Vcu Purchased Mansion Nightclub for 3.5 Million Dollars, about four times its estimated value. This was after multiple attempts to have the primarily black-attended nightclub shut down, or halt business. This was also during a time where VCU adjunct professors were pleading to the administration for more livable wages.
The University is still unsure what the venue will be turned into, but as for now, it will collect dust; a hollow husk of the culture that Grace street held separate from the institution.
The property that holds Ipanema cafe, as well as Verify Recording Studio and Presidential Cuts barber shop has been purchased by VCU for $4 Million, from the previous property owner. The owners of the businesses using this venue were not notified about the sale until after it was completed, and hope that it does not effect any of their businesses in the future.
"The foundations high offers raise property values, and the construction of dorms dulls the neighborhoods character. That kind of overbidding really affects the local market." -Kirstin Reed
These three small buildings on the southeast corner of Broad and Belvedere have been bought up with no disclosed plans on how they will be used for the university.
The VCU Real Estate Foundation, established in 1992, makes purchases of real estate, and supports itself by leasing out these properties or selling themm to the university. As of 2022 they reported $48 Million in net assets. When the university needs new properties, they can purchase them from the foundation, even if they're in a budget shortfall. Land owned by VCU is tax exempt.
Buildings spanning Broad Street from the Monroe Park have been being systematically purchased by the university as a part of their "ONE VCU Master plan," a multimillion dollar, 6 year development initiative set to connect the two campuses as well as create more throughways and academic centers. Meanwhile, adjunct professors are still demanding higher wages.
“They arent seriously considering ways of dealing with the bigger problem of adjunct equity in a way that doesnt negatively impact the student body,” said a Students For Equal Adjunct Pay member who declined to give their name. “There have been promises of action and effort to find a way around this problem.”
Although there has been multiple calls for the development to slow down amidst multiple failed projects and wasted money, Rao marches forward with his costly plans to streamline the city into a single real estate entity. “Rao's been riding the wave of the economy throughout his tenure, operating VCU as a property developer first and foremost."