The known cost for the health system to walk away from the project on the site of the city’s Public Safety Building appears to be closer to $80 million – and could end up being higher.
“With this amount, how many students are robbed of attending VCU in scholarships? Most importantly, what actions are being taken to ensure that enormous wastes like these are prevented in the future?” Wilder said in Tuesday’s press conference.
VCU Health revealed the payment Friday in response to a FOIA request from BizSense. The payment let the health system back out of the project and the 25-year lease it signed months into the pandemic.
The governor teams up with university mascots for a March Madness video, and a local agency and animation studio team up on an American Heart Association clip. (BizSense Pro subscription required)
The project’s expanded tax increment financing area includes multiple properties owned by Thalhimer Realty Partners, the local firm that’s helping lead the $2.4 billion mixed-use development.
The payment was quietly made to Project 10th Street Owner LLC, tied to Oak Street Real Estate Capital, which was handling financing for the project for developer Capital City Partners.
The income-based apartments will rent between 40 and 60 percent of the area median income and feature green building and energy-efficiency technologies.
The review comes two years after the city opened the door to using eminent domain to secure privately owned land for its planned Shockoe Bottom Heritage Campus.
The 55 lots in the Southside neighborhood were awarded for housing development in 2019, but have yet to be transferred. Dozens more remain in the queue.
The expansion would extend historic tax credit eligibility to several industrial properties along Hermitage Road to the south and east of the Diamond District.
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