Online Content Editor
The reach of VCU’s real estate holdings continues to increase with the purchase of a property at the intersection of Broad and Belvidere streets.
The property, located at 535 W. Broad St., was purchased by the VCU Real Estate Foundation for $3.15 million on March 2, according to city documents.
The 0.6-acre lot was home to a since demolished Hess gas station and the property was sold by Hess Retail Stores. The most recent assessment by the city valued the property at just over $1 million.
The newly acquired property sits on Belvidere across from what will be the Institute for Contemporary Art, which is currently under construction at a cost of $35 million — $33.3 of which have been raised.
The property was under contract with Morgan Property Group, who were planning on building a Walgreens at the location, according to Richmond Bizsense.
Trey Morgan, president of Morgan Property Group, said in a press release that they were swayed by VCU’s plan for the future.
“Through several months of discussions with VCU about Monroe Park Campus’ future development and the importance of this corner for both VCU as a campus gateway and as the entrée into the City’s Arts and Culture District, we became real believers in a grand vision for this corridor,” Morgan said.
Anne Buckley, the Director of VCU Public Affairs, said the university does not comment on real estate transactions.