“Henrico County will reacquire the Best Products property from the Green City developers. The parties have mutually agreed to go in a different direction, and the developers will expeditiously work to transfer the property back to the county and terminate the existing agreements. The process will take roughly 30 days.
We welcome this opportunity and believe it will ultimately set the stage for the Best Products site to thrive as a large, mixed-use development anchored by a privately funded arena. Once the repurchase process is complete, the county looks forward to working with interested arena operators and developers to make the vision a reality. The need is abundantly clear. Our region remains the most underserved community along Interstate 95 in terms of a venue capable of hosting large concerts, sporting events, and other family entertainment. This economic development and tourism project will also bring more quality housing, hotels, and commercial cores to the county, making it a destination center.
Henrico is eager to move forward and will be working closely with the EDA and Henrico Sports & Entertainment Authority to identify a proven, competent, and capitalized development partner or partners with both the vision and the capacity to deliver a world-class private development for our community. Throughout this process, we will continue to protect the interests of the county and our taxpayers as we have every step of the way.”
