June 2025. Three weeks later, Virginia Housing filed a request in Richmond Circuit Court to put the property under receivership.
The forced sale seeks to recoup $34.7 million owed to Virginia Housing, the primary creditor listed in Harrison’s 2024 bankruptcy petition for his Model Tobacco Development Group LLC, which owns the property.
Chesterfield, Henrico and Richmond unveil 2026-2027 spending plans.
Reported by BizSense’s Jack Jacobs
Local leaders in Chesterfield County, Henrico County, and the City of Richmond have released their proposed budgets for the upcoming fiscal year.
Chesterfield County’s proposed budget totals roughly $2.3 billion and includes several measures aimed at supporting residents and businesses. The plan raises the BPOL tax exemption threshold, which could benefit smaller businesses, and proposes a reduction in the personal property tax rate.
Henrico County’s proposed budget comes in at nearly $2 billion and continues the county’s focus on education and employee support. A significant portion of the new spending would go toward schools, public safety services and continued upgrades to the county’s water transmission lines.
The proposal also includes a 3% pay increase for county and school employees while keeping tax rates steady, reflecting the county’s effort to invest in workers without increasing the tax burden on residents.
Richmond has proposed the largest plan of the three with a budget of nearly $3.5 billion. City leaders are focusing on expanding funding for affordable housing initiatives, strengthening business and economic developments.
Henrico students compete in business pitch challenge
Reported by BizSense’s Jackie DiBartolomeo
Students from Henrico County Public Schools recently showcased their entrepreneurial skills during a Shark Tank-style competition centered around the golf industry.
The event invited students to develop original golf-related business ideas and pitch them to a panel of judges made up of educators and local business leaders.
Participants created concepts aimed at making golf more engaging and accessible, especially for younger players and families.
The winning team received $1,000 in startup funding to help move their idea forward. Events like this highlight how entrepreneurship programs in Henrico schools are helping students gain practical experience and connect classroom learning with real business opportunities.
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