Tag: development

Henrico County and an affiliate of Markel|Eagle Partners LLC came to an agreement Thursday to purchase the 110-acre Scott Farm property, which will be a key part of the $2.3 billion mixed-use GreenCity development, for $35.1 million.

First proposed in December 2020, GreenCity plans to include what is billed as the nation’s greenest arena, with 17,000 seats, as well as 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, all expected to be finished by 2033 or 2034. In February, ASM Global was named to manage the arena, which is expected to be delivered in the third quarter of 2026.

The county Economic Development Authority approved agreements in which it will purchase the western Henrico land from the Commonwealth Foundation for Cancer Research, a nonprofit started by Richmond philanthropists Bill and Alice Goodwin, and resell it to Scott Farm Partners LLC. The limited liability corporation is an affiliate of Henrico-based real estate development firm Markel|Eagle Partners, itself a spinoff of Markel Corp. and Eagle Construction of Virginia. The company will develop the eco-district’s residential buildings and an 80-acre park, and the EDA approved a ground lease with Markel|Eagle to provide land for temporary parking for GreenCity Arena, until a parking garage is completed.

Thursday’s votes by the EDA now get the residential section of the project moving.

Next on tap is a development agreement between the county, Markel|Eagle and the EDA, which the Henrico County Board of Supervisors is set to consider Sept. 12, according to the county, and further actions will be taken in late 2023 or in 2024.

Henrico already has conveyed the 93.2-acre Best Plaza property at the intersection of Parham Road and Interstate 95 to GreenCity Partners, the development company run by Michael Hallmark and Susan Eastridge, for inclusion in the project. To complete the sale of Scott Farm, north of Best Plaza at the intersection of I-95 and Interstate 295, Henrico and Markel|Eagle each will contribute $17 million, and the EDA will provide $1.1 million, according to the county. 

Under the proposed development agreement with Markel|Eagle, Henrico’s costs will be reimbursed in 20 years or less. Each year, Henrico will receive the first $1 million of increased tax revenues generated by the development, with additional increases in revenues dedicated to a new, enlarged community development authority that will help fund the arena, according to Thursday’s announcement.

“With the EDA’s votes today, Henrico and its partners are another step closer to fulfilling the vision for GreenCity as the largest and most consequential development in our county’s history,” EDA Executive Director Anthony J. Romanello said in a statement. “It will generate tremendous opportunities and economic benefits for Henrico and our residents for decades to come. Economic development projects, especially those on this magnitude, almost always require significant partnerships. In the case of GreenCity, we are blessed to have blue chip partners in GreenCity Partners and ASM Global. Now, we’re thrilled to welcome Markel|Eagle as the official residential developer for GreenCity.”