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.
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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.
Coca-Cola warehouse in Chesterfield sells for $37M
Bailard, Inc. a San Francisco-based investment firm, is the new owner of the 350,000-square-foot facility, which was built last year by Red Rock Developments and Westport Capital Partners.
The DeedBook: Local property transfers for 4.14.23
A financial firm buys two properties in Henrico for $19 million. (BizSense Pro subscription required)
$5M land deal sets stage for spec warehouse in Chesterfield
Behind the project is Crescent Communities subsidiary Axial Industrial, which also is pursuing a pair of warehouses near the Project Rocky site in Goochland.
Four development teams advance in City Center solicitation
The city announced it is inviting formal proposals from four of the five respondents to its November solicitation for the redevelopment project that would replace the Richmond Coliseum with a mixed-use development and convention center hotel.
1,000-plus homes, a Wawa and more in store for area east of Sandston
“You’re going to see a lot more development in that area,” said Doug Godsey, whose Varina-based Godsey Properties is driving the bulk of the new development that includes plans for a potential hotel.
Solar-powered apartments planned for old Chamberlayne hotel site
The project from Spy Rock Real Estate and Crescent Development would fill the former hotel site with 186 income-based apartments that would be powered by an adjacent solar field.
Breaking Ground: Local building permits for 3.8.23
The permit for a $2.5 million home in Chesterfield tops the list this week. (BizSense Pro subscription required)