At a Founders Day celebration last week, Virginia Union University announced a partnership with a New York-based investment firm to develop two acres of land on the north edge of campus into at least 130 homes. It’s the largest investment in the HBCU’s 125-year history.
The project is part of VUU’s larger plan to revitalize its campus, a project expected to cost around $500 million in total by its 2032 close. For this development, the investors — The Steinbridge Group — have pledged to cover the $42 million cost.
The university won’t have to take on any debt, according to TSG CEO Tawan Davis. He also said the university stands to gain more income thanks to the development than it would have if it were to just sell the property.
The development will cover six parcels along Brook and Overbrook roads, including the old Richmond Community Hospital. Up to 200 apartments and a few commercial developments could rise on the land.
Plans for the area have been in the works since 2019, when VUU partnered with a design firm to create a comprehensive plan. VUU aims to break ground by the end of the year. Specifics like building dimensions are still up in the air.
