Why VCU Health paid $73M for a tower that won't be built in Richmond

Rendering VCU Health System tower
Posted at 11:31 AM, May 08, 2023

RICHMOND, Va. -- VCU Health System’s about-face on a downtown development project that relied on its lease as the master tenant cost the health system nearly $73 million, its leadership said Friday.

In response to Freedom of Information Act requests from Richmond BizSense since the project effectively died in February, VCU Health supplied a statement Friday afternoon confirming that it made a one-time payment of $72.9 million to back out of its 25-year lease agreement for the project, a $325 million redevelopment of the old Public Safety Building site at 500 N. 10th St. Click here to continue reading on Richmond BizSense.

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