Overview

• GreenCity is the working name of a proposed mixeduse ecodistrict development in Henrico County; it would include 93.6 acres owned by the county at the site of the former Best Products headquarters and the 110.6-acre Scott Farm to the north
• These properties will be combined and rezoned urban mixed-use (UMU) to allow for the proposed density and uses
• The new development will be planned as a netzero ecodistrict, with buildings and infrastructure designed to the highest levels of sustainability
• The development will be promoted to attract businesses and tenants who have adopted high sustainability goals
• The balanced development includes inclusive multifamily residential, commercial office, hospitality, retail, and an arena designed around a Village Center connected by a continuous park system
• Total project investment of more than $2.3 billion
• 100% private financing and ownership

Size and Location

• 204 acres, north of East Parham Road at the Interstate 95 interchange, extending north to Interstate 295
• 7.19 million square feet, which includes: 
  • Retail: 280,000 square feet, with 230,000 square feet in Village Center 
  • Residential: 2,400 units, including townhomes, villas and multifamily units; some affordable units will be developed in each category 
  • Office: 2.2 million square feet 
  • Hotel and Conference: 430,000 square feet in Village Center 
  • Arena: 17,000 seats, catering to touring concerts, family shows, and potentially minor league sports; will be the greenest venue yet built 
  • Park system will encompass 40 acres and 1.5 miles of trails with existing natural resources and enhanced wetlands  

Is GreenCity the same development that was considered for downtown Richmond?

No, GreenCity involves significantly more acreage and includes land previously not developed. Its design also emphasizes the preservation of natural areas and environmental sustainability. To finance the arena, GreenCity would use a Community Development Authority (CDA) district that would encompass only the GreenCity site. The proposal for Richmond envisioned a Tax Increment Finance (TIF) area that included the blocks where the development would have occurred as well as additional blocks in other areas of downtown.

Arena Development 

Financing and Financial Impact

• Bond closing in 2023 with proceeds sufficient to deliver new arena
• 30-year repayment via a Community Development Authority (CDA), where new incremental taxes, plus certain arena-generated revenues, are contributed to bonds
• Total arena revenues over bond term: $1.4 billion
• Total gross debt service over bond term: $650 million
• Total to Henrico County over bond term: $750 million
• Turbo redemption feature could repay bonds in 13 to 22 years
• Once bonds are repaid, all tax revenues will accrue to Henrico County

Arena FAQs

How would the arena be financed?

The estimated $250 million arena would be financed with private bonds that would be repaid over a 30year period. A Community Development Authority (CDA) would be established to make annual bond payments using incremental tax revenues generated onsite by the GreenCity development. Henrico previously established CDAs to support the development of Short Pump Town Center, White Oak Village and Reynolds Crossing.

Would the arena pose a financial risk to Henrico or its taxpayers?

No, because the arena would be financed privately, Henrico would have no responsibility for repayment of the bonds. Once the bonds are repaid, GreenCity would generate an estimated $20 million or more for Henrico to fund county services. Henrico officials plan a detailed review of the financial projections as part of the county’s due diligence of the proposal.

How would the arena be used?

Envisioned as a replacement for the now-closed Richmond Coliseum, the GreenCity arena would host touring concerts, family shows and potentially new sports teams, including ECHL Hockey and G-League Basketball.

GreenCity Development

GreenCity, LLC is proposing to develop a $2.3 billion, mixed-use ecodistrict community, with 2 million square feet of office space, 280,000 square feet of retail space, about 2,400 homes, a 17,000-seat regional arena and extensive parks, trails and open spaces. Henrico and GreenCity, LLC announced the plans Dec. 1, 2020.   

The 204-acre site is northeast of East Parham Road’s interchange with Interstate 95 and extends to Interstate 295. It includes a 93.6-acre property owned by Henrico that formerly served as a headquarters for Best Products. If approved, the development would repurpose the Best Products headquarters and its Art-Deco eagle statues as part of a model project for environmental sustainability in building redesign. Road access to GreenCity would come from two points on East Parham and from extending Magellan Parkway from Brook Road to the development via an overpass of I-95. 

Next Stages

The developers expect to submit plans and an application for rezoning to the UMU designation in early 2021. The county’s review would include public hearings by the Planning Commission and Board of Supervisors as well as community meetings. The Board of Supervisors will consider at its Jan. 26 regular meeting a proposed transfer for the Best Products site to the county’s Economic Development Authority (EDA). If the development is ultimately approved, the EDA would sell the site to GreenCity, LLC for $6.2 million – the amount Henrico paid for it in 2011.

Proposed Timeline 

• Early 2021: GreenCity, LLC submits plans and application for rezoning to UMU
• Jan. 26, 2021: Board of Supervisors considers the transfer of 93.6-acre Best Products site to the  Henrico EDA; EDA agrees to sell the property to GreenCity, LLC for $6.2 million
• To be determined: Henrico County Planning Commission and Board of Supervisors public hearings
• 2021-2024: Land assembly, planning, permitting, park boundaries and initial developments
• 2023: Arena bond closing
• 2025: Arena opens
• 2033: GreenCity buildout complete

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GreenCity, LLC

GreenCity, LLC is a joint venture between the firms of Concord Eastridge, Inc. (Susan Eastridge, CEO & President) and Future Cities, LLC (Michael Hallmark, Partner). They were part of a group that had proposed Navy Hill, an arena-anchored development for downtown Richmond.

More Information and Key Contacts

Henrico County Planning Department: planning@henrico.us, (804) 501-4602 

Henrico Economic Development Authority: Anthony Romanello, anthony@henrico.com, (804) 501-7521

GreenCity, LLC:  Jeff Kelley, jeff@kelleyus.com 

Website: henrico.us/greencity-info

GreenCity Location

District: Fairfield

Supervisor: Frank Thornton

Includes former Best Products heaquarters:

204 acres, north of East Parham Road at the Interstate 95 interchange, extending north to Interstate 295