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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
Posted: 06/15/2023 at 03:26 PM ET
(In response to this post by KeithHokie89)

Thread Replies (31)

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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