RICHMOND, Va. (WWBT) - Virginia Commonwealth University has purchased 10.94 acres of land on Hermitage Road to be part of its future VCU Athletics Village.
The land is owned and occupied by Greyhound Lines, Inc., as a maintenance facility.
“The $11.75 million transaction, which has been in negotiations for many months, will close today, March 26, to meet constraints imposed by the close of Greyhound’s fiscal year on March 31,” officials said.
VCU President Michael Rao says the project will contribute to the economic and cultural vitality of the Richmond-area.
“This acquisition represents an important step in the future of our university and our Central Virginia Community,” said Rao. “It enables VCU Athletics to move operations from core campus areas and free them for much-needed new academic facilities, including a STEM building now under construction at the site of the former Franklin Street Gym.
“From a gender equity perspective, this project helps us align more properly with our peers across the country. We have taken steps to significantly improve the student-athlete experience,” he said.
The purchase is being financed through a low-interest loan to be paid with Athletics Department revenues. No state or tuition funding is involved, officials said.
“The majority of our sports have suffered from inadequate facilities for many years. We have worked on this part of the project for more than two years to get to this step. We have several steps remaining on other key parcels of land, but this project demonstrates our commitment to providing world-class Division 1 facilities so our student-athletes can compete for championships at the highest level,” said Ed McLaughlin, Vice President and Director of Athletics. “We look forward to working with local and state officials and community leaders to finalize the project soon and shape a vision that can transform the area.”
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