City of Richmond, Virginia
Economic Development Plan
The Challenge
For a city whose successes were based on the enfranchisement of neighborhoods and the development of a retail sector, traditional economic development goals had not been given a prominent role.
The Approach
TIP was retained by the City of Richmond to prepare an economic development plan for the city, which included the development of strategies for integrating neighborhood and downtown development programs. The project involved extensive community participation with the goal of reaching public consensus on the critical priorities of the neighborhoods.
The Outcome
Richmond’s future was largely determined by the rapid growth of Henrico County, with only marginal benefit to the city. Rather than remain “the hole in the donut” of suburban success, Richmond began looking at its assets in a competitive way: holding onto its companies and making direct links between corporate expansion and available property – including underutilized land in the neighborhoods.
The City of Richmond also began redefining its relationship with Virginia Commonwealth University and taking a more aggressive approach towards talent retention and technology growth. In the critical project areas that involved the incubator and downtown, recruitment and retention were linked. Finally, a fresh organizational approach allowed the city to link neighborhood development with overall economic growth.
