As its health system juggles the fallout from a failed downtown development deal, VCU’s real estate division remains in deal-making mode with a new acquisition around its Monroe Park campus.
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Finger-pointing, default notices preceded VCU Health’s costly project exit
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.
Chabad of Virginia becomes its own landlord at VCU center
The nonprofit recently purchased 1003 Grove Ave. for $1.3 million. It has occupied the 172-year-old house just over a year, operating its Jewish Life at VCU center there.
VCU board OK’s 3% tuition increase; CoStar pledges $18M for school’s new arts center
The average full-time in-state undergrad will pay about $16,200 per semester, but the university will still have a nearly $60 million budget gap for the coming school year.
$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.
VCU moving ahead with arts building planned at Broad and Belvidere, now expected to cost $253M
Amid inflation and supply chain challenges, VCU expects it will cost tens of millions more to build the sizable new arts building it’s planning downtown.
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.
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.
VCU finishes construction of $125M STEM building on Franklin St.
Built on the site of the former Franklin Street Gym, the new 168,000-square-foot, six-story building brings added lab, classroom and office space to the university’s College of Humanities and Sciences.