VCU picks up Broad St. building across from under-construction arts center

vcu broad1 Cropped scaled

The building sits across the parking lot from the Rite Aid at the corner of Broad and Belvidere. (Mike Platania photo)

Virginia Commonwealth University’s real estate arm has added to its holdings near the Monroe Park campus. 

Last week the VCU Real Estate Foundation purchased a vacant building at 508 W. Broad St. for $540,000, city records show. 

The two-story, 2,800-square-foot structure sits across from the under-construction arts center that VCU is building at the intersection of Broad and Belvidere. 

A VCU spokesperson confirmed the deal and said the foundation “purchased the property for potential use by the university but if the university can’t use it, the property will be leased out.”

The seller was an entity tied to James and Laurie Daigle, who bought the property in 2002 for $50,000, per city records. James Daigle, who couldn’t be reached, is the registered owner of Artcraft Designs, the cabinetry firm whose signage remains on the building. It’s unclear whether Artcraft is still in business or for how long the building has been unused. 

The VCU spokesperson said the sellers reached out to the university to “check VCU’s interest (in 508 W. Broad St.) before putting it on the market.”

The parcel, which totals less than a tenth of an acre, is zoned for business use. The city most recently assessed it at $457,000.

The VCU Real Estate Foundation had an especially busy year in 2023, spending over $8 million on the Ipanema and Bookholders buildings on West Grace Street and on a small office building on Shafer Street

Its real estate interests in 2024 have mostly been elsewhere in the city. The university is pursuing the massive Altria Center for Research and Technology on East Leigh Street, and the VCU Health System Authority recently spent nearly $10 million on a facility near The Diamond.

vcu broad1 Cropped scaled

The building sits across the parking lot from the Rite Aid at the corner of Broad and Belvidere. (Mike Platania photo)

Virginia Commonwealth University’s real estate arm has added to its holdings near the Monroe Park campus. 

Last week the VCU Real Estate Foundation purchased a vacant building at 508 W. Broad St. for $540,000, city records show. 

The two-story, 2,800-square-foot structure sits across from the under-construction arts center that VCU is building at the intersection of Broad and Belvidere. 

A VCU spokesperson confirmed the deal and said the foundation “purchased the property for potential use by the university but if the university can’t use it, the property will be leased out.”

The seller was an entity tied to James and Laurie Daigle, who bought the property in 2002 for $50,000, per city records. James Daigle, who couldn’t be reached, is the registered owner of Artcraft Designs, the cabinetry firm whose signage remains on the building. It’s unclear whether Artcraft is still in business or for how long the building has been unused. 

The VCU spokesperson said the sellers reached out to the university to “check VCU’s interest (in 508 W. Broad St.) before putting it on the market.”

The parcel, which totals less than a tenth of an acre, is zoned for business use. The city most recently assessed it at $457,000.

The VCU Real Estate Foundation had an especially busy year in 2023, spending over $8 million on the Ipanema and Bookholders buildings on West Grace Street and on a small office building on Shafer Street

Its real estate interests in 2024 have mostly been elsewhere in the city. The university is pursuing the massive Altria Center for Research and Technology on East Leigh Street, and the VCU Health System Authority recently spent nearly $10 million on a facility near The Diamond.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING SUPPORT@BUSINESSDEN.COM.

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL SUPPORT@BUSINESSDEN.COM




Return to Homepage

Subscribe
Notify of
guest

4 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Salim Chishti
Salim Chishti
2 months ago

Nice cornice.

Michael Boyer
Michael Boyer
2 months ago

Great for VCU,the rich get richer.

Betsy Gardner
Betsy Gardner
2 months ago

Wonderful. Another building off the City’s tax rolls.

Jeff Nelson
Jeff Nelson
2 months ago
Reply to  Betsy Gardner

Since the building was purchased by VCU’s Real Estate Foundation, it remains on the City’s tax rolls.