VCU Health on the hook for millions more in downtown project-exit costs

Rendering VCU Health System tower
Posted at 8:15 AM, May 12, 2023

RICHMOND, Va. -- It turns out that backing out of a downtown development deal cost VCU Health System more than a single $73 million payment. In fact, the overall cost to the health system appears to be ongoing. The known cost for VCU Health to walk away from the project that relied on its lease appears to be closer to $80 million – and could end up being higher – because of its commitments to pay for a planned demolition of the site and for past and future payments of city real estate taxes that the unbuilt project was expected to produce. Click here to continue reading on Richmond BizSense.

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