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May 18, 2015

$50 Million Gift Boosts Planned Virginia Cancer Institute

Northern Virginia's Inova Health System has received a $50 million gift from building mogul Dwight Schar and his wife, Martha, to establish a center for cancer research, The Washington Post reports.

Besides treating patients, the Inova Dwight and Martha Schar Cancer Institute, scheduled to open as part of a 117-acre medical campus the hospital network is developing in Merrifield, Va., will focus on genomics studies and serve as an incubator for biotech startups.

Mr. Schar is the founder and chairman of Reston, Va.-based NVR, one of the country's largest home builders by revenue. A longtime donor to Inova and other Northern Virginia institutions, he is also helping the organization secure the former Exxon-Mobil corporate site slated to house its new facilities. Inova CEO J. Knox Singleton estimated the cost of turning one of four office buildings on the campus into 240,000-square-foot cancer center at $250 million to $300 million.