Chesterfield Avenue Mixed Use Project at Virginia State University
Designated Exemplar by USCIS on February 19, 2015
The VSU Trojan Development Company LLC, a non-profit community development company affiliated with Virginia State University (VSU) seeks development financing for the Chesterfield Avenue Mixed-use Project at Virginia State University. VSU is a state supported university with a student enrollment of 5,634. It is one of 15 public universities supported by the Commonwealth of Virginia. VSU’s governance board, called the Board of Visitors, is appointed by the governor of the state of Virginia.
The total development cost is $15.5 million of which $6.0 million or 40% is expected to be funded with EB-5 investments. The proposed four story, 86,338 sq. ft. mixed use building will contain 24,000 sq. ft. of commercial space on the ground floor and 62 residential housing units above.
The Project will be located on a 3.2 acre site on the edge of VSU’s 236 acre campus immediately adjacent to VSU’s new multi-purpose center. The $65 million, 167,800 sq. ft. multi-purpose facility will seat 5,100 for sporting events and 6,100 for concerts and stage events. It will also include spectator suites, offices for the athletics department, classrooms and offices for VSU’s mass communications department, a fitness/wellness center, and practice facilities for varsity basketball and volleyball athletes. Construction of the multi-purpose center commenced in January 2014 and is expected to be completed in late 2015.
VSU is located in Petersburg VA. Petersburg is 130 miles south of Washington DC and 23 miles south of Richmond Virginia. Richmond is the capital of Virginia. The Altria Group, parent company of Philip Morris, manufacturers of Marlboro cigarettes is headquartered in Richmond.
NOT AN OFFER TO PURCHASE OR SELL SECURITIES. THE CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES AND MAY NOT BE RELIED UPON IN CONNECTION WITH THE PURCHASE OR SALE OF ANY SECURITY. ANY OFFERING OR SOLICITATION WILL BE MADE ONLY TO QUALIFIED NON-U.S. PROSPECTIVE INVESTORS PURSUANT TO A CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM AND SUBSCRIPTION DOCUMENTS, ALL OF WHICH SHOULD BE READ IN THEIR ENTIRETY.