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Aiming for the fences

When renters tour the new Novel apartment building in Richmond’s Scott’s Addition neighborhood, one fifth-floor vantage point has particular appeal. The windows on the building’s east side look across Arthur Ashe Boulevard onto the site where the Richmond Flying Squirrels’ new baseball stadium, CarMax Park, is expected to open in time for the 2026 season.

“It’s a lot of fun when we are giving tours. You’re looking down into the progress,” says Brandon Wright, managing director for Crescent Communities, the North Carolina developer that built Novel with Richmond’s Thalhimer Realty Partners. In August, Crescent began marketing about half of Novel’s 275 units. “We’ve certainly seen a demand for units on that side of the building.”

Crescent was driven to invest in the project, its entry into greater Richmond, by the hot Scott’s Addition neighborhood — known for its popular breweries, eateries and entertainment options — and plans for the adjoining $2.4 billion mixed-use Diamond District development, which is being led by Thalhimer.

“This is the hottest market in the entire Richmond MSA,” Wright says.

Wright’s observations echo the city government’s excitement about the Diamond District project, which will include replacing the nearly 40-year-old Diamond baseball stadium with the new $117 million-plus, 8,000-seat CarMax Park stadium.

But that’s far from the only major development happening in the greater Richmond region. From a massive indoor farm and sports arenas to manufacturing and office development, the state capital and its surrounding counties are ripe for growth.

Richmond

Over time, the Diamond District will be more than a baseball hub. Development plans for the 67-acre neighborhood call for as many as 3,000 residential units, 935,000 square feet of office space, 195,000 square feet of retail and community space, and a hotel. 

“It’s an opportunity to intentionally create a neighborhood that meets some economic development goals — bringing jobs, affordable housing [and] also public amenities like a stadium,” says Matt Welch, Richmond’s acting director of economic development. “Residents have said loud and clear that they want the Flying Squirrels to stay in Richmond, while creating an intentional neighborhood.”

Currently, much of the predevelopment work has involved putting in infrastructure and utilities, says Jason Guillot, principal with Thalhimer Realty Partners and managing partner for Diamond District Partners, the joint venture developing the project.

CarMax Park is set to debut for baseball’s opening day in April 2026 as part of the Diamond District’s first phase, which will likely not be completed until 2028, says Guillot.

“With a project this large and complex, the key is to break it down into bite-size pieces and to plan, design and then build while managing the expectations of every internal and external stakeholder, which for us is the most arduous task, as there are many,” Guillot says.

It’s unclear whether a $40 million lawsuit filed by a Connecticut developer against Diamond District Partners will delay the timetable. In the lawsuit, Republic Projects claims it was cut out of the development deal after initially being a partner.

However, “I think it’s fairly obvious to anyone driving by the site that this project is moving forward,” says Guillot, who adds he cannot comment on pending litigation.

Closer to downtown Richmond, Arlington County-based CoStar Group is moving forward on the $460.5 million expansion of its riverfront Richmond campus. The global real estate data and analytics company, which is known for its Apartments.com and Homes.com brands, is building a 26-story office tower and a six-story building adjacent to its main hub at 501 S. Fifth St. CoStar expects to add about 2,000 jobs and 750,000 square feet of office space through the expansion, which is projected to be mostly complete in 2026.

The company’s new Corporate Innovation Campus in Richmond will house employees in sales, marketing, software development and other divisions.

As part of the benefits package for CoStar’s Richmond expansion, the state legislature approved a $15 million grant reimbursing the company for public infrastructure improvements, including commuter access and parking and pedestrian access. The grant is contingent on CoStar reaching at least 90% of its pledged job creation and capital investment targets by Dec. 31, 2028. 

Another major project underway in the city is the 7,500-capacity, $30 million outdoor Allianz Amphitheater at Riverfront. A project led by Charlottesville’s Red Light Ventures and Live Nation, the amphitheater is expected to open in time for the summer 2025 concert season. The first new major concert venue in Richmond in decades, the amphitheater will be set on 4 acres near the banks of the James River, near CoStar’s Richmond campus and Tredegar.

In September, Plenty Unlimited opened its Chesterfield indoor vertical farm, which will produce 4 million pounds of Driscoll’s strawberries each year. Photo courtesy Plenty Unlimited

Henrico County

In neighboring Henrico County, GreenCity, a planned multibillion-dollar, 220-acre residential, commercial and entertainment community, is slowly moving forward.

Originally announced in 2020 as an environmentally friendly mixed-use development to be built around a 17,000-seat sports and entertainment arena, GreenCity has been delayed due to rising construction costs and financing needs, says Anthony Romanello, executive director of Henrico’s Economic Development Authority.

However, construction on the project’s residential portion is expected to begin in January 2025. “We don’t have a timeline on the arena, but we are excited that dirt will be turning,” Romanello says of the project from Concord Eastridge and Future Cities.

An arena would benefit Henrico’s sports tourism economy, says Romanello, noting that there’s already been high demand for the county’s Henrico Sports & Events Center, which opened in December 2023 off Interstate 95 in northern Henrico and has been booked for at least 46 weekends, he says.

“Sports tourism is a growth industry,” Romanello says. “We are working very hard to seize that opportunity. It’s a great revenue opportunity for the county.”

In the county’s East End, plans are underway for White Oak Technology Park II, a 622-acre site in Sandston that was rezoned to allow data center development. QTS Data Centers completed its purchase of the property this past summer for approximately $137 million.

Henrico already houses approximately 16 data centers, including several at the original White Oak Technology Park, located at the intersection of interstates 64 and 295 in eastern Henrico.

Romanello estimates that it could be 10 years before the second White Oak tech park is fully built.

To be sure, data centers have been fruitful for Henrico. From 2017 to 2024, through real estate and business property tax revenues, data centers have contributed more than $18 million to the county coffers.

Henrico’s board of supervisors announced in May that it would funnel unbudgeted revenue from data centers to a county affordable housing fund grant program.

Chesterfield County

Indoor vertical farming and a Lego toy-making factory are some of the newest developments in Chesterfield, a testament to the area’s economic development focus on manufacturing and production.

Last year, Danish toymaker The Lego Group broke ground on a $1 billion, 340-acre manufacturing campus in Chesterfield’s Meadowville Technology Park, with plans to begin production in 2025. But that timeline has been pushed back to 2027, due to finalizing agreements with the general contractor and assessing design and ramp-up plans. 

Even so, construction is already taking place at the site, and Lego’s first building is expected to take shape within the next six months, says Matt McLaren, deputy director for Chesterfield Economic Development.

Already, Lego has hired 300 people to work at a temporary packing and training facility in the county, and Lego plans to hire a total of more than 1,750 employees in Chesterfield over the next decade.

“We are really excited to continue to partner with Lego,” McLaren says. “They are keeping all of their promises moving forward. This is one of the largest projects in the county and in the region.”

According to Lego, its Virginia facility will expand its global manufacturing network and support its sustainability goals, with energy efficient production equipment and manufacturing processes that minimize energy use. It also aims to locate more factories closer to major markets, so that it can respond quickly to shifts in demand for products and shorten its supply chain, says Lego spokeswoman Colleen Arons.

Once complete, the Lego campus is expected to house 13 buildings and a high-bay warehouse, all housing everything from offices to operations such as molding, processing and packing.

Nearby, another tenant in the county’s Meadowville Technology Park, California-based vertical indoor farming company Plenty Unlimited, expects to reap the first fruits from its new $300 million indoor vertical farm in early 2025.

Plenty opened its 120-acre, multibuilding Chesterfield campus in September, its second farm and its first production site on the East Coast. Also its first berry farm, the facility will grow more than 4 million pounds of Driscoll’s strawberries a year on 30-foot-tall towers inside an approximately 40,000-square-foot space. Plenty’s farms use artificial intelligence and other technology to grow produce in indoor spaces that aren’t subject to variables in temperature and weather conditions.

Initially, the company planned to hire 60 employees, but as it expands its Chesterfield campus, it hopes to grow to more than 300 employees.

“We’re supportive of these kinds of projects,” says McLaren. “They are not like the typical greenhouse. They use industrial levels of power and light and nutrients. The scale of these buildings is such that it needs to be supported in an industrial park area, rather than outside on the farm.”

Both Plenty and Lego are examples of the ways that manufacturing jobs stretch across industries.

And that lines up with Richmond area economic trends. Since July, the majority of the Richmond region’s active development projects have involved manufacturing, followed by life sciences and food and beverage businesses, says Jennifer Wakefield, president and CEO of the Greater Richmond Partnership.

Meanwhile, Chesterfield continues attracting big manufacturing operations to Meadowville. This summer, Danish electrolyzer manufacturer Topsoe paid $4.95 million for about 57 acres at the county technology park, where it plans to build a $400 million manufacturing plant and create 150 jobs.

Located across the street from Lego’s campus, the company’s facility will manufacture solid oxide electrolyzer cell stacks, which are used to produce renewable hydrogen.

A Topsoe spokesperson has said that the company expects construction on this project to take two years.

In September, Garrett Hart, Chesterfield’s director of economic development, noted Topsoe was working on a site plan and expects to begin construction in 2025.

“They’re moving forward,” Hart said.  

Virginia Museum of Fine Arts Photo courtesy Virginia Tourism Corp.

Greater Richmond at a glance

Founded in 1737 by Col. William Byrd II, Richmond is known as the River City for its location on the James River. The state’s capital, Richmond is home to the Virginia General Assembly and much of state government. The metro region, which includes Chesterfield, Goochland, Hanover and Henrico counties, is home to 11 Fortune 1000 companies. The region is also home to the University of Richmond, Virginia Commonwealth University, Virginia State University and Virginia Union University.

Population
226,604 (city); 1.3 million (metro region)

Major employers

VCU/VCU Health System:
21,300 employees

Capital One Financial: 13,000

HCA Virginia Health System: 11,200

Bon Secours Richmond: 8,500

Dominion Energy: 5,400

Amazon: 5,100

Major attractions

Richmond is home to historical and cultural attractions such as the Poe Museum, the American Civil War Museum, the Virginia Museum of Fine Arts, the Virginia Museum of History & Culture and the Black History Museum and Cultural Center of Virginia. Visitors can also enjoy time outside at Maymont park or the Kings Dominion amusement park in Hanover. Carytown, the Fan District and Scott’s Addition offer many options for shopping, dining and entertainment.

Fortune 500 companies

Altria Group

Arko

CarMax

Dominion Energy

Genworth Financial

Markel Group

Owens & Minor

Performance Food Group

Notable restaurants

21 Spoons
New American, 21spoonsmidlo.com

Buttermilk and Honey
American fast casual, buttermilkandhoneyrva.com

Lemaire
New American, lemairerestaurant.com

L’opossum
Modern French, lopossum.com

Stella’s
Greek, stellasrichmond.com

October 2023 Top Five

The top five most-read daily news stories on VirginiaBusiness.com from Aug. 16 to Sept. 14, 2023, were led by the news that Bon Secours filed suit against Anthem in Henrico County Circuit Court.

1  |  Bon Secours sues Anthem for $93 million

The health system alleges that insurer Anthem Health Plans of Virginia owes unpaid claims. (Aug. 28)

2  |  Richmond casino reintroduced with new name

Urban One unveiled a new moniker for the $562 million resort casino city voters will reconsider in a fall referendum: Richmond Grand Resort & Casino. (Aug. 31)

Rendering courtesy Henrico County

3  |  Dominion Energy announces $14 billion sale of three natural gas companies

The Fortune 500 utility said it will sell three natural gas distribution companies to Canadian pipeline and energy company Enbridge. (Sept. 5)

4  |  Henrico County, Markel|Eagle acquire land for GreenCity

Henrico County and an affiliate of Markel|Eagle Partners agreed to purchase the 110-acre Scott Farm property for $35.1 million; the site will become part of the $2.3 billion GreenCity development. (Aug. 17)

5  |  Va. Lottery’s Gee tapped as next secretary of commonwealth

Gov. Glenn Youngkin appointed Virginia Lottery Executive Director Kelly Gee as secretary of the commonwealth after Kay Coles James stepped down to become a senior adviser to Youngkin’s Spirit of Virginia political action committee. (Aug. 29)

Henrico County, Markel|Eagle acquire land for GreenCity

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.

GreenCity properties. Image courtesy Henrico County

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.” 

Wheels rolling on Henrico arena

Plans for a 17,000-seat arena in Henrico County are rolling forward, now with an international operator, ASM Global, on board. The centerpiece of the $2.3 billion GreenCity development, the venue is expected to be delivered in the third quarter of 2026.

Although the project’s design is being finalized, developers say it will be the nation’s greenest arena. With net-zero energy impact, the arena will capture rainwater for future use and process organic waste on-site.

Primary developer Michael Hallmark, a GreenCity Partners LLC principal, says he expects many environmentally minded music artists will be interested in performing there. Rock band Coldplay played the debut concert at Seattle’s redeveloped Climate Pledge Arena to support its green mission, and performers such as Dave Matthews, Billie Eilish and Pink have made donations to climate organizations to offset the environmental impact of their tours.

“Sustainability is without a doubt a high priority” for performers, Hallmark adds. “I think it’s more and more getting to be that way.” As a result, the arena will likely attract more big concerts, and Hallmark also expects the venue to host first- and second-round NCAA men’s basketball tournament games and possibly a local minor league hockey team.

Liam Thornton, ASM Global’s executive vice president for strategy and development, said in early February that the company “believe[s] this is an optimal location for a new arena,” as it’s right off Interstate 95 and convenient for touring shows.

Construction costs for the arena are expected to range between $350 million and $400 million, says Hallmark, who expects a “pretty substantial core” of hotels, parking areas, office and retail space to open simultaneously as part of the mixed-use development.

GreenCity’s plans include 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. The entire development is expected to be finished by 2033 or 2034.

In January, Henrico supervisors established the GreenCity Community Development Authority to issue bonds and finance public infrastructure at the 204-acre property, the site of the former Best Products corporate headquarters campus.

ASM Global manages more than 350 stadiums, arenas and other venues around the world, including Charlottesville’s John Paul Jones Arena and Richmond’s Altria Theater and Dominion Energy Center. Hallmark says while ASM’s regional presence is nice, its international reach is “even more important.”

ASM Global to develop, run GreenCity arena in Henrico

ASM Global will develop and operate the 17,000-seat arena at Henrico County’s $2.3 billion GreenCity development, county officials announced Monday.

Billed as what will be the nation’s greenest arena with net-zero energy impact, the venue is set to be part of a multiuse community with a focus on environmental sustainability at the intersection of Interstates 95 and 295 at East Parham Road, the former home of Best Products’ headquarters. Design of the arena is expected to be finished this fall, and construction is scheduled to start in early 2024, with completion in 2026, according to Monday’s announcement. GreenCity was announced in December 2020.

The county will issue and sell bonds to finance the arena, and on-site revenue will be used to pay them off. In January, the county Board of Supervisors established the GreenCity Community Development Authority to issue bonds and finance public infrastructure at the 204-acre property; the authority will have its own board, and JPMorgan Chase & Co. is expected to lead underwriting, the county said.

Officials from Henrico County, ASM and GreenCity developers didn’t specify particular music acts or sports that will be part of the arena’s schedule, but Liam Thornton, ASM’s executive vice president of development, said the company “believe[s] this is an optimal location for a new arena,” as it’s right off of I-95 and convenient for touring shows.

Michael Hallmark, a GreenCity Partners LLC principal and the project’s main developer, noted that many musical acts have become more environmentally conscious and would be interested in performing at the arena. He added that developers expect to be able to capture rainwater for future use and process organic waste on-site, part of the arena’s sustainability efforts.

Hallmark, an architect who has built other arenas, said that although the arena is the highest-profile part of the GreenCity project, it “is part of a much larger mosaic” and will not just consist of “a one-off arena and a parking lot.” The project is also expected to include 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. The entire development is expected to be finished by 2033 or 2034, officials have anticipated.

“It’s a beautiful development plan, impressive at every level,” ASM Global President and CEO Ron Bension said in a statement. “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.”

ASM runs more than 300 stadiums, arenas and other venues around the world, including Charlottesville’s John Paul Jones Arena and Richmond’s Altria Theater and Dominion Energy Center in Virginia.

 

Creating community vibes

In Virginia Beach, most tourists flock to the Oceanfront. But just a couple blocks west, you’ll find an area that feels a little more artsy and a lot more local.

In the 15-block ViBe Creative District, situated between the Virginia Beach Convention Center and the Oceanfront, coffee shops and restaurants operate out of former industrial spaces, alongside fences and crosswalks decorated with colorful murals.

Local business owners started discussing the need for creating a unified district around 2011. Over the next few years, the effort grew. By 2015, Virginia Beach City Council passed an ordinance establishing the ViBe as the city’s official creative district. What was once an underdeveloped and rundown industrial area — a place that was “not for people,” as one longtime resident puts it — has blossomed into a cultural mecca with trendy shops and weekend farmers markets.

Kate Pittman, executive director of the nonprofit ViBe Creative District organization, which supports and promotes the district, says the district’s founders deliberately planned for it to become the “No. 3 destination” in Virginia Beach, behind the Oceanfront and the upscale Town Center, a mixed-use district with a blend of retail, restaurants, hotels and office towers.

“The ViBe district is something that has very much that local flavor and really is the kind of locals’ opportunity to win and live the life of their dreams in their own hometown,” she says. “So, for us, we think it’s a beautiful asset [for] tourism because while [tourists are] here in Virginia Beach exploring the Oceanfront, they can come inland just a few blocks and get to meet and see local business leaders and local artists engaging in beautifying Virginia Beach and making it just something new and different and really enriching.” 

The ViBe district’s creation was no coincidence. It’s a primary example of placemaking — a term developers use to describe the purposeful development of people-centric public spaces and districts. Placemaking is defined by vibrant, transit-oriented walkable neighborhoods and a mix of retail, offices, residential and even hotels.

From farm to metropolis

Placemaking is more than just physical buildings or a design philosophy, says Juanita Hardy, managing principal of Silver Spring, Maryland-based Tiger Management Consulting Group LLC and a former senior visiting fellow for creative placemaking at the Urban Land Institute. It’s about what goes on around a development, including parks, public art and events programming — everything that attracts people to spend time in an area.

While there are multiple ways of interpreting it, placemaking in Virginia dates back at least 60 years, when developers had a vision for the transformation of Tysons Corner. What had once been a rural crossroads marked by farms and a mom-and-pop gas station has grown into a thriving edge city lauded by planners and developers as one of the nation’s premier examples of placemaking. 

Now known as simply Tysons, it evolved from office parks and a sprawling shopping mall into a budding metropolis that is now home to corporate headquarters for Fortune 500 companies such as Freddie Mac, Capital One Financial Corp., Hilton Worldwide Holdings Inc. and Booz Allen Hamilton Inc.

Tysons “represented something new and profoundly different for Fairfax and all of the suburbs,” says Terry Clower, a professor of public policy at George Mason University and director of Mason’s Center for Regional Analysis.

Featured in the 1991 book “Edge City: Life on the New Frontier,” by Joel Garreau, Tysons forged the way for the success of other planned communities and developments.

“I don’t think Reston could have happened without the success of Tysons,” Clower says, referring to the similarly successful Fairfax County community that also began as a planned development in the 1960s and has now grown into a nearly 16-square-mile district featuring suburban neighborhoods, corporate office towers and the mixed-use Reston Town Center.

While placemaking is hardly a new trend, the idea of placemaking as an economic development panacea and redevelopment tool has gained popularity, with local governments even creating positions to support it.

“In conversation after conversation with business executives, we hear that a sense of place is paramount,” says Anthony Romanello, executive director of the Henrico County Economic Development Authority, which appointed a dedicated placemaking manager this year. “Creating workplaces that are attractive, fun, walkable and engaging is as essential to economic development as low taxes, good roads, quality schools and a pro-business climate.”

Virginia offers a variety of examples of placemaking in different stages of development, ranging from billion-dollar projects in the planning stages to mature communities like Tysons.

Changing identities

In Arlington County, a new neighborhood, National Landing, is rising around Amazon.com Inc.’s $2.5 billion-plus HQ2 East Coast headquarters. 

Bethesda, Maryland-based JBG Smith Properties, the real estate company developing HQ2 and the surrounding area, is aiming to create a “vibrant, transit-oriented, walkable” neighborhood there, “with ground-floor retail and a mix of uses,” says company Vice President Jack Kelly.

National Landing encompasses three older neighborhoods: Potomac Yard (straddling the Alexandria-Arlington line), Crystal City and Pentagon City (both in Arlington). In decades past, these were largely business districts that emptied out at the end of the day, encouraging car-centric commuting back and forth from the suburbs. But local economic developers and JBG Smith are hoping to unite them under the National Landing moniker as one downtown district — a place where people can live, work and play.

The late 2018 announcement that HQ2 was coming to Arlington presented the opportunity for a “big shift in our planning and development … to move toward good urbanism,” says Tracy Gabriel, president and executive director of the National Landing Business Improvement District (formerly known as the Crystal City Business Improvement District).

Amazon HQ2 will have about 4.9 million square feet of office space, divided across two phases: Metropolitan Park, the first phase, is set to open in 2023, with two 22-floor office towers, a 2-acre public park and 65,000 square feet of ground floor retail. The second phase, PenPlace, slated to open in 2025, includes plans for three additional 22-story towers. It’s also expected to feature HQ2’s centerpiece, the distinctive, 354-foot-high spiral-shaped Helix building.

But more than that is planned for National Landing. 

“Everything we do is rooted in that idea that we’ve got a big opportunity to really change the identity of a place that’s been around a long time,” Kelly says.

That means creating public spaces where people can gather, as well as adding design elements to create a sense of continuity in the neighborhood. “It’s really all about that civic space,” he says, “identifying those areas that are meaningful to the community … and then creating a landscape and streetscape that is attractive and unifying … across large areas.”

While National Landing is already well underway to fulfilling its vision of becoming a new community, other placemaking projects in Virginia are in earlier stages.

In Henrico County, developers are preparing to redevelop the former Best Products Co. corporate headquarters campus, which closed in 1997, into GreenCity, a $2.3 billion, 200-acre mixed-use “ecodistrict” that will include an up-to-17,000-seat multipurpose arena; two or three hotels; about 2,200 housing units; and 2.2 million square feet of office space.

Developers Susan Eastridge and Michael Hallmark brought the privately funded GreenCity project to Henrico after a similar, publicly funded project they pitched to Richmond, the $1.5 billion Navy Hill development, failed to receive support from Richmond City Council.

Henrico’s government has embraced GreenCity, which was announced in December 2020 and approved for rezoning by the Henrico County Board of Supervisors less than 10 months later. GreenCity’s full buildout will take 10 to 12 years, says Eastridge, CEO of Fairfax-based Concord Eastridge Inc. Construction is expected to begin by late 2023 or early 2024.

One of the core components of the project is the arena, which developers hope will attract major sporting and entertainment events. Hallmark, founder of Los Angeles-based Future Cities LLC, has a background in designing arenas. The co-founder of a handful of sports arena architecture firms, he helped lead the design of projects such as Los Angeles’ Crypto.com Arena. He hopes that GreenCity’s status as an ecodistrict — a development focused on environmental sustainability — will draw interest from large music acts that have pledged to make their tours ecologically friendly.

He and Eastridge also anticipate that GreenCity will be a magnet for businesses and residents who care about saving the planet. GreenCity’s sustainability features include devoting more than 20 acres of rooftops for a solar energy farm and harvesting and reusing rainwater.

JBG Smith Properties is developing National Landing as a “vibrant, transit-oriented, walkable” mixed-use neighborhood around Amazon.com’s HQ2 East Coast headquarters in Arlington, says company Vice President Jack Kelly. Photo by Will Schermerhorn
JBG Smith Properties is developing National Landing as a “vibrant, transit-oriented, walkable” mixed-use neighborhood around Amazon.com’s HQ2 East Coast headquarters in Arlington, says company Vice President Jack Kelly. Photo by Will Schermerhorn

Places in the pipeline

Around the commonwealth, placemaking can also be seen in the planning and creation of new buzzworthy downtown districts. Examples range from Norfolk’s Military Circle Mall redevelopment and Richmond’s Diamond District to Chesapeake’s Summit Pointe.

Norfolk is in early negotiations with developers, including music icon and Virginia Beach native Pharrell Williams, to redevelop the old Military Circle Mall property into Wellness Circle, a proposed $1.1 billion mixed-use community with 1 million square feet of office space, a 200-room hotel, 1,100 new housing units and a 15,000-seat arena. The project’s other developers include Virginia Beach-based Venture Realty Group and California arena management company Oak View Group. (Two other development teams, including groups connected with Virginia Beach hotelier Bruce Thompson and Pro Football Hall of Famer Emmitt Smith, submitted competing proposals for the project.)

In nearby Chesapeake, Fortune 500 discount retailer Dollar Tree Inc. is developing a downtown district around its 12-story corporate headquarters built in 2018. The $300 million Summit Pointe development is expected to have 1 million square feet of office space, 500,000 square feet of retail and 1,400 residences when all 70 acres are fully built out.

In 2018, Chesapeake Mayor Rick West described Summit Pointe as “the beginning of a new downtown Chesapeake.”

That’s how Chris Williams, a senior vice president with Dollar Tree and its Summit Pointe Realty subsidiary, sees it, too.

“There really isn’t a place [like this] in Chesapeake, so I think between the restaurant and the residential spaces we are building, it gives the community a place to come and enjoy,” says Williams, who now sees people in Summit Pointe gathering at Wasserhund Brewing Co. in the evenings or jogging around the streets. “It really becomes a community.” 

Another district primed for placemaking is the area around the Diamond, the aging stadium that’s home to Richmond’s Minor League Baseball team, the Flying Squirrels. The city wants to build a new baseball stadium as the centerpiece of a new, pedestrian-friendly residential, business and entertainment district. It’s planned for a 67-acre site that currently includes the stadium and underdeveloped properties alongside Interstates 64 and 95, not far from the popular Scott’s Addition neighborhood. Three teams have submitted competing redevelopment proposals. The city’s evaluation panel was expected to recommend a developer in late July to Richmond City Council, which would have to approve the development agreement.

Good ViBes

While National Landing, GreenCity and other places are in earlier stages of development, Virginia Beach’s ViBe Creative District, which has been around for about seven years, is blossoming. 

After the city redeveloped the convention center in 2005, there wasn’t anything nearby to attract convention-goers — just lots of vacant storefronts and industrial properties. “There was a real need to … breathe new life into this area,” says Pittman with the ViBe’s nonprofit booster organization.

In response to that problem, local business owners Laura Wood, whose family owns Croc’s 19th Street Bistro, and Andrew Fine, co-chairman of The Runnymede Corp., came up with the idea for the ViBe, rallying businesses and property owners to develop the community.

Together, Wood and Fine co-founded the ViBe. Working with the city and the Hampton Roads Community Foundation, they were able to launch the nonprofit group and hire Pittman in 2016. The nonprofit, which has raised more than $1 million since its founding, has evolved into an entity that is able to collaborate with the city’s economic development office to create a matching grant program for the district’s small businesses.

Today, the ViBe has a coworking space, restaurants and artsy shops, and hosts bustling flea markets and farmers markets during weekends.

The ViBe’s nonprofit developed a cohesive identity for the ViBe by engaging local artists to produce an array of colorful neighborhood identifiers such as fence murals and brightly painted street meters, signaling the district’s emphasis on creativity.

Michael Hallmark, founder of Future Cities LLC, is co-developing GreenCity, a $2.3 billion redevelopment of the former Best Products corporate headquarters in Henrico County into a mixed-use ecodistrict with hotels, housing, offices and a multipurpose arena. Photo by Matthew R.O. Brown
Michael Hallmark, founder of Future Cities LLC, is co-developing GreenCity, a $2.3 billion redevelopment of the former Best Products corporate headquarters in Henrico County into a mixed-use ecodistrict with hotels, housing, offices and a multipurpose arena. Photo by Matthew R.O. Brown

“Creative placemaking through art supports a triple bottom line for sustainable communities and creative energy enhanced by creative arts,” says Wood, and that translates into economic benefits, health and environmental benefits, and social cohesion.

“We believed these creative and public art spaces must be discovered, seen, felt, heard, tasted, smelled and touched,” Wood says. “It could be explored on fence walls, streets, sidewalks, parking lots, open spaces and gardens, alleyways and buildings. I saw a blank canvas for ViBe and the 19th Street corridor via the Old Beach Farmers Market to create a heartbeat in our neglected neighborhood that could be filled with authentic local food, farmers, spaces with paint, native gardens and an environmentally friendly, artful soul and emotion to entice, with creative opportunities to be discovered.”

Another integral figure in the ViBe’s development is L.G. Shaw, president of Wave Riding Vehicles, a Virginia Beach-based retailer and manufacturer of surfboards and sporting apparel and goods.

Growing a community is not a new concept to Shaw. “Being surfers first, we’ve always had to build our own sort of clubhouse and community here in Virginia Beach,” he says. “Surf shops have always been a placemaking headquarters on accident — that’s where [surfers] went back in the day.” 

WRV had unused warehouse spaces around the district, so Shaw decided to lease the spaces to “cool little artistic” businesses like North End Bag Co., where shoppers can buy handbags made by hand right on premises. Nearby, Igor’s Custom Signs & Stripes makes hand-painted signs, banners and murals, and Jars of Dust makes and sells handcrafted ceramics carried by national retailer Anthropologie.

More than 50 businesses have opened or expanded operations in the ViBe since 2015, and real estate values within the district rose by more than $45 million collectively between 2015 and 2021.

It shouldn’t come as a surprise, then, that other developers are hoping to capture some of the ViBe’s vibe.

“I think the ViBe district has organically and authentically evolved into a vision of what Virginia Beach could be,” says Donna MacMillan-Whitaker, managing partner of Venture Realty Group, which is co-developing the nearby
$350 million Atlantic Park with Pharrell Williams. “We want to expand on and help anchor that.”

Tysons is a nationally recognized example of placemaking, evolving from a rural crossroads in the early 1960s to a budding metropolis that is a headquarters for several major global companies, including Capital One Financial Corp. and Mars Inc. Photo by Will Schermerhorn
Tysons is a nationally recognized example of placemaking, evolving from a rural crossroads in the early 1960s to a budding metropolis that is a headquarters for several major global companies, including Capital One Financial Corp. and Mars Inc. Photo by Will Schermerhorn

In its first phase, set to break ground in October, the Atlantic Park project, which will be about three blocks from the ViBe, calls for a 2-acre, manmade wave lagoon, 120,000 square feet of retail, 310,000 square feet of residential living space, 15,000 square feet of office space and a 3,500-seat entertainment venue.

The ViBe was “a true grassroots effort by a passionate and dedicated community group,” MacMillan-Whitaker says. “Look around the country at other successful cities — which cities are expanding, retaining their talented youth, growing their population, their tourism, and even their wages? Art and culture and placemaking are what people want to be a part of.”

 

 

 

 

 

 

RIR president to head Henrico sports/entertainment authority

Henrico County officials on Wednesday named longtime Richmond Raceway President Dennis Bickmeier to lead its new sports and entertainment authority.

Bickmeier’s last day with the raceway, where he has led for more than a decade, is April 15. He will begin working in his new role on April 18.

“With Dennis Bickmeier serving as our executive director of the Henrico Sports and Entertainment Authority, we will immediately insert an industry expert who knows and loves our region,” said Supervisor Dan Schmitt, Brookland district, and chair of Richmond Region Tourism. “He is tested, and he is trusted, having spent years working alongside public officials, hotel operators and stakeholders.”

The county Board of Supervisors established the sports and entertainment authority in April 2021 and approved $585,896 for its personnel and operations in the 2021 to 2022 fiscal year budget. The authority currently has two staff members who transferred from the county’s Division of Recreation and Parks. Dawn H. Miller serves as tourism supervisor, and Michael McCormack as sports tourism coordinator.

“Sports is a business,” Bickmeier said. “Entertainment is a business … Event promoters make decisions based on what is best for their business … They’re going to ask us, can their business be successful by coming to Henrico County. It’s our job to show them why Henrico County, why this region, is best for their business for sports and entertainment experience. Our team will work every day to deliver against that mission.”

As raceway president, Bickmeier oversaw the 1,100-acre track that hosts two NASCAR weekends and has more than 200 event days a year. He oversaw the $30 million infield improvements that the raceway completed in 2018 and its transformation into a mass COVID-19 vaccination and testing site.

Bickmeier has held positions with Michigan International Speedway, Auto Club Speedway, in California, and the NCAA’s Big West Conference. He has also worked in the front office for major league sports teams including the NFL’s Los Angeles Rams (the first time the team was based in LA), the MLB’s Los Angeles Angels and the NHL’s Anaheim Ducks.

He lives in Glen Allen and serves on the boards of Richmond Region Tourism, the Henrico Education Foundation and the Henrico Police Athletic League.

Bickmeier earned a bachelor’s degree in journalism and a master’s degree in sports administration and facility management from Ohio University.

Along with promoting sports and entertainment tourism, the authority will manage the county’s public-private facilities, including the 180,000-square-foot indoor sports center at Virginia Center Commons expected to be completed in September 2023 and the $2.3 billion GreenCity mixed-use development.

The authority is ready to knock on doors that haven’t been knocked on in a while, Bickmeier said.

“If we get a facility that has the ability to host the NCAA tournament, that’s a door we’re going to knock on,” he said. “But it takes our local universities to partner on something like that. You look at other events, national governing bodies like USA Gymnastics, USA Track and Field, those types of things — those are discussions that we want to have with national governing bodies as well. The opportunity to bring those types of events to town, they don’t happen overnight. There’s a long lead time to be able to do those types of things, so it’s going to take a while to prospect and bring those types of things to town.”

In 2021, the county hosted 160 sports tournaments that generated $59.1 million in economic impact, Henrico County Manager John Vithoulkas said. In 2019, that number was $66.2 million, according to a news release.

Henrico green-lights $2.3B GreenCity project

The Henrico County Board of Supervisors this week unanimously approved rezoning the 204-acre former Best Products headquarters campus into the $2.3 billion GreenCity project, a major mixed-used development that will feature a 17,000-seat arena.

GreenCity, which was proposed in December 2020, is also expected to include 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. Michael Hallmark with Capital City Partners LLC and Susan Eastridge, the president and CEO of Eastridge, are leading the project for developer GreenCity Partners LLC.

Anthony Romanello, the executive director of the county’s economic development authority put the project in context of the impact it will have on the region’s economy: Henrico’s gross county product is $26 billion annually and GreenCity’s impact is projected to be as much as $1.4 billion per annually. “It’s really going to be phenomenal,” he said.

Discussing the arena during the Oct. 12 Henrico Board of Supervisors meeting, attorney Andy Condlin with Richmond-based law firm Roth Jackson Gibbons Condlin PLC spoke on behalf of GreenCity Partners LLC, telling supervisors that the project’s centerpiece venue will be “a much more intimate arena” and “artists will want to come here.” He also noted the growing movement among performers to only play in arenas that have set sustainability standards and have made climate pledges, so he expects this arena to be sought-after venue for such artists. An operator for the arena has not been named yet.  

Over the next four to six months, the developers will create a community development authority with the county that will serve as the vehicle for financing the arena, Eastridge told Virginia Business. The developers will also buy the property from the county and work on financing the first phase of development in that time period. The price of the property is about $6.2 million, according to Anthony Romanello, Henrico’s economic development director.

The first phase will be an “adaptive reuse” of the existing 300,000-square-foot Best Products building, rather than increasing the project’s carbon footprint with all-new construction, Hallmark said. The developers hope to start construction in the second half of 2022 and complete it by the end of 2023, Eastridge said. 

In the second phase, GreenCity Partners LLC will build the 17,000-seat arena and most of the retail and hotel space, which they hope to start in 2023 and complete in 2024 or 2025. During the meeting, the developers noted that the whole project would not be done until about 2033 or 2034. 

“What’s most exciting about this project is there’s just nothing like it,” Romanello said. “And to have a fully sustainable community that has this kind of an economic impact, it will be unique. And what we’re really thinking about from an economic development standpoint is [that] lots of corporations are committed to sustainability and are really working hard to reduce their carbon footprint or eliminate their carbon footprint. … You may not be in a position to build a fully sustainable building, but now what this will allow is folks who are committed to sustainability to lease space and a facility that helps them live out that commitment.

“We believe that it’ll be really attractive for corporate office headquarters, particularly again for companies that have that strong feeling or strong sensitivity to sustainability,” he added. “And so that’s where I think the sustainability element is one of the differentiators.”

GreenCity’s developers are conducting a feasibility study on residential units to see how quickly they can build them without creating competition between them. They’re also studying the proposed park area, which will run about 1.5 miles from Parham Road to Interstate 295, to see if it can be developed at one time or should be built in phases, Eastridge said. 

During the Oct. 12 supervisors meeting, Nelsen Funeral Home CEO Bernie Henderson spoke in support of the project on behalf of ChamberRVA’s Henrico County Government Affairs Committee: “Our committee has closely monitored the GreenCity project from its initial announcement to the present time and we find that it is well-conceived and that it has enormous beneficial potential specifically for Henrico, as well as for the greater Richmond metropolitan community. We proudly offer enthusiastic support for it.” 

Henrico County Supervisor Tyrone Nelson said, “I feel like we’ve been talking about this ad nauseam. … We’re just ready to move forward.” 

GreenCity arena hopes to draw sports, music acts

When developers unsuccessfully pitched Navy Hill, a $1.5 billion mixed-use project and arena that sought to reinvent Richmond’s downtown, they posed a question: If a major draw like Beyoncé came to town, where would she perform?

Now those same developers are aiming to host artists like Justin Timberlake, Green Day and John Legend at GreenCity, a proposed privately funded $2.3 billion mixed-use development in Henrico County that will include a 17,000-seat arena.

Capital City Partners LLC’s Michael Hallmark says that GreenCity’s status as an ecodistrict — a sustainable development with a reduced ecological footprint — will draw interest from music acts that have pledged to make their tours ecofriendly.

Hallmark also touts GreenCity’s location along Interstate 95, saying musicians will no longer have to make doglegs to Charlottesville or Hampton Roads on their tours.

“For the promoters, they think that’s an ideal site,” says Hallmark, adding that the $245 million arena would be large enough for major national tours. The arena could also serve as a home for both minor league hockey and basketball teams; Hallmark hopes it may appeal to NCAA basketball tournaments as well.

“It’s a game changer,” says Jack Berry, president and CEO of Richmond Region Tourism, noting GreenCity’s sporting events and massive conferences would boost regional hotel occupancy. “It will absolutely be a huge investment into tourism for us.”

Dan Schmitt, chairman of Henrico’s Board of Supervisors, says the venue will “serve community needs as well,” and can be sectioned off for smaller events: “We’ve been real clear about asking for flexibility within the facility.”

GreenCity is expected to have a cumulative economic impact of $387 million in labor income and $751.1 million in overall economic output during its 11-year buildout, according to a study by Glen Allen-based Mangum Economics. At full buildout, GreenCity’s commercial businesses are expected to support roughly 8,000 jobs and $600 million in labor income.

Conservatively, Mangum estimates that GreenCity should generate cumulative net tax revenue of $80.5 million for Henrico by 2034 after accounting for the cost of county infrastructure and services.

“This development will be our principal taxpayer in the county, and we have some pretty big taxpayers,” says Henrico County Manager John Vithoulkas.

As of early August, the project’s 204-acre site on the former Best Products headquarters campus was undergoing rezoning; Hallmark says the arena should be completed by early 2025.