VCU news

By Pamela DiSalvo Lepley

Virginia Commonwealth University’s Schools of Business and Engineering recently announced a $400,000 gift from the Wachovia Foundation, the largest gift the foundation has ever made to the university.

The funds are designated for the two schools’ campaigns, which include construction of the new Monroe Park Campus Addition, to be located east of Belvidere between Main and Canal streets.

“Wachovia firmly believes in the mission of VCU, its vision for the Monroe Park Campus Addition and what this expansion will mean for the city,” said Jim Cherry, Mid-Atlantic CEO of Wachovia Bank, NA. “This gift allows us to go forward and answer an economic development need and reclaim an area of the city which needs attention.”

A $204 million, two-phased project to build the Monroe Park Campus Addition will include a new School of Business, the second phase of the School of Engineering, two residential colleges, a renovation of the historic Central Belting building for Virginia Commonwealth University’s No. 1-ranked graduate program in advertising, an executive conference center and an underground parking garage for 800 vehicles.

The estimated cost of Phase I of the project is $141 million. The state has appropriated $25.3 million toward construction of the new School of Business and for a Biochip and Biosensors Research facility for the School of Engineering. University funding and income generated from student housing, parking and food services are estimated to be $41.2 million. The remaining $74.4 million -- 53 percent of the estimated cost -- is to be funded through private donations to the campaigns for Business, Engineering and the VCU AdCenter.

"The Monroe Park Campus Addition will provide an environment where students will be prepared for successful careers and lifelong learning by providing management education firmly grounded in technology, interdisciplinary teamwork and global perspectives," said Eugene P. Trani, Ph.D., VCU president. “This exciting initiative will provide our business community with well-trained and motivated engineers and business and advertising executives who have great technical skills, an appreciation for the value of research and development and a good understanding of business and marketing. We are so fortunate to have champions of VCU in James Cherry at Wachovia and Daniel Ludeman at Wachovia Securities.”

"The Wachovia Foundation’s generosity will help support the Schools of Business and Engineering campaigns to construct a new living and learning complex, endow professorships and scholarships, raise current support, and fulfill our vision to be included among the leading technologically-focused business and engineering schools in the nation," said Thomas Snead, who with his wife, Vickie, co-chairs the VCU Monroe Park Campus campaigns. "This state-of-the-art facility will create a greater sense of community among students, faculty, alumni, and business leaders alike.”