VCU pays $2 million for property assessed at $562,000 near Institute for Contemporary Art site
Virginia Commonwealth University has purchased a piece of property on West Grace Street in Richmond’s Fan District near the site of the VCU Institute for Contemporary Art.
The VCU Real Estate Foundation paid $2 million last week for the 0.2-acre site at 612 W. Grace St., according to city records. The property’s assessed value is $562,000.
Evergreen Chinese Restaurant operates at the site and is open for business. The former property manager for that site, based in Bethesda, Md., could not be reached for comment.
VCU has bought other properties in the vicinity, including 708 W. Grace St. — a block from Evergreen — where Sally Bell’s Kitchen has operated for more than 90 years. VCU purchased that property on 0.11 acre for $980,200 in March 2014, city records show. It is assessed now at $623,000.
Read more: http://www.richmond.com/business/local/article_983c24e1-48a9-5e16-831b-be9250b547c5.html
