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Review finds 'insufficient due diligence, institutional eagerness' as flaws in VCU Health's downtown development deal

By Richmond Bizsense  
   June 15, 2023

"Insufficient due diligence," turnover in management and "inadequate in-house real estate expertise" were contributing factors to VCU Health's costly exit from an ill-fated downtown development, according to a third-party review presented Wednesday.

The report from the law firm that conducted a monthslong review found that the health system’s handling of the proposed redevelopment of the city’s Public Safety Building “followed a pattern of prioritizing mission, vision and values over financial terms.”

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