Developer must make $5.2 million payment for Henrico arena project

HENRICO COUNTY, Va. (WRIC) -- Henrico County has given a development corporation a last-minute deadline to make a $5.2 million payment to complete a property purchase for the long-awaited GreenCity Arena.

Originally announced in 2020, the planned 'GreenCity' development in Henrico County is set to feature a 17,000-seat arena that has an eco-friendly focus while also bringing tourism to the county.

The estimated cost for the development, which hinges on a purchase agreement with Green City Partners and Green City Development Corporation, is $2.3 billion.

Henrico County Manager John Vithoulkas provided 8News with the following statement when asked about the timeline for the development and the developer's payment status.

"Henrico County continues to believe the Best Products property - located just off interstates 95 and 295 - is ideally suited for a large, mixed-use development anchored by a privately funded arena. Our region has tremendous untapped potential for a venue that can accommodate large concerts, sporting events and other entertainment. It also would create jobs, spur additional investment and raise the quality of life throughout our community. This has been validated with third-party reports throughout the years.

We are eager to move forward with development and believe it's appropriate for the Best Products property to revert to the county's control. Our purchase agreement with Green City Partners and Green City Development Corporation provides the company with a 10-day cure period in which they must make a $5.2 million payment to complete the purchase of the Best Products property. That period will close March 13. We look forward to a resolution." Henrico County Manager John Vithoulkas

From the initial announcement in 2020 to the current payment timeline issues, the county has repeatedly communicated its eagerness to move forward with the project, with approvals of property purchases and an arena manager announcement made back in 2023.