Henrico's $2.3 billion GreenCity development and arena project could be in jeopardy
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GreenCity rendering. Image: Courtesy of GreenCity
Henrico County recently sent default notices to the developer of its $2.3 billion GreenCity project, according to a scoop from BizSense.
Why it matters: The future of the mixed-use development, including its 17,000-seat arena — which would've replaced the long-shuttered Richmond Coliseum as the largest concert venue in the region — is now in question.
Catch up quick: In December 2020, Henrico announced plans to build GreenCity — an eco-friendly mixed-use project with an arena, hotels, housing, retail and office space, trails, and parks — on the 200-acre site off I-95 and I-295.
- The county tapped Michael Hallmark and Susan Eastridge — the developers behind the city's failed Navy Hill proposal (which included replacing the Richmond Coliseum) — to lead the project.
- GreenCity's first phase, the arena and hotels, were initially supposed to be delivered this year to open in 2026.
Zoom in: The developers, operating as Green City Partners LLC, haven't yet obtained financing, submitted plans, broken ground or paid most of the $6.2 million it owes the county, Henrico charged in a letter to GCP in July, per BizSense.
- Thus far, the developers have paid the county just $1 million in two installments. Its final payment of $5.2 million was due last month. It didn't come.
- After the missed February payment, Henrico slapped the developers with a second default notice for failure to pay.
- That notice followed one the county sent in December for nonperformance, which cited the lack of any work on the site or toward financing.
Of note: Green City Partners didn't respond to a request for comment by press time.
What's next: Now Henrico wants the site back so it can look for a new developer to deliver its GreenCity project.
- Per the county's purchase with the developers, they get an automatic 10-day extension to pay the $5.2 million they owe. That ends March 13.
Keep reading on Richmond BizSense to see the other local projects the developers are involved in.