GREENCITY PARTNERS WITH ASM GLOBAL FOR DEVELOPMENT AND OPERATION OF PROPOSED HENRICO COUNTY, VIRGINIA, ARENA TO BE GREENEST IN UNITED STATES
(Los Angeles, CA – Feb. 13, 2023) — GreenCity Partners and ASM Global announced today they have entered into an agreement for the development and operation of the proposed 17,000-seat GreenCity Arena in Henrico County planned to be the greenest venue in the U.S.
The venue will be designed for touring concerts, family shows, sports and tournaments, and will be a central feature of the $2.3 billion development.
The agreement also provides for ASM Global to partner in other components of GreenCity, including its main street retail and hospitality uses that developers believe will provide additional district synergies.
ASM Global is the world’s leading venue management company and producer of live-event experiences. With over 350 premier venues worldwide, the company has a diverse sports and entertainment portfolio of arenas, stadiums, performing arts centers, theaters and convention centers across five continents.
“What we wanted in an arena-development partner is someone that also understood district programming,” GreenCity Partners principal Michael Hallmark said. “The arena may well be the main attraction, but GreenCity is much more.”
Henrico 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 ecodistrict. 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 said. “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,” said Board of Supervisors Chairman Frank J. Thornton of the 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.”
The arena construction will be largely paid for by bonds issued through the GreenCity Community Development Authority, which was established by the Henrico Board of Supervisors on Jan. 24. 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,” GreenCity Partners’ Susan Eastridge said. “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 said. “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.”
The mixed-use nature of the development, the creation of a district around the arena and its extensive focus on sustainability standards also were draws for ASM Global.
“It’s a beautiful development plan, impressive at every level,” ASM Global President and CEO Ron Bension said. “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. Images are available courtesy of GreenCity Partners and ASM Global.