“The big question is why the financing was $100 million higher than the projected cost, and where did that money go,” asked one of several observers who have scrutinized the ill-fated deal.
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JLARC poised to examine VCU Health in light of failed development
Scrutiny over the failed downtown development that cost VCU Health $73 million to back out of is prompting a closer look by the Virginia General Assembly’s investigative arm.
Sponsored Content: VCU sets a record for sponsored research funding
A Message from: Virginia Commonwealth University By Mike Porter Virginia Commonwealth University announced the highest sponsored research funding in its history today, continuing its growing national distinction as a top urban, public research university. The latest institutional record of $464.6 million total sponsored funding for fiscal year 2023 marks a 71% increase over five years… Read more »
‘Wait till they really hear the deal’: Despite efforts, doomed VCU Health development couldn’t be saved
Emails show that the exit payment offer was at one point as high as $142 million, before the health system and its landlord settled on $72.9 million.
Sponsored Content: VCU ranked among top 20 most innovative public universities in the U.S.
A Message from Virginia Commonwealth University By Brian McNeill U.S. News & World Report has ranked Virginia Commonwealth University as one of the nation’s 20 most innovative public universities in its 2024 Best Colleges rankings released today. “At VCU, our mission is to do everything possible for students from all backgrounds to succeed. Our team constantly… Read more »
‘He won’t stop’: Health system CEO fought for VCU leadership to reconsider costly downtown development
“The developer exploited our desire to partner with the city…to push a grossly one-sided project that offers limited value to VCU Health but saddles us with all of the project’s costs and risks,” then-VCU Health CEO Art Kellermann said days before signing off on the deal.
‘The lease that will go down in history’: Documents reveal details of ill-fated VCU Health development deal
A risk analysis of the deal, which last week drew added scrutiny from Gov. Glenn Youngkin, said the lease “was horribly one-sided, and certainly not what any of us would have recommended as a starting point for a complex transaction such as this.”
Governor calls for changes after VCU Health’s costly downtown development exit
“The widely publicized cancellation of the Clay Street development project in downtown Richmond…should serve as a wake-up call to the significant flaws in the current governance of the University and the Authority,” Gov. Youngkin said in a letter to General Assembly leadership.
VCU board clears up committees’ real estate, construction duties in wake of failed development deal
In the wake of VCU Health’s controversial exit from a failed downtown redevelopment project, the university has clarified real estate and construction responsibilities of its own governing board’s committees. The VCU Board of Visitors last week approved updated language to the charters of its administration and finance committees, both of which serve to review and… Read more »
VCU pays $4M for Grace St. building pair
The buildings at 917 and 919 W. Grace St. currently house Ipanema Cafe, Verify Recording Studio and Refine Hair Studio, and was previously home to a fraternity that recently moved out.