VCU drops $3.5 million at the club
RICHMOND, Va. — A building that for years housed a nightclub in the heart of VCU is now in the university’s grasp.
The Mansion 534 building at 534 N. Harrison St. was purchased by VCU on Feb. 8 for $3.5 million.
The two-story building, totaling 7,100 square feet, was last assessed at $819,000, according to city property records.
The seller was Commonwealth Holdings Group, an LLC registered to club owner Nathaniel Dance III. Dance purchased the building in 2007 for $600,000.
Attempts to reach Dance were unsuccessful Friday. A phone number listed on Mansion 534’s Facebook page led to a voice mailbox that was full.
VCU spokesman Michael Porter said purchasing the building has been part of the university’s overall real estate acquisition strategy. He noted the building is surrounded by university properties including the Siegel Center, West Broad Street Parking Deck and Grace and Broad Residence Centers.
Porter said there is no specific use planned for the property, though it likely would be put to academic use. He said the university is about to start a study to determine “the highest and best academic use” for the property.