Richmond, Va.-based VCU Health has paid $72.9 million to back out of its 25-year lease agreement for a downtown hospital project, which effectively died in February, per Becker’s.
The health system chose to scrap the project because of pandemic-related challenges and financial obligations tied to the project.
The payment, which was funded by the health system’s operating funds, was required to end its obligations on the site, according to the report. VCU Health reported an operating loss of more than $62 million for the first seven months of this fiscal year, through January.
