Henrico County, Va. (Newsradiowrva.com) - Henrico County and developers for the $2 billion Green City project have decided to go in different directions.
The county is now set to reacquire the $2.3 million Best Products property from 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,” Henrico County said in a statement.
The decision was made after the developer failed to make a $5.2 million payment to Henrico within the defined grace period. The county is now set to take back the property, located at Parham and Interstate 95.
“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,” Henrico County said. “Once the repurchase process is complete, the county looks forward to working with interested arena operators and developers to make the vision a reality.”
Henrico will be working with the Economic Development Administration and the Henrico Sports & Entertainment Authority to find a new developer. County officials say the project will bring quality housing, more hotels and become a commercial hub.
