Henrico to reacquire Best Products property from Green City developers

HENRICO COUNTY, Va. (WRIC) -- Henrico County will be reacquiring the $2.3 million Best Products property from Green City developers within about 30 days.

Green City is currently in the process of transferring the property back to Henrico County. The county said that "the parties have mutually agreed to go in a different direction," so any existing agreements will be terminated within about 30 days.

Henrico County originally gave Green City developers a last-minute deadline to make a $5.2 million payment for the land earlier this week.

The planned property purchase for the GreenCity Arena was announced back in 2020, with plans to include a 17,000-seat arena that aims to bring tourism and be eco-friendly.

"We welcome this opportunity and believe it will ultimately set the stage for the Best Products site to thrive as a large, mixed-use development anchored by a privately funded arena," Henrico County said. "Once the repurchase process is complete, the county looks forward to working with interested arena operators and developers to make the vision a reality."

Henrico will be working closely with the Economic Development Administration and the Henrico Sports & Entertainment Authority to find a new developer.

By reacquiring the property, the county says the project will bring quality housing, more hotels and become a commercial hub.