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Joined: 05/21/2003
Posts: 66,683
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HOKIERIT
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Thanks for the clarification KH89. I did know it was VCU Health and not ->

the University. It really IS very bad and I was shocked. I am blown away that anyone would sign ANY agreement with a $73M quit clause. Plus, as you say, VCU Health is still on the hook for lost taxes and demolition. They got royally screwed. This being the City of Richmond would have automatically put me on "high screw alert". Construction and large projects being my background, I'm amazed the developer got that monster quit clause in there. I also read where the VCU Health CFO was going to act as the Project Manager. That alone is completely nuts. I'm sure you would agree with your background...Isn't that like having a plumber take out your appendix?! I was blown away when I heard of this, and I am sure there is plenty left to happen before this is really put to bed. Thanks again for your info!
Posted: 06/15/2023 at 08:30 PM ET
(In response to this post by KeithHokie89)

Thread Replies (31)

Full Thread →
I have a question for anyone who can give me context on this major screwup>
HOKIERIT • 06/15/23 09:24 AM ET
The $73M is just the exit fee...I am guessing the total spend is more.**
BleedinOandM • 06/15/23 01:52 PM ET
I can shed some light on this and answer most of the questions below.
KeithHokie89 • 06/15/23 01:27 PM ET
Thanks for the clarification KH89. I did know it was VCU Health and not -> ◄
HOKIERIT • 06/15/23 08:30 PM ET
Hey Keith...not sure how long you've been there but
tylerhokie • 06/15/23 06:44 PM ET
Nope**
KeithHokie89 • 06/15/23 08:16 PM ET
Let’s hear it for the VCU School of Dentistry whom annually turns out
DonHo-kieHi • 06/15/23 05:45 PM ET
It's a good program despite the obsolete buildings.**
KeithHokie89 • 06/15/23 06:41 PM ET
My dumb questions
HokieForever • 06/15/23 03:56 PM ET
COVID certainly played a part. The demand for office space plummeted.
KeithHokie89 • 06/15/23 06:10 PM ET
Too soon KH...you needed to let us continue with our assumptions for
Tuckahokie • 06/15/23 02:59 PM ET
Everybody should read the above post.......
2hhoop3 • 06/15/23 02:19 PM ET
There are similarities with the Diamond District development, however,
KeithHokie89 • 06/15/23 02:59 PM ET
More good info.......
2hhoop3 • 06/15/23 03:26 PM ET
So they had to pay a penalty to the developer for not signing a lease
Vienna_Hokie • 06/15/23 02:13 PM ET
The developer reduced the size of the project in response to the health
KeithHokie89 • 06/15/23 02:53 PM ET
The law school thing was kind of a joke...
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 • 06/15/23 06:14 PM ET
I do not know........
2hhoop3 • 06/15/23 06:54 PM ET
Seems to me.........
2hhoop3 • 06/15/23 05:55 PM ET
That's a very accurate assessment.**
KeithHokie89 • 06/15/23 06:12 PM ET
VCU...Keeping it Real**
Tuckahokie • 06/15/23 11:10 AM ET
Here is another VCU screw up, but on a smaller scale.**
Guy LeDouche • 06/15/23 10:50 AM ET
City of RIchmond--enough said.**
vthhhi • 06/15/23 10:31 AM ET
Not sure all the info......
2hhoop3 • 06/15/23 10:21 AM ET
It's only money. **
HokieGator • 06/15/23 10:08 AM ET
I would be curious how they spent the $425million loan, considering it
Guy LeDouche • 06/15/23 10:46 AM ET
Rat hole…….**
RJHokie • 06/15/23 11:10 AM ET
Students and recent alum HATE VCU President Rao.
GOHOKEE • 06/15/23 10:06 AM ET
Old news doug wilder blasted rao said he should be fired**
HokieJamie • 06/15/23 10:06 AM ET
Here are details about the situation
hoosnowahokie • 06/15/23 09:53 AM ET
Doubt their alumni will be ready to stroke them checks for any future...
EDGEMAN • 06/15/23 09:31 AM ET