In a recent Richmond Times-Dispatch column, “Richmond needs a real estate vision separate from VCU’s,” Michael Paul Williams depicted the city of Richmond as the victim of the failed effort to redevelop the Public Safety Building, at Clay and Ninth streets downtown, into a mixed-use development and office tower. As CEO of the Virginia Commonwealth University Health System at the time, I was directly involved in the final months leading up to the ill-fated real estate deal and its subsequent unwinding.
In fact, the city and all other parties to the transaction — save one — came out ahead. The only victim was the VCU Health System and all who depend on it. I base this assertion on four facts that are clearly established in the public record.
First, VCU Health is a distinct legal entity from Virginia Commonwealth University.
In 1999, legislation signed by then-Gov. James Gilmore created the Virginia Commonwealth University Health System Authority (VCUHSA) as a separate legal entity from Virginia Commonwealth University. As such, VCU Health has its own employees, human resources and legal departments, leadership team and governing board. Its finances are separate as well…