“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.
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‘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.
Noodles & Co. closes VCU location, files plans for new spot in Chesterfield
After checking out of Grace Street in the city, a fast-casual restaurant chain is heading to Chesterfield’s Hull Street Road corridor.
Ronald McDonald House opens new $1.5M facility at VCU Health children’s hospital
The new facility comes as the nonprofit continues to plan for a larger, regional family center on the scale of what it envisioned for the nixed VCU Health-anchored redevelopment of the nearby Public Safety Building property.
VCU board approves $1.5B FY23-24 spending plan, discusses failed real estate deal
The university’s Board of Visitors approved a $1.5 billion budget on Wednesday, as it expects that dozens of jobs will be affected by its efforts to balance the budget amid increased costs and an unclear outlook on state funding.
VCU Health OK’d to demolish city-owned Public Safety Building
The authorization from City Council comes as the health system was due to make a $1.3 million payment to Richmond in lieu of taxes on the site – the latest cost to the health system for its expensive exit from a downtown development project.
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