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Why VCU paid $2 million for this Chinese restaurant

The 0.2-acre parcel on West Grace Street currently houses the Evergreen restaurant. (PHOTO: Michael Thompson)

The 0.2-acre parcel on West Grace Street currently houses the Evergreen restaurant. (PHOTO: Michael Thompson)

RICHMOND, Va. — Virginia Commonwealth University has helped itself to another portion of real estate along West Grace Street, further solidifying the school’s grip on land around its forthcoming Institute of Contemporary Art.

The school’s real estate foundation last week purchased the Evergreen Restaurant property at 612 W. Grace St. for $2 million, according to city records.

The 0.2-acre parcel currently houses the 2,500-square-foot restaurant and will soon sit in the shadow of the ICA, a $35 million project taking shape at the corner of West Broad and North Belvidere streets.

The seller in the Evergreen deal was G.J.H. Jefferson Davis LLC, an entity controlled by Deoudes-Magafan Realty of Bethesda, Maryland. Principal Nick Deoudes said his firm had owned the property since 1976 when city records show it traded for $185,000.

The property was most recently assessed at $562,000.

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