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Review finds ‘insufficient due diligence, institutional eagerness’ as flaws in VCU Health’s downtown development deal
The third-party review represents the first accounting of the aborted Public Safety Building project that has ended up costing the health system at least $80 million, including a $73 million project-exit payment.
City setting stage for VCU Health to demolish Public Safety Building
City Council on Monday introduced legislation to allow the health system to access the city-owned property to begin the demolition, which is expected to cost $5 million.
VCU Health continues to pay for downtown development exit
While the health system remains on the hook for Richmond real estate tax payments that continue to come due, it’s unclear whether a new university-led project for the same site would align with the city’s desire to keep the downtown property taxable.
Architecture Review: VCU’s New STEM Building checks many boxes (Guest Commentary)
The new building’s interior delivers big time. But the exterior, sorry to say, is a clunker amidst its domestic-sized Franklin street neighbors — like an over-sized cruise ship docked at a comparatively diminutive port, say Key West or Dubrovnik.
VCU adds BookHolders building to its real estate collection with $3M deal
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.
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.