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I have a question for anyone who can give me context on this major screwup>

I opened up the RTD this morning and read about VCU Health trying to explain how/why they PISSED AWAY $73 MILLION when they backed out of a planned development that they decided against...Maybe I'm living under a rock, but this is the first I've heard about this. My wife (a VCU grad) knew some about it and said she thought they were trying to keep it quiet and cover it up. Not a word on any news feed I have seen or on local TV News. Am I being overly dramatic to say this is a HUGE monster FU?! I repeat $73M..not 7.3, or 730K, but 73 million freaking dollars! First, who writes ANY contract that opens you up to that kind of liability under ANY circumstance? This stinks of world class arrogance, incompetence and stupidity....for starters. I can't imagine that heads won't roll, and I can't believe this isn't a bigger story than it is. If this was Virginia Tech, I would be standing on the steps of Burruss screaming for Timmy's head on a stick!! Has anybody heard about this who can give me some context of this whole debacle? ** Edited by HOKIERIT at 6/15/2023, 9:25:38 AM ** Edited by HOKIERIT at 6/15/2023, 9:26:39 AM ** Edited by HOKIERIT at 6/15/2023, 9:27:17 AM
Posted: 06/15/2023 at 09:24 AM ET

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