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Venture Richmond and our predecessor organizations have been involved in many of downtown’s most innovative and essential economic development initiatives. From planning and implementation to providing inclusive economic participation and creating awareness for downtown’s economic transformation, we have been there every step of the way.
Some of the bigger initiatives we’ve had the privilege of participating in are the Virginia Biotechnology Research Park, Dominion Energy Center and the Riverfront and Canal Walk master plans. The impact of these projects can be seen in the significant increase in investment downtown and the city’s growing tax base. Another transformative, multi-year project we have served as a leadership role in is the Community Development Authority, which works in partnership with our Mayor, City Administration and business leaders to redevelop 6th Street Marketplace into a revitalized area with new hotels, residential units, streetscapes, transportation options like increased parking and bus transfer stations and a new concert stadium to continue Richmond’s growth as a must-see travel destination.
Our most direct economic development efforts can be found along the Riverfront. Over the years, we have worked with developers while keeping true to its master plan, architectural guidelines and real estate covenants. Since beginning our Riverfront-focused project, there has been over $600 million in private investment that have brought significant numbers in the way of jobs, residents and visitors to an area that, not so long ago, was vacant, underutilized and underappreciated.
3rd Best Large City for Job Creation
We have been long-time champions of Jackson Ward’s revitalization and supported the development of Jackson Place, a minority-owned office building that acts as an anchor to historic 2nd Street’s redevelopment. Economic inclusion and diversity have always been important to us. Our passion and pride for our city and downtown are reflected in the many projects we work to bring to life: raising private funds needed to complete the Virginia Capital Trail from Great Shiplock Park to the Canal Walk, leading the City’s Tax Abatement Study Commission, helping the city and Greater Richmond Partnership “pitch” Richmond to companies who are considering relocating to RVA and many more.
To showcase the economic transformation of downtown, we publish an evolving Downtown Development Update. Our most recent update features insight and information on more than 70+ downtown development projects completed or underway, $1.66 billion in total investment, 2,184 lofts, 1.35+ million SF commercial space, 794,000+ SF medical, 567,000+ SF arts and education, living quarters for 1,524 VCU students, the T. Tyler Potterfield Memorial Bridge, Main Street Station Train Shed and GRTC’s Pulse.
Our downtown has already accomplished so much, and we are just getting started!
#4 Best State for Business
Image Credit: Dominion Crane Shot - Dave Parrish Photography