Featured image credit: GreenCity Partners/ASM Global
GreenCity Partners, the company behind a planned new $2.3bn (£1.9bn/€2.1bn) eco-district in Henrico County, Virginia, has agreed a deal for ASM Global to develop and operate a 17,000-seat multi-purpose arena that will serve as a central feature of the complex.
The arena will be designed to host touring concerts, family shows, sports and tournaments, with GreenCity planning on delivering the “greenest venue in the US”.
ASM Global will also partner with other components of the GreenCity development, including its main street retail and hospitality uses.
The complex will be largely funded by bonds issued through the recently established GreenCity Community Development Authority. The CDA will be overseen by a separate board, with JPMorgan Chase & Co. expected to lead the underwriting effort.
The arena site is located along Interstate 95 between East Parham Road and Interstate 295 and is seen as the best location for a major arena in Virginia. Henrico County was earmarked as the new destination for the development in December 2020 after the arena was originally proposed for elsewhere in Virginia.
As well as the arena, GreenCity will feature office, residential, retail and hotels designed to high sustainability standards. 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 US.
Michael Hallmark, GreenCity Partners principal, said: “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. Developing science-based targets and net-zero goals is just good business.”
Liam Thornton, executive vice-president of development at ASM Global, added: “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.
“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.”
Design for the arena will be finalised in the autumn, with construction expected to begin early next year. Completion is scheduled for 2026.
Share this