Henrico's $2.3 billion GreenCity development and arena project could be in jeopardy
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.
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