VCU's big new arts building gets green light

VCU is plowing ahead with a new landmark building on the corner of Broad and Belvidere despite a growing price tag.

What's happening: The Board of Visitors voted Friday to advance the project, approving a $253 million budget.

• That's up from the $181 million estimated cost when the project was first proposed in 2019.
• Officials blamed the cost increase on inflation and rising construction costs.

Why it matters: Belvidere and Broad is one of the most prominent intersections in the city.

• VCU envisions the new building as a "front door" to its Monroe Park campus and a welcome counterpart to the highly stylized ICA, which is currently surrounded by drab parking lots.

The latest: CoStar announced an $18-million contribution to the project Friday.

What's next: VCU will still need the state, which is providing the bulk of the funding, to approve the increased costs.

• If all goes well, VCU plans to break ground this fall, per Richmond BizSense.
• The school hopes construction will wrap in 2027.

💸 Meanwhile, VCU's board approved a 3% tuition hike Friday and warned it still faces a potential $25 million budget shortfall in the coming fiscal year, per the Times-Dispatch.