The building stands opposite the Rite Aid at the junction of Broad and Belvidere. (Mike Platania photo) showcases a significant addition to VCU's real estate holdings. In the past week, as per city records, the VCU Real Estate Foundation made a purchase of a vacant two-story structure spanning 2,800 square feet at 508 W. Broad St. for $540,000. This acquisition is strategically located across from the under-construction arts center at the intersection of Broad and Belvidere. A VCU spokesperson confirmed the deal, stating that the foundation bought the property with the potential for university use. If the university cannot utilize it, the property will be leased out. The seller was an entity associated with James and Laurie Daigle, who acquired the property in 2002 for $50,000. James Daigle, whose contact details could not be reached, is the registered owner of Artcraft Designs, whose signage still adorns the building. It remains unclear whether Artcraft is still in operation or how long the building has been vacant.University's Intent and Seller's Approach
The VCU spokesperson revealed that the sellers reached out to the university to "check VCU's interest (in 508 W. Broad St.) before putting it on the market." This indicates a proactive step by the sellers to explore potential buyers. The parcel, which measures less than a tenth of an acre, is zoned for business use and was most recently assessed at $457,000. In 2023, the VCU Real Estate Foundation had a highly active year, spending over $8 million on the Ipanema and Bookholders buildings on West Grace Street and a small office building on Shafer Street. In 2024, its real estate interests have been mainly focused elsewhere in the city. The university is actively pursuing the massive Altria Center for Research and Technology on East Leigh Street, while the VCU Health System Authority recently made a nearly $10 million investment in a facility near The Diamond.Strategic Location and Future Plans
The location of this newly acquired building is highly strategic. Being across from the Rite Aid and adjacent to the under-construction arts center provides various opportunities for VCU. It could potentially be used for academic purposes, such as hosting workshops, exhibitions, or research facilities. The fact that it is zoned for business use also opens up possibilities for leasing to local businesses, generating additional income for the university. With the university's growing needs and expansion plans, this property could play a crucial role in fulfilling those requirements. It showcases VCU's continuous efforts to enhance its real estate portfolio and strengthen its presence in the local community.Historical Context and Property History
The property at 508 W. Broad St. has a rich history. It was purchased by James and Laurie Daigle in 2002 for $50,000, and since then, it has remained vacant for an unknown period. The presence of Artcraft Designs' signage on the building adds a touch of history and potential. It is unclear whether the cabinetry firm is still in business or if the building has been vacant due to their operations. This historical aspect gives the property a unique character and raises questions about its future use and potential. VCU's acquisition of this property allows them to take control and shape its future according to their needs and vision.Impact on the Local Real Estate Market
The purchase of this vacant building by VCU has a significant impact on the local real estate market. It shows the university's confidence in the area and its commitment to expanding its operations. This acquisition could potentially lead to increased development and investment in the vicinity. It may also attract other businesses and organizations to consider the area for their own ventures. The VCU Real Estate Foundation's active role in the market sets an example and influences other players in the real estate industry. It demonstrates the potential for universities to play a vital role in shaping the local economy and community.
