It's an exciting time to be living in the historic town of Richmond, Texas! According to a recent article by Houston Business Journal, the city is preparing for an influx of new new businesses while enjoying a period of renaissance. 

As seen in Houston Business Journal:

Fort Bend County’s historic county seat is undergoing what many locals are calling a renaissance. Richmond, located 30 miles from downtown Houston and nestled between the fast-growing cities of Sugar Land and Rosenberg, is seeing its own increase in new businesses and investments into this area once called home by notable Texans such as Mirabeau B. Lamar, Jane Long, and Deaf Smith.

Many residents of Fort Bend County don’t know the amount of Texas history in Richmond – right here in our own back yard. I expect that will soon change as Richmond is a hidden gem; but it won’t stay hidden for long.

The Development Corporation of Richmond (DCR) is working to make that prediction a reality. The DCR serves as the city of Richmond’s 4B economic development corporation, recruiting new businesses and investment to the city.  The DCR also funds economic development and quality of life improvements for Richmond residents. Ongoing projects include installing wayfinding signs to direct visitors to notable sites, a train noise quietening project near the historic downtown area, and conducting a target industry study to determine which types of businesses would be best for the city.  

These efforts coincide with the conclusion of TXDOT road projects, including the long-awaited widening of Interstate 69 and the Highway 90 Alternate and FM 359 overpass project. Both of these road projects have planned completion dates in spring 2019. These projects are anticipated to make Richmond more accessible to the Houston region than ever before and open the area to increased development opportunities.

Historic downtown Richmond

In an area of the Houston region characterized by new growth, Richmond’s downtown is an oasis of Texas history and small town charm. Portland Rosen, owner of Dapple Grey Boutique, is one of downtown Richmond’s newest merchants. “I wanted to bring something chic and new to Richmond,” she said. Dapple Grey’s metropolitan marble floored interior is juxtaposed with the buildings historic bricks – a symbol of the downtown’s ongoing growth and charms of yesteryear.

Downtown Richmond is home to local favorites Sandy McGee’s Restaurant and Joseph’s Coffee Shop. These beloved longstanding businesses have been joined by several new clothing boutiques, juice bars, art galleries, and even a new Kombucha Brewery. This infusion of new businesses have created an eclectic downtown destination for residents of the Houston area.

The historic district in Richmond offers numerous activities including boutique crawls, ghost tours, farm-to-table dinners, live music, and several large festivals. Visitors can tour the historic Morton Cemetery and see the grave of Texas’ 2nd President Mirabeau B. Lamar or make a quick trip to the 20,000-acre working ranch at George Ranch Historical Park. The Pecan Harvest Festival and Miracle on Morton Street, two of the largest festivals held in the city, are held in late fall and offer opportunities for family fun without leaving the city they call home.  

“When we saw this space and saw this street, something resonated in us and we said this is where home needs to be,” said Zach Lambert. Lambert, a recent Austin transplant, is the owner of the downtown area’s newest business – Mercy Goods. Mercy Goods is a social enterprise that creates artisan quality wood furniture and goods.

“My family has been in the Richmond for about a year and in that time we have established strong relationships with the other local businesses in town. What we are seeing is a renewal and reengagement of community in the downtown area,” he said. Richmond is embracing the change, he said, but is still preserving its small town charm and culture.

Opportunity zone designation

The Tax Cuts and Jobs Act of 2017 created a new community development program in rural and urban communities. The program provides a tax incentive for investors to reinvest their unrealized capital gains into Opportunity Funds. These Opportunity Funds are required to invest their funds into qualified Opportunity Zones. The selection process for which areas to include in the program was competitive with only a quarter of eligible tracts being selected by Gov. Greg Abbott. 

Two opportunity zones exist in Richmond and are located in areas that are prime for commercial development. The program allows for Opportunity Funds to invest in operating businesses, equipment, and real property. Funds can also invest in real estate and infrastructure inside an Opportunity Zone if the property is used to conduct business.   

U.S. households and corporations held an estimated $6.1 trillion dollars of unrealized capital gains in 2017. The large scale of funds available to be used in this program make it likely to be one of the largest federal economic development programs ever created.

Richmond’s two Opportunity Zones contain areas ripe for investment. Areas in the zones include the historic downtown district, property along SH-99 (Grand Parkway) and U.S. 90 Alternate, and rail served industrially zoned property.

Economic opportunities in Richmond

Fort Bend County is among the fastest growing counties in the nation. In the next 30 years, the county is anticipated to grow by more than 2 million residents. Richmond’s location at the center of Fort Bend County places it directly in the wave of this planned growth.

Recognizing this trend, the city of Richmond, the Development Corporation of Richmond, and local partners have taken steps to ensure that the city is ready for success. A key example of this is the Development Corporation of Richmond’s $1 million contribution towards the construction of Texas State Technical College’s (TSTC) new 80-acre Brazos Center Campus.

In a time of historically low-unemployment rates, Richmond is able to provide a skilled and talented labor pool due in large part to the close proximity of three large institutions of higher learning.

Two opportunity zones exist in Richmond and are located in areas that are prime for commercial development. The program allows for Opportunity Funds to invest in operating businesses, equipment, and real property. Funds can also invest in real estate and infrastructure inside an Opportunity Zone if the property is used to conduct business.   

U.S. households and corporations held an estimated $6.1 trillion dollars of unrealized capital gains in 2017. The large scale of funds available to be used in this program make it likely to be one of the largest federal economic development programs ever created.

Richmond’s two Opportunity Zones contain areas ripe for investment. Areas in the zones include the historic downtown district, property along SH-99 (Grand Parkway) and U.S. 90 Alternate, and rail served industrially zoned property.