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VCU marches north with $4M land deal

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Posted at 12:50 PM, Mar 11, 2016
and last updated 2016-03-11 12:50:10-05

RICHMOND, Va. — VCU has quietly extended its reach in Northside.

The university, through the VCU Real Estate Foundation, spent $4 million late last year to purchase a 2.6-acre tract at 505 W. Leigh St., the site of the former Belvidere Medical Center. The building was demolishedin October and VCU closed the deal Dec. 10, property records show.

VCU spokesman Mike Porter said in an email the foundation “is currently working with a consultant on feasibility analysis to create a plan of development for that property. There is no additional information to report at this time.”

The property was previously owned by a group of 10 local doctors through Downtown Medical Investment LLC, which purchased the property in 2007 for $550,000. Physician Wiley J. Latham III is the registered agent for the LLC. A phone number listed for Latham has been disconnected.

The Belvidere Medical Center once housed numerous physicians’ offices. Since the building was demolished, its assessment dropped from $2.8 million to just over $1 million, according to city records.

The Leigh Street property is the furthest north that VCU has reached along North Belvidere Street. It also owns the former Hess gas station site at the corner of Belvidere and West Broad Street directly across from its forthcoming Institute of Contemporary Art.

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