State officials to investigate failed VCU project

VCU Health's abandoned downtown Richmond, Va., development project, which has left the health system on the hook for approximately $80 million, will be investigated by state officials, according to a Nov. 14 Richmond BizSense report.

The Virginia General Assembly's oversight agency, the Joint Legislative Audit & Review Commission, approved a study of the reasons behind the system's aborted redevelopment of the city's public safety building, with a special focus on the governance structure of the health system, the report said.

Gov. Glenn Youngkin has urged a separation between the governance of the health system and the university, calling for the university president, Michael Rao, PhD, to step down as chair of the health system, a move Dr. Rao has agreed with.

Findings from the investigation are expected sometime in 2024, with such investigations usually taking between seven and 17 months, according to the report.

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