RICHMOND, Va. — The deserted Sahara restaurant in the heart of VCU will soon vanish like a mirage.
The VCU Real Estate Foundation has purchased the rundown 3,900-square-foot building at 813 W. Grace St. for $2.5 million. The deal closed Thursday, according to university spokesman Mike Porter.
The sale comes two days after the foundation closed on a 31,000-square-foot office building at 111 N. Fourth St. The building, previously owned by Media General, was sold for $3.95 million.
The acquisitions are part of a $15 million bond package the university approved late last year. The funds are also to be used to refinance existing debt and pay for renovations and improvements to five properties the foundation already owns.
The bonds will also fund the demolition of the Sahara building, which is sandwiched between newer VCU structures constructed in recent years, was put on the market last summer. Porter said there is specific timetable for the Sahara project, but that the property will have a temporary use as an “outdoor student-centered gathering space.”
The Sahara building and VCU have a history. The restaurant sued the university in 2012, arguing that two neighboring university construction projects were allegedly disrupting its business. The case was voluntarily dismissed.
At the time, BizSense reported that Sahara owner Zuhir Idlbi said VCU attempted to buy the property, but he wouldn’t sell.
Built in 1975, the Sahara building and site are collectively assessed at $836,000, according to city records. The property was owned by Konstantinos and Ekaterini Hatzigiannidis, who purchased it in 1998 for $350,000.
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