Henrico will formally invite developers to express their interest and vision for an arena-anchored development on property that includes the former Best Products headquarters, along interstates 95 and 295 and East Parham Road.
Officials plan to issue in late April a formal solicitation known as a “request for interest” (RFI) for a major development opportunity centered around entertainment and tourism. Interested parties will then have 45 days to respond with submissions. A committee, which will include representatives of the Henrico Economic Development Authority and the Henrico Sports & Entertainment Authority and other officials, will review the proposals before forwarding a recommendation to the Board of Supervisors.
Henrico is taking these steps for the Best Products site after a development team was unable to complete its purchase of the 93-acre property and deliver its vision for a more than 200-acre mixed-use development known as GreenCity. The county’s repurchase of the land is expected to be completed by April 15.
“Henrico County is eager to attract a new partner or partners that are proven, competent and capitalized to deliver on what’s clearly a once-in-a-lifetime development opportunity,” County Manager John A. Vithoulkas said. “This location – along two major interstates – is perfectly suited for a large arena, and our region is starving for a venue to host major concerts, sporting events and other family entertainment. The county is issuing an RFI because we want to attract the best ideas for what this property can become. As a county, we are ready to move forward, and the building blocks for development are in place. Markel|Eagle Partners has begun site work for the residential component of this development, and the county has cued up key infrastructure projects, namely building Magellan Parkway across I-95, extending water and sewer infrastructure to the site and constructing the nearby Fall Line Trail.”
In reviewing submissions from the RFI, Henrico will continue to adhere to principles to protect the interests of county taxpayers, Vithoulkas said. Those include a firm schedule for development and key milestones, approved financing for the first phase of construction, the inclusion of full-service hotels and an arena to be financed privately through a community development authority.
Henrico issued a request for interest most recently in 2022 for the construction of a multifield baseball complex at Glover Park.
