VCU News Center – $2.5 Million Gift Will Boost VCU School of Business

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News releases and media advisories

For immediate release:
10/10/2006

Pamela DiSalvo Lepley
VCU Communications and Public Relations
(804) 828-6057
pdlepley@vcu.edu

$2.5 Million Gift Will Boost VCU School of Business

Sam Kornblau

Virginia Commonwealth University today announced a $2.5 million gift from Richmond businessman Sam Kornblau to establish a real estate institute in the VCU School of Business.

The institute will focus on research broadly related to commercial and residential real estate. These issues often benefit from an interdisciplinary approach and include such concerns as land use, housing and commercial development – the social, cultural and economic sides of the real estate business. For example, collaborative research may involve other programs and schools, such as nursing, social work and government and public affairs, working with various departments in the School of Business.

"The real estate institute will leverage the expertise we have across the university," said Eugene P. Trani, VCU president. "Sam Kornblau's vision for the institute is in lock-step with VCU's mission as a leading urban research institution."

Kornblau said he is especially pleased that the institute will provide independent research for entities planning for growth, including non-traditional developers.

"Hopefully this gift will seed something much bigger than I've started," Kornblau said. "This institute needs to grow and provide even greater opportunity for research in real estate and beyond."

Kornblau said he also hopes the gift will be an impetus for other industry leaders to come forward to enhance funds available for research in commercial and residential real estate and related industries.

"It's the right time for VCU to have a continuous source of revenue for research in this area that will benefit Virginia, the United States and the world," he said.

For nearly 60 years, Kornblau has been in the real estate business, building single-family homes, shopping centers and apartment communities in Virginia and North Carolina. He is chairman of SAMCO Development Corporation, a member of the board of directors of Eagle Construction of Virginia, LLC, and treasurer of the Henrico County Economic Development Authority.

Kornblau, a lifelong resident of Richmond and veteran of World War II and the Korean War, has served as chairman of the Virginia Housing Development Authority and on the board of several area banks. He has held leadership positions in Congregation Or Atid, Temple Beth El and the Jewish War Veterans.

"This gift will strengthen an already strong and strategically important area in the Business School and will enable us to raise the research profile of the school," said Michael Sesnowitz, dean of the VCU School of Business. "We are indebted to Sam Kornblau for both his vision and his generosity."

The gift was announced at the 16^th annual VCU Real Estate Trends Conference at the Greater Richmond Convention Center by Steven A. Markel, chairman of the VCU School of Business Foundation. Markel said he will ask the VCU Board of Visitors at its regular meeting in November to permanently name the institute The Kornblau Institute "in recognition of this outstanding and meaningful gift."

The VCU School of Business enrolls 3,500 students at the undergraduate and graduate levels. VCU is unique in the breadth of real estate degrees that are offered at the undergraduate and masters level. More than 11,000 School of Business alumni work in Richmond-based companies.

Kornblau is married to the former Helen Silver. They have three children and six grandchildren.

About VCU and the VCU Medical Center:

Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located on two downtown campuses in Richmond, VCU enrolls more than 32,000 students in 205 certificate and degree programs in the arts, sciences and humanities. Sixty-five of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 15 schools and one college. MCV Hospitals and the health sciences schools of Virginia Commonwealth University compose the VCU Medical Center, one of the nation’s leading academic medical centers. For more, see www.vcu.edu.