ASM Global to develop, run GreenCity arena in Henrico
17,000-seat venue to be part of $2.3B mixed-use development
ASM Global will develop and operate the 17,000-seat arena at Henrico County’s $2.3 billion GreenCity development, county officials announced Monday.
Billed as what will be the nation’s greenest arena with net-zero energy impact, the venue is set to be part of a multiuse community with a focus on environmental sustainability at the intersection of Interstates 95 and 295 at East Parham Road, the former home of Best Products’ headquarters. Design of the arena is expected to be finished this fall, and construction is scheduled to start in early 2024, with completion in 2026, according to Monday’s announcement. GreenCity was announced in December 2020.
The county will issue and sell bonds to finance the arena, and on-site revenue will be used to pay them off. In January, the county Board of Supervisors established the GreenCity Community Development Authority to issue bonds and finance public infrastructure at the 204-acre property; the authority will have its own board, and JPMorgan Chase & Co. is expected to lead underwriting, the county said.
Officials from Henrico County, ASM and GreenCity developers didn’t specify particular music acts or sports that will be part of the arena’s schedule, but Liam Thornton, ASM’s executive vice president of development, said the company “believe[s] this is an optimal location for a new arena,” as it’s right off of I-95 and convenient for touring shows.
Michael Hallmark, a GreenCity Partners LLC principal and the project’s main developer, noted that many musical acts have become more environmentally conscious and would be interested in performing at the arena. He added that developers expect to be able to capture rainwater for future use and process organic waste on-site, part of the arena’s sustainability efforts.
Hallmark, an architect who has built other arenas, said that although the arena is the highest-profile part of the GreenCity project, it “is part of a much larger mosaic” and will not just consist of “a one-off arena and a parking lot.” The project is also expected to include two hotels with 600 rooms, about 2.2 million square feet of office space, 280,000 square feet of retail space, 2,100 residential units and green space and plazas. The entire development is expected to be finished by 2033 or 2034, officials have anticipated.
“It’s a beautiful development plan, impressive at every level,” ASM Global President and CEO Ron Bension said in a statement. “GreenCity offers tremendous synergies for the talent we hope to attract as well as the corporate partners we believe will be eager to be a part of this exciting project.”
ASM runs more than 300 stadiums, arenas and other venues around the world, including Charlottesville’s John Paul Jones Arena and Richmond’s Altria Theater and Dominion Energy Center in Virginia.