The town was set off and incorporated on February 10, 1823, taking its name from the old fort. Farms produced hay and potatoes. With the arrival of steamboats in the 1830s, Richmond boomed as a shipbuilding and trade center on the navigable Kennebec River estuary. Among the more important shipbuilders were T. J. Southard, also considered one of the town's "founding fathers". A brass foundry was established. The community also produced shoes, sails and wood products. Its peak years were between 1835 and 1857, endowing the town with a wealth of fine Greek Revival architecture.