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Seems to me.........

the City and the developer already had egg on their face from the failed Navy Hill project and were looking to salvage something. Along comes VCU Health System with deep pockets, an original perceived need for office space and management that was willing to skirt or ignore basic due diligence. That willingness got the City and the developers off the hook for their own due diligence oversights associated with the failed Navy Hill project and nicely hung it around VCU's neck. The investigation report from all of this should be interesting and depending what crops up VCU MIGHT be able to get a good deal or improved deal on the property for a new dental school. Just reading the publicly available information I am not sure either the City or the developer are free of exposures. One thing I am sure of is this is the lawyer's version of the Fram oil filter commercial and VCU would have been wise to pay the money up front to review the deal as opposed to paying it on the back end to investigate the deal. I expect VCU Health System Board members are also squirming, if for no other reason than the harm of the PR to reputation.
Posted: 06/15/2023 at 05:55 PM ET
(In response to this post by Vienna_Hokie)

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