"GreenCity" $2.3B Richmond area arena-anchored development proposed in Henrico (Hampton: sales, real estate)

[aquest1]

Only a few miles north of where Navy Hill would have likely transformed parts of downtown Richmond, this new development has taken shape in the county, which seems to have the backing of the Henrico County Board of Supervisors. City's loss is the county's gain. While it has the same backers, the funding mechanisms are critically different, and it appears ready to advance. How do we feel about this?

https://richmond.com/news/local/govt...home-top-story

...GreenCity, a $2.3 billion privately funded mixed-use development anchored by a 17,000-seat sports and concert arena, is set to be built on the site of the former corporate headquarters of catalog showroom retailer Best Products off of East Parham Road and Interstate 95 along with additional land to the north of the site, officials announced Tuesday.

The development company, GreenCity LLC, is a joint business venture between Concord Eastridge Inc. and Future Cities LLC. Dominion Energy executive chairman Tom Farrell, who was involved with Navy Hill project, is not attached to the project, said Jeff Kelley, a GreenCity spokesperson who also did public relations work for Navy Hill.

“GreenCity is poised to be a game-changer and something future generations will be proud of,” Henrico County Manager John Vithoulkas said during a news conference announcing the project on Tuesday.

To help finance the $245 million arena project, GreenCity LLC will ask the county to establish a community development authority, which would issue tax-free bonds. Plans call for the bonds to be issued in 2023 and would be paid over 30 years by using a portion of the additional real estate, sales and personal property taxes generated by the entire GreenCity project...

[rendering]

[mpier015]

Sucks that the city couldn't get something going but I wonder how viable large stadiums will be post pandemic.

[aquest1]

Originally Posted by mpier015

Sucks that the city couldn't get something going but I wonder how viable large stadiums will be post pandemic.

I'm less worried about the stadium as I am with the 2 million sq. ft of office/retail. I know everyone wants to get back to whatever new normal awaits post-pandemic, but I don't know if I see the demand for all that office space. On the flip, as people do work more from home, I can see entertainment districts/venues of all kinds having a greater significance since they provide an escape from home life.

[Ebck120]

Its so unfortunate the city council couldn't have made this happen in the city. 5 members of the council said that the city needs to focus on bigger priorities... I wonder why the road conditions in Richmond are still horrid.

[VA Yankee]

Maybe its time that the Mayor and the City Council become one team. Seems that since the Mayor became directly elected (which is fine) rather than being selected from the City Council Members the city runs on 2 governments. You have the Mayor and his team going in one direction and a City Council and their team going in another often in opposition to each other and at double the costs , is that what was really intended?

[AlekZD]

Seems pretty cool!

[ByWayofCanarsie]

Virginia needs a pro basketball team. This would almost do it!

[NJRAMAL]

Originally Posted by ByWayofCanarsie

Virginia needs a pro basketball team. This would almost do it!

Only if built with the NBA in mind and to their standards. And even if so the NBA wouldnt take a second look at Richmond. Tidewater yes. Richmond no. An NBA arena needs to be downtown or its outer ring any way.

[VA Yankee]

Originally Posted by ByWayofCanarsie

Virginia needs a pro basketball team. This would almost do it!

Would not be supported, locals are not willing to pay NBA costs and after the fiasco of the Red Skins Camp and the treatment of the Squirrels do they really have the ability to host the NBA?

[eandslee]

Originally Posted by NJRAMAL

Only if built with the NBA in mind and to their standards. And even if so the NBA wouldn't take a second look at Richmond. Tidewater yes. Richmond no. An NBA arena needs to be downtown or its outer ring any way.

I think that in a few years (if Richmond can continue to grow at a rapid rate) it could be considered for an NBA team (assuming a current team decides to move or if the NBA considers a team expansion). The arena won't be complete until 2025, so there is some time for the Metro area to grow a bit more, generate interest, promote the region, etc. Henrico is capable achieving this and will likely hire a company to manage the arena that should be shooting for such a goal anyway. Henrico is known for having and achieving lofty visions (and will be keen on making sure the arena is a success), whereas Richmond proper wouldn't be able to get passed all the NIMBYs and possesses a vision that only reaches as far as one can spit. The important thing to consider about an NBA team in the Richmond area is that it is centrally located in the state of Virginia and could potentially draw fans from as far north as Fredericksburg, C'ville/Waynesboro to the west, Hampton Roads to the east, and all the more rural areas from the south and southwest (i.e. Lynchburg, Farmville, Danville, etc.)...that is, of course, in addition to the Richmond Metro area proper. The Tidewater's location doesn't lend itself to draw from much more than pretty-much the Tidewater area...and Richmond. If it were to happen, I'm a bit more bullish on Richmond, mostly because of its location, and in addition, it will have a facility to support a team in about 5 years.