News

VCU Health Will Anchor Redevelopment of Former Richmond Public Safety Building

As reported online by the Richmond Times Dispatch, VCU Health will anchor a new venture by Capital City Partners in downtown Richmond’s Public Safety Building at 500 N. 10th Street.

The conclusion comes four months after the Richmond City Council unanimously agreed to sell the nearly 70-year-old building for $3.5 million.

Capital City Partners said it would begin demolishing the building on the 3-acre property soon to make room for a $325 million, 500,000-square-foot tower development that will be anchored by VCU Health.

In addition to 150,000 square feet of VCU Health office space, the mixed-use development will feature lodging provided by Ronald McDonald House Charities and The Doorways for patients and their families, a VCU Health-operated child care center, 20,000 square feet of ground-level retail space, 90,000 square feet of Class A office space and more than 1,200 parking spaces.

City officials said earlier this year that the Public Safety Building is in poor condition, generates no tax revenue and costs the city about $390,000 annually. The city estimates that needed repairs and maintenance would cost about $21 million.

The city expects the redeveloped property will generate $16.8 million for the city’s general fund over the next decade and nearly $60 million from real estate taxes alone over 25 years.

Capital City Partners has hired the Philadelphia-based architects KieranTimberlake and the local architecture firm SMBW. The contractor for the project is DPR Construction with Canterbury Enterprises.

“As downtown begins to rebound from the challenges of the past year, we know this project will breathe new life into a critical urban core and ensure Richmond’s key healthcare and support institutions are operating at full strength,” Susan Eastridge and Michael Hallmark, the co-developers of the project for Capital City Partners, said in the release.

“We thank the City for their support of this project and we look forward to helping our partners at VCU Health, The Doorways, and Ronald McDonald House Charities expand their services to patients and families.”

Recent News

09/22/2021

Activation Capital $15,000 Pitch Contest in November to Shine Light on Virginia Businesses

The inaugural Pitch Virginia event, powered by Activation Capital, will take place on Wednesday, November 10 at the newly opened Shift Retail Lab at VCU, an initiative of the VCU da Vinci Center.  Kicking off with a design thinking workshop in the morning, the day will be filled with pitches from high growth, main street

09/22/2021

Caretaker Medical Chosen as Finalist to Compete for $350,000 Grand Prize at MedTech Conference

This year brought in a record number of applications with over 1,100 submissions from 54 countries and 42 U.S. states. With less than a 5% acceptance rate, 50 companies were selected to participate in the MedTech Innovator Showcase, with a subset receiving a place in the MedTech Innovator Accelerator. Over four months, 25 Accelerator companies

09/21/2021

HemoShear Therapeutics Advancing Several Novel Compounds for Horizon Therapeutics Gout Discovery Pipeline

HemoShear Therapeutics, a privately held clinical stage biotechnology company, has earned a milestone payment for the advancement of potential lead product candidates for the treatment of gout under its collaboration with Horizon Therapeutics plc (Nasdaq: HZNP). This milestone marks the fourth payment that HemoShear has earned, following previous payments for the identification and validation of