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A rendering of the GreenCity project.
The developers behind the old Navy Hill proposal in the city are not abandoning the development of a new arena in the Richmond area.
A group including Michael Hallmark and Susan Eastridge is forecasting a massive $ 2.3 billion development anchored in the arena at the former 93-acre Best Products site owned by Henrico, according to a county announcement this morning.
The project would include 2 million square feet of office space, 280,000 square feet of retail space, 2,400 housing units, two hotels and a 415,000 square foot arena with 17,000 seats.
The $ 250 million multi-purpose arena would be comparable in size to what Hallmark and Eastridge proposed as part of their involvement in the unsuccessful development of Navy Hill that would have replaced the Richmond Coliseum. This project was killed by Richmond City Council in a heap of controversy earlier this year.
County Director John Vithoulkis alluded to Navy Hill’s plight when speaking at today’s press conference how Henrico expects to handle things differently from the city.
“This is what we do at Henrico: smart business partnerships without risk and with significant benefit to the taxpayer,” he said.
GreenCity would be financed in part by the creation of a community development authority, which would allow the sale of private bonds which would be reimbursed with taxes generated by the development.
“GreenCity will be a private development funded by private bonds,” Vithoulkis said, adding that he had experience working with developers on large projects involving CDAs, such as Short Pump Town Center, Reynolds Crossing and White Oak Village. .
Henrico has owned the Best Products site, which sits along the I-95 corridor off Parham Road, since 2011. He paid $ 6.2 million for the property. The county said it would sell the property for the same price to the Eastridge and Hallmark company, pending supervisory board approval at its Jan. 26 meeting.
The developers plan to submit a rezoning proposal in early 2021 for the property to be designated under the county’s mixed-use urban classification.
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