Prospective partners have until July 28 to submit formal responses
Henrico County is moving forward with plans for an arena-anchored development along a prime stretch of Interstate 95 by inviting developers and other potential partners to formally express their interest and vision for the project.
The Henrico Economic Development Authority (EDA) issued today a “request for interest” (RFI) solicitation for a mixed-use development on property that once served as headquarters for the retail chain Best Products, along interstates 95 and 295 and East Parham Road. Master developers, arena operators and other prospective partners will have until Monday, July 28, to respond formally with submissions of a “statement of interest” in the development. A committee that will include representatives of EDA, the Henrico Sports & Entertainment Authority and other county offices will review the proposals before forwarding a recommendation to the Board of Supervisors.
“Henrico County is ready to engage with the development community to select a partner or partners with the expertise, vision and resources to transform one of the mid-Atlantic’s premier sites into a world-class entertainment destination for residents and visitors alike,” County Manager John A. Vithoulkas said. “Our region and its 1.3 million residents are yearning for a modern arena that can host major sporting events, concerts and other entertainment year-round. This location – along interstates 95 and 295 and easily accessible from Interstate 64 – is ideal, and the time is right to bring this kind of transformative development to the heart of Henrico.”
The 93-acre property – dubbed Best Products Reimagined – represents the southern portion of a 200-acre district that was originally envisioned for a development known as GreenCity. The property’s approved master plan and zoning allow for an arena, 1.9 million square feet of office space, 135,000 square feet of retail space, three hotels with 600 rooms apiece, 2,138 residential units and parks and other green spaces.
As part of the RFI, Henrico officials recommend revising the master plan to reflect current development and industry trends, with likely more density, less office space and an adjustment to the arena’s location to maximize its visibility and connectivity within the development. The county seeks an accelerated timeline for arena construction and expects the development will generate as many as 8,000 jobs and $1.4 billion in economic impact at buildout. The previous developers of the Best Products site defaulted on their purchase agreement for the property by failing to make the final installment payment of the purchase price. EDA is enforcing its repurchase option and expects to complete the reacquisition of the site in the coming months.
“With development and tourism booming across Henrico and the region, it’s time to unlock the tremendous potential of the Best Products Reimagined site,” said Dennis Bickmeier, executive director of the Henrico Sports & Entertainment Authority. “From the county’s perspective, the ingredients for success – from major utility and transportation improvements to the arena’s financing mechanism – are in place and ready to go. What we need now are partners who can help us turn this incredible vision into a reality.”
Prospective responders with questions about the RFI are encouraged to contact Purchasing Director Oscar Knott at [email protected].