A 17,000 seat ‘green’ entertainment and sports arena has been announced by ASM Global and GreenCity Partners – the development corporation of Henrico County in Richmond, Virginia, as part of a proposed US $2.3 billion development of a new ‘eco-district.
The GreenCity district will be designed around principles that promote environmental sustainability, civic engagement and inclusion. The development is expected to integrate extensive parks, trails and open spaces, and include 2 million square feet of office space, 280,000 square feet of retail space, 2,400 housing units, hotels and the arena.
The partnership with ASM Global also provides for the venue operator’s involvement in other componenents of the project, including main street retail and hospitality uses that are likely to provide additional district synergies.
With over 350 premier venues worldwide, ASM Global has a diverse sports and entertainment portfolio of arenas, stadiums, performing arts centers, theaters and convention centers across five continents.
GreenCity Partners principal, Michael Hallmark, says: “What we wanted in an arena-development partner is someone that also understood district programming.
“The arena may well be the main attraction, but GreenCity is much more.”
Henrico County first announced GreenCity in December 2020 as a mixed-use development featuring office, residential, retail and hotel uses designed to high-sustainability standards as an eco-district. The arena is being planned as a net-zero energy project with additional design features and practices that developers believe will make it the greenest arena in the nation.
“A growing list of touring artists as well as corporate sponsors are viewing climate change action strategies as key factors in their decision process. They can go anywhere. We want them to come here,” Hallmark says. “Developing science-based targets and net-zero goals is just good business.”
“Henrico County is thrilled to welcome ASM Global as another key partner in GreenCity,” says Board of Supervisors Chairman, Frank J. Thornton, from the county’s Fairfield District. “The company has a stellar record operating hundreds of premier sports and entertainment venues throughout the world, including State Farm Stadium in Glendale, Arizona—the site of yesterday’s Super Bowl LVII. With our Community Development Authority in place and ASM Global added to our all-star team, GreenCity has tremendous momentum and is ready for takeoff.”
Construction of the arena is expected to be funded largely by issuing bonds through the GreenCity Community Development Authority, which was established by the Henrico Board of Supervisors on 24cth January 2023. The CDA will be overseen by a separate board. JPMorgan Chase & Co. is expected to lead the underwriting effort.
“Through most of last year, we had been focused on the formation of the CDA and the arena financing,” says Susan Eastridge from GreenCity Partners. “With the development entitlements in place and development agreements signed with the county, partnering with a world-class arena development and management partner was one of the last remaining pieces to advancing the arena design and construction.”
The arena site, located along Interstate 95 between East Parham Road and Interstate 295, is seen as the best location for a major arena in Virginia.
“We believe this location is optimal within the greater region, as the I-95 corridor connects touring shows from Boston to Miami. It will be a tremendous venue for us as well as Central Virginia,” ASM Global Executive Vice President of Development Liam Thornton says. “Additionally, the extensive work already done by Henrico County in terms of completing planning approvals, the development agreement and the formation of the CDA demonstrates their track record of successfully partnering with the private sector on consequential projects.”
“It’s a beautiful development plan, impressive at every level,” adds ASM Global President and CEO, Ron Bension. “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.”
Design for the arena will be finalized in the fall. Construction is expected to begin in early 2024 with completion in 2026.
Henrico County, Virginia is located along interstates 95, 64 and 295 in Virginia’s capital region, Henrico County is a diverse, highly educated community of about 340,000 residents and one of the Commonwealth’s top localities in both public and private sector employment as well as visitor spending. Henrico holds a AAA bond rating from the three major rating agencies, and its commitment to fiscal management is matched by its leadership in economic development and environmental stewardship.
Visit henrico.us and greencityva.com for additional information.
greencityva.com
About ASM GlobalASM Global is the world’s leading producer of entertainment experiences. It is the global leader in venue and event strategy and management—delivering locally tailored solutions and cutting-edge technologies to achieve maximum results for venue owners. The company’s elite venue network spans five continents, with a portfolio of more than 350 of the world’s most prestigious arenas, stadiums, convention and exhibition centers, and performing arts venues. Follow ASM Global on Facebook, Instagram, Twitter, and LinkedIn. asmglobal.com
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