The building is expected to host a wide range of multi-disciplinary activities. Credit: CoStar Group.

Online real marketplaces provider CoStar Group has announced an $18m commitment to the Virginia Commonwealth University (VCU) in Richmond, US, for the construction of its new arts and innovation academic building.

The proposed building is likely to be named the CoStar Center for Arts and Innovation and is yet to receive necessary clearance from the VCU Board of Visitors, VCU’s Department of General Services and other state authorities.

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Once developed, the project will bring VCU’s School of the Arts and Innovation programmes under a single location for the first time.

The building is anticipated to be a 213,000ft² multi-disciplinary complex that will be built on an area comprising one acre at the intersection of Broad and Belvidere streets in Richmond.

It will be equipped with flexible classroom spaces and makerspaces for forming collaborations across arts, business, humanities and sciences, as well as medicine and engineering.

The building is expected to host various activities such as opera and quantum computing, thereby combining multiple fields of engineering, cinema, theatre, immersive media technology, gaming and others.

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Construction of the project is scheduled to begin later this year, with plans to open the project up to the public in early 2027.

Andy Florance, CoStar Group’s founder, CEO and a member of VCU Board of Visitors said: “VCU has proven to be a constant source of innovation and energy and CoStar Group has drawn heavily from its graduates and creative talent in recent years.

“As we continue to expand our business, our interests align seamlessly with VCU’s commitment to educational excellence.”

In November last year, CoStar announced the ground-breaking of its corporate campus extension in Richmond.