The doomed downtown development that has ended up costing VCU Health at least $80 million to exit appears to have been ill-fated nearly from the start, documents show.
Finger-pointing, default notices preceded VCU Health’s costly project exit
Jonathan Spiers
Jonathan joined BizSense in 2015 after a decade of reporting in Wilmington, N.C., and at the Henrico County Leader. The Virginia Tech grad covers government, real estate and other news.
Reach him at (804) 308-2447 or jonathan@richmondbizsense.com.
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Hotel exec’s $3.6M deal tops area home sales in April
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$73M and counting: VCU Health on the hook for millions more in downtown project-exit costs
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.
‘It’s not their money’: Wilder calls for Rao’s dismissal, state investigation after $73M VCU Health development payout
“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.
Update: Wilder calls for Rao’s dismissal, JLARC investigation after $73M VCU Health development payout
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 Pitch: Advertising and marketing news for 5.9.23
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VCU Health, after FOIA request, reveals it paid $73M to back out of unbuilt downtown 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.
