The former Best Products headquarters building, which is to be repurposed as part of the GreenCity development. (Henrico County images)
Henrico County will seek developer interest in the stalled arena-anchored GreenCity project through a formal solicitation that will go out in about a month.
The county announced Thursday that it is planning to issue a request for interest, or RFI, in late April for the commercial portion of the massive mixed-use development that’s to include a 17,000-seat arena, two hotels, retail, green space and office buildings, including a rehab of the former Best Products headquarters.
The announcement comes weeks after the county deemed the project’s original developers, Green City Partners, to be in default of performance and land purchase agreements that the two sides signed after the project was announced in late 2020. Green City Partners was led by Michael Hallmark and Susan Eastridge, who previously proposed the failed arena-anchored Navy Hill project in Richmond.
County officials have said they still believe in the GreenCity project and intend to see it through with one or more other development groups.
A site plan of the GreenCity project. The 93-acre Best Products property makes up most of the lower half of the overall site. (File image courtesy Green City Partners)
The 93-acre Best Products site is northeast of Parham Road and Interstate 95 and makes up about half of the 200-acre project, the rest of which would consist of residential development. The county is working with local developer Markel | Eagle on the residential portion.
Respondents to the RFI will have 45 days to submit their qualifications and ideas for the project. An exact date for the RFI was not released and is expected to be announced later.
Submissions will be reviewed by a committee that includes representatives of the Henrico Economic Development Authority and the Henrico Sports & Entertainment Authority, among other officials. The committee would then make a recommendation to the Board of Supervisors.
Thursday’s announcement included comments from County Manager John Vithoulkas, who said Henrico “is eager to attract a new partner or partners that are proven, competent and capitalized to deliver on what’s clearly a once-in-a-lifetime development opportunity.”
“This location – along two major interstates – is perfectly suited for a large arena, and our region is starving for a venue to host major concerts, sporting events and other family entertainment,” Vithoulkas said. “The county is issuing an RFI because we want to attract the best ideas for what this property can become. As a county, we are ready to move forward, and the building blocks for development are in place.”
Markel | Eagle has started site work for the 880-home residential portion, and Henrico has invested in infrastructure improvements including an extension of Magellan Parkway, which bisects the larger site. Plans also are approved for a new bridge over I-95 to connect Magellan to Brook Road, as well as a pedestrian/bike crossing to connect GreenCity to the future Fall Line Trail.
The 17,000-seat arena would anchor the development and is to be financed privately through bonds to be issued by a community development authority. Henrico has used CDAs with three other developments: Short Pump Town Center, White Oak Village and Reynolds Crossing.
Henrico is in the process of repurchasing the Best Products site from Green City Partners. That process is slated to wrap up by April 15 and follows the default notices the county sent the developers in recent months.
The default notices followed a nonperformance notice issued in December, as well as a missed payment of over $5 million due from Green City Partners last month. The developers had made two earlier payments totaling $1 million, which the county is essentially paying back through a repurchase option in the project’s agreements.
The former Best Products headquarters building, which is to be repurposed as part of the GreenCity development. (Henrico County images)
Henrico County will seek developer interest in the stalled arena-anchored GreenCity project through a formal solicitation that will go out in about a month.
The county announced Thursday that it is planning to issue a request for interest, or RFI, in late April for the commercial portion of the massive mixed-use development that’s to include a 17,000-seat arena, two hotels, retail, green space and office buildings, including a rehab of the former Best Products headquarters.
The announcement comes weeks after the county deemed the project’s original developers, Green City Partners, to be in default of performance and land purchase agreements that the two sides signed after the project was announced in late 2020. Green City Partners was led by Michael Hallmark and Susan Eastridge, who previously proposed the failed arena-anchored Navy Hill project in Richmond.
County officials have said they still believe in the GreenCity project and intend to see it through with one or more other development groups.
A site plan of the GreenCity project. The 93-acre Best Products property makes up most of the lower half of the overall site. (File image courtesy Green City Partners)
The 93-acre Best Products site is northeast of Parham Road and Interstate 95 and makes up about half of the 200-acre project, the rest of which would consist of residential development. The county is working with local developer Markel | Eagle on the residential portion.
Respondents to the RFI will have 45 days to submit their qualifications and ideas for the project. An exact date for the RFI was not released and is expected to be announced later.
Submissions will be reviewed by a committee that includes representatives of the Henrico Economic Development Authority and the Henrico Sports & Entertainment Authority, among other officials. The committee would then make a recommendation to the Board of Supervisors.
Thursday’s announcement included comments from County Manager John Vithoulkas, who said Henrico “is eager to attract a new partner or partners that are proven, competent and capitalized to deliver on what’s clearly a once-in-a-lifetime development opportunity.”
“This location – along two major interstates – is perfectly suited for a large arena, and our region is starving for a venue to host major concerts, sporting events and other family entertainment,” Vithoulkas said. “The county is issuing an RFI because we want to attract the best ideas for what this property can become. As a county, we are ready to move forward, and the building blocks for development are in place.”
Markel | Eagle has started site work for the 880-home residential portion, and Henrico has invested in infrastructure improvements including an extension of Magellan Parkway, which bisects the larger site. Plans also are approved for a new bridge over I-95 to connect Magellan to Brook Road, as well as a pedestrian/bike crossing to connect GreenCity to the future Fall Line Trail.
The 17,000-seat arena would anchor the development and is to be financed privately through bonds to be issued by a community development authority. Henrico has used CDAs with three other developments: Short Pump Town Center, White Oak Village and Reynolds Crossing.
Henrico is in the process of repurchasing the Best Products site from Green City Partners. That process is slated to wrap up by April 15 and follows the default notices the county sent the developers in recent months.
The default notices followed a nonperformance notice issued in December, as well as a missed payment of over $5 million due from Green City Partners last month. The developers had made two earlier payments totaling $1 million, which the county is essentially paying back through a repurchase option in the project’s agreements.
This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!
Your subscription has expired. Renew now by choosing a subscription below!
For more informaiton, head over to your profile.
SUBSCRIBE NOW
TERMS OF SERVICE:
ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING SUPPORT@BUSINESSDEN.COM.
ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.
EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.
FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL SUPPORT@BUSINESSDEN.COM
Already a Member? Sign in
Return to Homepage
I’m hopeful that this project finally gains momentum and that Henrico finds a developer with the vision and resources to bring it to life. The area is perfectly positioned for a large-scale development, and Richmond is in dire need of both more housing and a world-class arena. This is a once-in-a-generation opportunity to create something transformative for the region.
Is the County going to allow or encourage more housing as the housing piece of this is with Markel Eagle. Without a major residential component (remember 105 of the 200 acre project is with another developer) is someone really going to be interested (or able) to finance spec office space, an arena that has NO longer term tenants to use it, and large amounts of retail space?? The new lower portion WON’T have the large residential area to subsidize their commercial development. Think of Diamond District and it 1A (and even 1B) is apartments with more apartments, a single hotel,… Read more »