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Fact Sheet

Overview

  • GreenCity is the working name of a proposed mixed-use “ecodistrict” development in Henrico County, Virginia, to include 93.6 acres of land currently owned by Henrico known as “Best Products Plaza,” and 110.6 acres of land to the north known as the “Scott Farm”
  • These properties will be combined and rezoned ‘Urban Mixed-Use’ (UMU) to allow for the proposed density and uses
  • The new development will be planned as a net-zero ecodistrict, with buildings and infrastructure designed to the highest levels of sustainability
  • The development will be promoted to attract businesses and tenants who have adopted high sustainability goals, including Science-Based Targets Initiatives (SBTi), and/or are signatories to climate pledges
  • The balanced development includes inclusive multifamily residential, commercial office, hospitality, retail, and an arena designed around a village center connected by a continuous park system
  • Land assembly, planning and permitting, and establishment of the park boundaries will begin in 2021 and 2022 with:
    • Best Products headquarters adaptive reuse, along with some residential, delivered in 2023
    • Village Center portion and additional residential delivered in 2024
  • Total project investment will be in excess of $2.3 billion
  • 100% private financing and ownership

Size and Location

  • 204 acres, north of East Parham Road at the Interstate 95 interchange, extending north to Interstate 295
  • 7.19 million square feet, which includes:
    • Retail: 280,000 square feet, with 230,000 square feet in Village Center
    • Residential: 2,400 units, including townhomes, villas, 2 over 2s, villas, and multifamily units in the Village Center. Some affordable units will be developed in each of these categories
    • Office: 2.2 million square feet
    • Hotel and Conference: 430,000 square feet in Village Center
    • Arena: 17,000 seats, catering to touring concerts, family shows, and potentially ECHL hockey and G-League Basketball  

Sustainability Standards

  • Overall project will set standards of net-zero energy, net-zero water, and best sustainability practices in waste management for the entire 204 acres
  • GreenCity will establish boundaries and initiate protections of existing natural resources present on the site, including wetlands and streambeds that are part of the Chesapeake Bay Watershed
  • Developers will work with Henrico and the Commonwealth of Virginia to identify potential off-site reforestation areas to replace trees removed as a part of new construction
  • Individual building designs will include mass timber and cross-laminated timber construction in support of a reduced carbon footprint

Village Center

  • Diversity of uses with “Main Street” of shops and restaurants with multifamily homes above, along with office and arena
  • Diversity of tenants will include structuring opportunities for minority-owned businesses
  • A portion of the Village Center is planned to open in 2024, with additional office, retail, and residential development through 2033
  • Dedicated levels of shared parking for residential and retail customers, “wrapped” by residential units

Best Products headquarters

  • Adaptive reuse of former Best Products headquarters will be designed and operated to Living Building Challenge standards, and will seek that certification
  • Tenancy will be promoted as Class A commercial office space, emphasizing its sustainability features, including connections to outdoors, atrium, and usable green rooftop
  • 1930s Art Deco eagle sculptures rescued from New York’s now-demolished Airlines Terminal building will remain and more prominently incorporated into the overall site design

GreenCity Park System

  • Nine connected sub-park districts encompassing over 40 acres
  • 1.5 miles of protected trails with existing natural resources and enhanced wetlands with other outdoor features

Hotels and Conferencing

  • Two 300-room hotels developed in phases
  • Initial hotel to include conference center, with second hotel to follow as market allows

Residences

  • 2,420 units, including 1,200 multifamily over retail, 420 “two-over-two” stacked townhomes, 320 full townhomes, 140 villas, 120 single-family homes, 120 senior multifamily homes, and 70 senior villas
  • Residential spread between Village Center and additional walkable neighborhoods north of planned Magellan Parkway extension

Arena

  • State-of-the-art arena will be “greenest” venue yet built
  • Unique market position will enhance marketing partnerships with both local and national business community
  • Up to 17,000 spectators
  • Two public concourses, private mezzanine with 28 suites, specialty lounges
  • Appeals to concerts, family shows, sporting events, and conventions with well-positioned and accessible location on the I-95 corridor

Arena Financing

  • Bond closing in 2023 with proceeds sufficient to deliver new arena
  • 30-year repayment via a Community Development Authority (CDA), where new incremental taxes, plus certain arena-generated revenues, are contributed to bonds
    • Total arena revenues over bond term: $1.4 billion
    • Total gross debt service over bond term: $650 million
    • Total to Henrico County over bond term: $750 million
  • Turbo redemption feature could repay bonds in 13 to 22 years
  • Once bonds are repaid, all tax revenues will accrue to Henrico County

Timeline and Sequencing

  • Dec. 1, 2020: Henrico endorsement of development vision
  • Early 2021: Formal GreenCity LLC submission of plans and application for rezoning to Urban Mixed-Use (UMU)
  • Jan. 26, 2021: Regular Board of Supervisors meeting to propose transfer of 93.6-acre Best Products site to Economic Development Authority (EDA)
  • 2021-2024: Land assembly, planning, permitting, park boundaries, and initial developments
  • 2023: Arena bond closing
  • 2025: Arena opens
  • 2033: GreenCity buildout complete
 
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