Everybody should read the above post.......
by KeithHokie89 he fills in a lot of the blanks and highlights the known breakdowns to date. Great overview in my opinion!
Sadly, and just as someone looking in from afar, when you get the City of Richmond and real estate involved and then you throw in developers, public private partnerships and maybe even some not as traditional funding/financing options things can get sideways before people realize. Didn't or isn't something similar going on with the Diamond?
Finally, Michael Rao has been fairly adept in his career at avoiding having missteps stick to him or become mortal injuries. However, the ultimate financial impact to the Health System will be closely watched. As you say it is important to distinguish between the University and the Health System but, the reality is probably that future negative financial news surrounding rates, operations, etc. that may arise will likely include a reporter trying to link these negative events in some manner.
Thread Replies (31)
I have a question for anyone who can give me context on this major screwup>
-- HOKIERIT
Jun 15, 2023 at 09:24 AM ET
HOKIERIT
•
06/15/23 09:24 AM ET
The $73M is just the exit fee...I am guessing the total spend is more.**
-- BleedinOandM
Jun 15, 2023 at 01:52 PM ET
BleedinOandM
•
06/15/23 01:52 PM ET
I can shed some light on this and answer most of the questions below.
-- KeithHokie89
Jun 15, 2023 at 01:27 PM ET
KeithHokie89
•
06/15/23 01:27 PM ET
Thanks for the clarification KH89. I did know it was VCU Health and not ->
-- HOKIERIT
Jun 15, 2023 at 08:30 PM ET
HOKIERIT
•
06/15/23 08:30 PM ET
Hey Keith...not sure how long you've been there but
-- tylerhokie
Jun 15, 2023 at 06:44 PM ET
tylerhokie
•
06/15/23 06:44 PM ET
Let’s hear it for the VCU School of Dentistry whom annually turns out
-- DonHo-kieHi
Jun 15, 2023 at 05:45 PM ET
DonHo-kieHi
•
06/15/23 05:45 PM ET
It's a good program despite the obsolete buildings.**
-- KeithHokie89
Jun 15, 2023 at 06:41 PM ET
KeithHokie89
•
06/15/23 06:41 PM ET
COVID certainly played a part. The demand for office space plummeted.
-- KeithHokie89
Jun 15, 2023 at 06:10 PM ET
KeithHokie89
•
06/15/23 06:10 PM ET
Too soon KH...you needed to let us continue with our assumptions for
-- Tuckahokie
Jun 15, 2023 at 02:59 PM ET
Tuckahokie
•
06/15/23 02:59 PM ET
Everybody should read the above post.......
◄
-- 2hhoop3
Jun 15, 2023 at 02:19 PM ET
2hhoop3
•
06/15/23 02:19 PM ET
There are similarities with the Diamond District development, however,
-- KeithHokie89
Jun 15, 2023 at 02:59 PM ET
KeithHokie89
•
06/15/23 02:59 PM ET
So they had to pay a penalty to the developer for not signing a lease
-- Vienna_Hokie
Jun 15, 2023 at 02:13 PM ET
Vienna_Hokie
•
06/15/23 02:13 PM ET
The developer reduced the size of the project in response to the health
-- KeithHokie89
Jun 15, 2023 at 02:53 PM ET
KeithHokie89
•
06/15/23 02:53 PM ET
The law school thing was kind of a joke...
-- Vienna_Hokie
Jun 15, 2023 at 05:00 PM ET
Vienna_Hokie
•
06/15/23 05:00 PM ET
It's hard to believe but I don't think the city did anything wrong
-- KeithHokie89
Jun 15, 2023 at 06:14 PM ET
KeithHokie89
•
06/15/23 06:14 PM ET
That's a very accurate assessment.**
-- KeithHokie89
Jun 15, 2023 at 06:12 PM ET
KeithHokie89
•
06/15/23 06:12 PM ET
Here is another VCU screw up, but on a smaller scale.**
-- Guy LeDouche
Jun 15, 2023 at 10:50 AM ET
Guy LeDouche
•
06/15/23 10:50 AM ET
City of RIchmond--enough said.**
-- vthhhi
Jun 15, 2023 at 10:31 AM ET
vthhhi
•
06/15/23 10:31 AM ET
I would be curious how they spent the $425million loan, considering it
-- Guy LeDouche
Jun 15, 2023 at 10:46 AM ET
Guy LeDouche
•
06/15/23 10:46 AM ET
Students and recent alum HATE VCU President Rao.
-- GOHOKEE
Jun 15, 2023 at 10:06 AM ET
GOHOKEE
•
06/15/23 10:06 AM ET
Old news doug wilder blasted rao said he should be fired**
-- HokieJamie
Jun 15, 2023 at 10:06 AM ET
HokieJamie
•
06/15/23 10:06 AM ET
Here are details about the situation
-- hoosnowahokie
Jun 15, 2023 at 09:53 AM ET
hoosnowahokie
•
06/15/23 09:53 AM ET
Doubt their alumni will be ready to stroke them checks for any future...
-- EDGEMAN
Jun 15, 2023 at 09:31 AM ET
EDGEMAN
•
06/15/23 09:31 AM ET