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VCU Health System strategically acquires Red Carpet Inn

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Posted at 8:24 PM, Nov 14, 2013
and last updated 2013-11-14 20:30:01-05
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The Red Carpet Inn at 1500 Sherwood Ave. (Photos by Burl Rolett)

A local health system has added a run-down motel near the Diamond to its real estate holdings.

VCU Health System last week acquired the Red Carpet Inn at 1500 Sherwood Ave., a half-mile from the stadium and across Interstate 64 from the organization’s planned $56 million Virginia Treatment Center for Children.

The health system paid $1.3 million for the 1.2-acre Red Carpet property. It will demolish the hotel – a 17,500-square-foot, 52-year-old building – and replace it with an equipment storage facility for the nearby Children’s Hospital of Richmond at VCU and the proposed VTCC building slated for 1308 Sherwood Ave.

Plans for the VTCC project call for a roughly 116,000-square-foot building, which will relocate the facility from its current location at 515 N. 10th St. The center will include a 32-bed psychiatric hospital, an outpatient center, a Richmond public school facility for inpatient residents and a resource center.

“If all goes well, I believe we would be ready to break ground in late 2014 or early 2015,” said VTCC executive director Sandy Lewis.

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