CarliAmber

June 28, 2012 by CarliAmber

The Seven Hills of Richmond

Like Rome, Richmond, VA is a city that was built on seven hills. With all of the hills in Richmond, you may be wondering what are the “official” seven, where are they located and what makes these neighborhoods a great place to live in or own a business?

According to a 1937 ordinance by the City of Richmond, the seven official hills of RVA are:

Union Hill
Council Chamber Hill
French Garden Hill
Navy Hill
Gambles Hill
Shockoe Hill
Church Hill
Click on the map for an interactive view of the Seven Hills of Richmond

Here at RVAbusiness, we are going to explore Richmond’s neighborhoods, the “Seven Hills” and uncover what each neighborhood has to offer. Stay tuned for more about the Seven Hills!

June 14, 2012 by CarliAmber

Renting on the Rise in Richmond (and everywhere else)

Have you noticed a recent spike in your monthly rent? A lot of people have, and it’s a trend not only locally but in markets across the country.

According to http://news.investors.com, over the past several years homeowning has become more difficult and former homeowners are now becoming tenants in mulitifamily dwellings. Due in large part to the economic downturn, many homeowners today can no longer afford to pay a monthly mortgage and instead are resorting to the next alternative: renting apartments.

As with most news, this is a mixed bag — it’s not good for renters, but it does make for a strong market for multifamily properties, supporting higher sales prices and spurring new development and redevelopment of multifamily properties. (see last week’s post about local development for current examples of this happening right here in Richmond)

Across the nation, multifamily properties are leading in occupancy and rent growth when compared to commercial developments, like office space and retail properties.

In a recent housing study by commercial property brokerage firm Cassidy Turley, chief economist Kevin Thorpe said:

“I’m optimistic about the multifamily sector, certainly for the next two years…We’ve entered a period of sustained rent growth.”

This recent boom in multiple tenants occupying apartment units is due to the fact that the average renter a year ago could afford the rent for a single family home when now the cost is too high.

Richmond seems to be following that rising rent trend, too. In 2007, the cost of a single bedroom apartment averaged $754/mo. and now the average cost is approximately $814/mo.

Have you seen this happening when your lease has come up for renewal? What do you think the renting forecast will look like in RVA for the rest of 2012?

June 1, 2012 by CarliAmber

Richmond Broadens Its Taste Buds at Broad Appetit

Did you know that (according to the National Restaurant Association) for every $1 spent in any of Virginia’s restaurants, 97 cents of that dollar goes back to helping build revenue for the Virginia economy?

Well, this coming Sunday, June 3rd will prove to be a HUGE boost for Richmond restaurants as well as the Virginia economy with the 5th Annual Broad Appetit Festival, happening downtown in Richmond’s Arts District.

The highly anticipated festival, which runs from 11 AM – 6 PM, will stretch from the 100 to 300 blocks of West Broad Street and give Richmond natives, visitors, families, students and foodies alike a great sampling of the diverse, eclectic Richmond restaurant scene.

There will be over 60 local chefs, live music, youth activities and of course cuisine from popular restaurants like Bistro 27, Blowtoad, Comfort, Cous Cous, Olio and Six Burner.

Food prices will range from $3.00-$5.00 a plate as well as offer a variety of combos and mixed plates.

This will be the first time in festival history that Broad Appetit will feature exclusive Virginia beers and its first ever People’s Choice Awards, where festival attendees can vote for their favorite dishes.

To give back to the Richmond community, Broad Appetit is donating a percentage of proceeds from the festival to the Central Virginia Food Bank and Meals on Wheels. Last year, a record crowd of over 30,000 gathered for last year’s festival, making Broad Appetit Richmond’s largest dining festival in Richmond’s history.

Broad Appetit plays host to live music and events for all ages. It is the place where food and art intersect.

So, while you’re gearing up a hefty appetite for Broad Appetit on Sunday, take a walk around Richmond and experience the flavor that this eclectic city has to offer.

Which restaurant are you looking forward to trying out most at the festival?

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