More good info.......
this should make for some interesting reading as investigators dig deeper and everybody goes into CYA mode hurling accusations at their former business partners. Sounds like nobody will escape this thing without at least some egg on their face.
The City may not have been fully forthcoming and/or CCP due diligence less than thorough and that is before considering why a developer associated with the failed Navy Hill project would get a second bite at the apple. The health system had deep pockets and likely a shallow or low control system they either skirted or ignored. My original observation still stands that following the money will be the quickest way to the bottom of the story. One more thing, if I was a betting man the money paid to CCP financiers likely covered a number of debts and not all directly associated with just the current project.
** Edited by 2hhoop3 at 6/15/2023, 3:32:27 PM
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
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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
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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
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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
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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
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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
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06/15/23 02:59 PM ET
Everybody should read the above post.......
-- 2hhoop3
Jun 15, 2023 at 02:19 PM ET
2hhoop3
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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
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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
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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
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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
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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
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06/15/23 09:31 AM ET