Richmond City is set to welcome a significant economic boost with the approval of a performance agreement for VPM Media Corporation's new headquarters. During the Finance & Economic Development Standing Committee meeting on July 16, 2025, city officials discussed the transformative project, which represents a $65 million capital investment and is expected to create 70 new jobs in the city.

Katie McConnell, Deputy Director of the Department of Economic Development, presented the details of the agreement, highlighting that the new headquarters will be located at 13 East Broad Street in the Arts District. The five-story building will feature a state-of-the-art production studio for various media formats, including television, radio, and podcasts. The design includes a welcoming community space aimed at engaging local residents.

In addition to the media facilities, the project will incorporate a 1,600 square foot commercial space, enhancing downtown activity and providing opportunities for small businesses. Notably, 50 parking spots will be made available to the public, addressing community feedback.

The performance agreement stipulates that VPM will receive grants equivalent to the personal property taxes it pays, contingent on meeting performance targets. This includes the creation of jobs and the substantial capital investment. The city anticipates that the project will generate approximately $2.5 million in new tax revenue over the next decade, a significant increase compared to the previous revenue generated from the site.

Community engagement has been a priority for VPM, with support from local stakeholders and small business owners eager for the new anchor employer. The project aligns with Richmond's strategic goals for equitable economic development, revitalizing an underutilized property and enhancing the commercial corridor.

As VPM prepares to open its doors, the anticipated timeline suggests operations will commence by June 2026, marking a new chapter for Richmond's economic landscape.