Dr' Eugene Trani, President Virginia Commonwealth University

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Dr. Eugene Trani, PresidentVirginia Commonwealth
University
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Annual Real Estate Trends Conference
October 11, 2005 Eugene P. Trani President,
Virginia Commonwealth University, and
President and Chairman of the Board of Directors,
VCU Health System
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Changing role for higher education

• Worldwide, the role of higher education is
  changing. Today, universities have a larger
  role in their societies than just the education
  of students. And that larger role is about the
  advancement of knowledge available to be
  exploited and utilized.

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Urban Colleges and Universities the Untapped
Economic Resource
200 Billion Annual Operating Budgetsof Colleges
and Universities Nationwide, 1996

• With a strategic view, colleges and
  universities can have a major impact on economic
  revitalization without massive new funding.
• Michael E. Porter
• Leveraging Colleges and Universities for Urban
  Economic Development An Action Agenda

136
Billions
38
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Number of institutions 1,902
914 933 Average
budget/institution 72 42
28 (millions)
Source National Center for Education Statistics
data, Current Fund Expenditures, 1996.
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VCU and the VCU Health System

• 1.65 billion budget
• 15,680 employees
• VCU
• More than 29,000 students
• 15 schools and one college
• 20 nationally ranked graduate programs, including
  two 1 programs sculpture and nurse anesthesia
• More than 200 million in research funding
• Over 300 million in private funding
• VCU Health System
• 30,000 inpatient discharges
• 525,000 outpatient visits
• 80,000 emergency visits
• More than a dozen satellite health care facilities

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VCU and the VCU Health System

• A New Model for Economic Development 1990-2005

• VCU actively partners with business, industry and
  the community.
• Creation of School of Engineering
• Creation of Biotech Park
• Revitalization of Broad Street
• VCU becomes a leading force in economic
  development in the region.

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VCU and the Community

• Prior to 1990 unpeaceful coexistence
• The past 15 years partnerships and collaboration
• Master site planning the Carver-VCU Partnership
• Community Service Associates Program

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VCU School of Engineering

• Support from the local business community
• Support from regional governments
• Impact of the school

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Partnering With Business
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The Virginia BioTechnology Research Park

• Linking VCU health sciences and all life sciences
  with cutting-edge economic development
• Bringing high-tech business to downtown Richmond
• Physically restoring the gateway to downtown
  Richmond
• 2005 Statistics
• 8 buildings most recent are BioTech Six
  (Consolidated Labs) and BioTech Seven (UNOS).
• 587,000 square feet more than 145 million in
  capital investment.
• 44 private companies, four VCU institutes, six
  nonprofits and four state labs, employing more
  than 1,400 people.

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The Virginia BioTechnology Research Park New
tenant Philip Morris USA

• Approx. 300 million investment
• Bringing 700 new jobs to Richmond -- 500
  scientific and research -- 200 technical and
  support
• Expanding the Parks current development to
  1.1 million sq. ft. and employing more than
  2,000 individuals

• This part of the city is already home to a
  growing research community made possible by the
  Biotech Park and Virginia Commonwealth
  University. In fact, VCUs life sciences
  facilities and its medical school were important
  factors in selecting this location. John R.
  Nelson, Philip Morris USA President of
  Operations and Technology.

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Philip Morris Research and Technology Center

• Redefining itself as an industry in new consumer
  products
• Needs scientific underpinnings for what those
  products would be
• Three Major Science Divisions- Health Science
  Research- Sensory Research- New Technology
  Research
• 160 scientists, engineers and support staff, 80
  of which will be PhD level scientists

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VCU and Broad Street

• One of the most important economic development
  projects undertaken in Richmond.
• Anchored revitalization with over a 105 million
  investment to date
• arts
• administrative information technology
• sports medicine
• athletics and recreation center
• student residences
• bookstore and parking deck
• Spurred over 100 million in private-sector
  development Ukrops, Kroger, Lowes, upscale
  apartments.

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West Broad Street Corridor Richmond, Virginia
1997
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The Broad Street Parking Deck
Before Surface parking lot and unused
warehouses.
After (1998) An 1,100-car parking deck, a
30,000-square-foot university bookstore, the
Welcome Center, and offices for Parking and
Transportation.
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The Stuart C. Siegel Center
Before Unused warehouses.
After (1999) A state-of-the-art 7,500-seat
sports arena, and 30,000 square feet of space
for the recreation sports program.
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The VCU School of Arts Building
Before Unused site of a former car dealership.

After (1999) A 100,000-square-foot facility
that houses the departments of Painting and
Printmaking, Crafts and Sculpture.
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The VCU Sports Medicine Building
Before Unused furniture warehouse.
After (2001) The Sports Medicine Building, which
houses the MCVH Sports Medicine Clinic, Student
Health Clinic, VCU Sports Center, and Department
of Athletics offices.
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The Bowe Street Parking Deck
Before Surface parking lot.
After (2003) A 440-car parking deck with 30,000
square feet of art studio space on the top
floor. The facility also houses the Department
of Athletics weight training facility.
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1100 West Broad Street Apartments
Before Surface parking lot and abandoned
property.
After (2001) Student apartments with 396 beds.
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Broad Street and Belvidere Apartments
Before Surface parking lot.
After (2003) Student apartments with 412 beds
and a 197-car parking deck.
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AIT Building
Before Surface parking lot.
After (2005) VCU Real Estate project that
allows the consolidation of Administrative
Information Technology into one building.
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Arrival of Private Developers
Capital Garage Apartments 1301 W. Broad St.
Opened late fall 2000, containing 36 apartments
and 75 beds. Now leased by VCU Housing. Colise
um Lofts 1335 W. Broad St. Opened fall 2001, with
187 beds and on-site parking.
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Arrival of Private Developers
Carriage House Corner Marshall and Belvidere
streets Opened fall 2001, containing 40
apartments and 160 beds. Eagle Mill
Apartments 1400 W. Marshall St. Opened fall 2003,
containing 35 apartments and 75 beds. Biggs
Building 1000 W. Marshall St. Currently under
renovation, this warehouse conversion will add
108 beds.
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Arrival of Private Developers
Lowes 1400 W. Broad St. With the VCU
improvements along West Broad Street, the area
also has become attractive to commercial
developers. Firestone Building 1340 W. Broad
St. New owner has invested several hundred
thousand dollars in the building.
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Arrival of Private Developers
Ukrops Super Markets, Inc.500 N. Harrison
St.Opened November 2003, formerly a Community
Pride. Includes a First Market Bank
Branch. Kroger Food and Drug 1344 W. Marshall
St. Opened November 2003 as the first grocery
store built within the city in over 15 years.
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Arrival of Private Developers
RAMZ Development 701 W. Broad St. This five-story
building has retail on the first floor with four
floors of apartments above. It houses a total of
172 beds and is leased by VCU Housing.
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West Broad Street Corridor Richmond, Virginia
Lowes
Krogers
Starbucks
Bowe Street Parking Deck
Eagle Mill Apartments
Sports Medicine Building
Coliseum Lofts
Siegel Center
Capital Garage Apartments
Broad Street Apartments
West Broad Street
Ukrops
Biggs Building
School of the Arts
Broad Street Parking Deck
Carriage House Apartments
RAMZ Apartments
Broad/Belvidere Apartments
AIT Building
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Virginia Commonwealth UniversityKey to Community
and Economic Development

• 2002 joint study by CEOs for Cities and the
  Initiative for a Competitive Inner City
  Leveraging Colleges and Universities for
  Urban Economic Revitalization An Action
  Agenda. VCU, along with Columbia, was one of
  two major case studies.

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A Visionary Master Site Plan VCU 2020
May 19, 2004 rev. 7

• Approximately 1 billion in new academic,
  medical, recreation, student housing and parking
  facilities.
• Fortifying the health of the VCU Medical Center
  Virginias most comprehensive medical center.
• Continuing development of the Monroe Park Campus.

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VCU 2020 Highlights MCV Campus

• Critical Care Bed Tower
• New School of Nursing building
• New School of Medicine building

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The Monroe Park Campus Addition
Monroe Park Campus Addition a 203-million
project east of Belvidere between Main and Canal
streets that will include a new School of
Business and the second phase of the School of
Engineering.
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