VCU’s real estate foundation buys former Ukrop’s site
Virginia Commonwealth University's real estate foundation has purchased the property at Grace and Harrison streets where Ukrop's operated a store until last spring.
The foundation bought the property last month for $9 million from BET Investments Inc., a Pennsylvania-based development company.
But plans for development are on hold for now because Ukrop's Super Markets Inc. holds a lease on the property through 2018, said Brian Ohlinger, VCU's associate vice president of facilities management.
The property was highlighted as a site to consider purchasing in VCU's 2004 master plan. The plan identifies the property as having potential for mixed-used development that would include parking, student housing and retail outlets.
-- Karin Kapsidelis
Reader Reactions
Kickthekoolaid, Just reminiscing. Apologies for my tone. You are right the improvements have been numerous. VCU is also a very reliable & decent employer, I might add. As you know that’s also very important for the city.
But I still don’t like the nonsense that’s going on, recently, with the personalities & politics. I see a bad trend starting.
Okay, Larry Lanberg, you got me. VCU hasn’t torn down everything in that area and rebuilt. I was referring to the Siegel Center, Student Apartments, Parking Deck (and bookstore), etc….
Lloyd Schieldge - I agree that the City government should be the main entity helping the city to improve, but what can you do when all of the government leaders from the past 20 years have either been corrupt and/or inept? Plus, most, if not all, of VCU’s development has had the blessing of the City - they’re not blindly doing this without City approval.
The VCU real estate foundation is a private entity. From the VCU website that I found:
“The VCU Real Estate Foundation acquires and renovates property and then leases this property to the the University.“
“ (Look at how VCU has improved the area) I don’t have time to list examples, but just try to dig up some old pictures of the area of Broad St around Belvidere St prior to 1995.“
That’s because you don’t know the examples. Why look up pictures? I’ll tell you:
At the intersection was a McDonald’s that no white man dared walk into unless they were ‘ready’ (this building is now “New York Chicken”). The gas station, well, that was always a gas station…a private ambulance company occupied the building that Rite Aid now is—and of course there were the 2 lovely parking lots across Belvidere. Curiously, one of them is still there—I don’t know why they haven’t improved this lot yet.
The intersection of Broad & Harrison underwent the most drastic face lift. That was a nasty area—winos squatting & stabbing each other in the old factory-type buildings on the north side of Broad. It doesn’t even look like the same intersection today. Much improvement here.
Yes, VCU has put life into downtown. But the mistakes being made are still inexcusable.
Many of you seem to think that the Ukrops are getting the $9 million - wrong. Read the article again. It was bought from a Pennsylvania development company - Ukrop’s only has a lease on the building.
It is not the job, or the purpose of VCU (the State) to clean up the City of Richmond. The City of Richmond should be doing this on their own, with their own money, to attract businesses and permanent residents. I suspect the “Foundation” is privately funded (without State funds)but I also suspect it is tax exempt. In any case, 3 times the assessed value is still an awesome deal for the Ukraps
It boggles the mind that so many people have such disdain for VCU.
VCU has improved the City of Richmond many times over. I don’t have time to list examples, but just try to dig up some old pictures of the area of Broad St around Belvidere St prior to 1995.
How about all of the new development that has taken place under VCU’s watch? It’s more than the City government or private industry has done. Also, the fixing up of older building in the city is due to VCU’s expansion. The Carver neighborhood is a great example.
All we need now is to build a football stadium.
VCU has done a lot for this city, so stop your whining and look at the bright picture.
Let’s just go ahead and concede the City of Richmond to VCU. Maybe we can rename it to the City of VCU?
Ah ... what taxpayer money [direct and indirect] can do.
In the spirit of Rte 288 and Watkins.
Have these zillionaires no shame?
Tsar Peter’s family paid the ultimate price for “feeding off the public trough.“
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