Call Toll Free +1 855-856-TIPS
Henrico County is en route to dazzle the state of Virginia with the construction of a new up-and-coming sports and concert stadium composed of 17,000 seats. Dubbed GreenCity and with a $245 million dollar budget privately funded by GreenCity LLC, the state of the art arena will redefine Interstate 95 and East Parham Road.
In order to acquire a guaranteed multi-million dollar total, GreenCity LLC will request Henrico County to issue tax-free bonds by 2023 via an established community development authority. These bonds would be paid over a duration of 30 years with the help of Greencity’s real estate, sales and personal property taxes. Proposals call for the arena to be publicly opened in 2025 while Village Center, the residential and office portion of the project, is anticipated to be completed in 2024.
Del. Delores McQuinn who represents parts of Henrico and Chesterfield county noted that the project will be, “Richmond’s loss and Henrico’s gain”. As Richmond shut down the opportunity to go forth with this deal, Henrico county accepted the offer; increased revenues, higher employment, and affordable housing seem promising in the nearby future.
Purchasing Scott Farm from Riverstone Properties will ensure GreenCity LLC that over 110.6 acres of land can be utilized for 2.2 million square feet of office space, 280,000 square feet for retail stores, 230,000 square feet for residential living, and two 300-bed hotels along with a conference center. GreenCity’s developers also plan to purchase Best Products headquarters from the county of Henrico for approximately $6.2 million. Due to the property being owned by the county, the Board of Supervisors will need formal votes regarding the decision to transfer or reject the transmission of the land. Residents of Henrico county will be able to weigh in their thoughts as well.
The new project is arranged to be an eco-district meaning it holds the encapsulated goal of diminishing the neighborhood’s ecological footprint. Notions of the project having net-zero energy, water, and waste are currently in the works. The assurement of streambeds and wetlands connected to the Chesapeake Bay Watershed are emphasized to remain untouched during construction.
Additionally, Henrico country is expected to soon be equipped with 1.5 miles of trails and a 40 acre park. As for now the initial start of the arena’s construction remains variable. With current plans, it is scheduled to be completely finished by 2033 but will most likely have its doors open starting in 2025.