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Wall Street drifts as the countdown ticks toward Nvidia’s earnings report

SUMMARY:

NEW YORK (AP) — U.S. stocks are drifting on Wednesday, a day after leaping back within a few good days’ worth of gains from their all-time high.

The S&P 500 was down 0.1% in afternoon trading after flipping from an early, modest gain. It’s still within 4% of its record after charging higher amid hopes that the worst of the turmoil caused by President Donald Trump’s trade war may have passed. It had been roughly 20% below the mark last month.

The Industrial Average was down 94 points, or 0.2%, as of 1:28 p.m. Eastern time, and the Nasdaq composite was mostly unchanged.

The next big test for Wall Street will come after trading ends for the day, when market heavyweight Nvidia will report its latest results. Expectations are high for the bellwether of the frenzy around artificial-intelligence technology. So are worries that its stock price may have run too high, even after it has largely stalled this year.

Nvidia edged up by 0.7%.

Macy’s swung between gains and losses through the morning after reporting milder drops in revenue and profit than analysts expected for the latest quarter. The retailer also maintained its forecast for revenue this year, but it cut its profit forecast in part because of tariffs and some moderation of spending by consumers.

Its stock was most recently up 1.3%.

Several other retailers also delivered better-than-expected results for the latest quarter in the morning. Abercrombie & Fitch soared 16.5% after its profit and revenue both topped analysts’ expectations. CEO Fran Horowitz credited broad-based growth across its business around the world, and strength for its Hollister brand offset weakness for its Abercrombie brand.

Dick’s Sporting Goods added 2.1% after it likewise topped analysts’ expectations for the latest quarter, and it stood by its financial forecasts it earlier gave for the full year.

On the losing end of Wall Street was Okta, which fell 13.7% even though the identity and access management company reported better results for the latest quarter than Wall Street expected. Analysts called it a solid performance, but investors may have been looking for even more after its stock came into the day up nearly 60% for the year so far.

Video-game retailer GameStop fell 7.2% after saying it had bought 4,710 bitcoin, which is worth more than $510 million at its current price. The company said in late March that it could begin buying bitcoin to store some of the cash in its treasury.

Later Wednesday, the Federal Reserve will release the minutes from its meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. Officials for the U.S. central bank cited an increased risk of higher unemployment and inflation for the U.S. economy, in part due to Trump’s sweeping tariffs.

In stock markets abroad, indexes were modestly lower across much of Europe and Asia.

South Korea was an exception, where the Kospi jumped 1.3% thanks in part to gains for Samsung Electronics and other companies.

In the bond market, the yield on the 10-year Treasury rose to 4.48% from 4.43% late Tuesday.

Sharp swings in the bond market last week rattled investors after jumped in part on worries about the U.S. government’s rapidly rising debt levels. Such worries have also hit Japan, where a Wednesday auction of 40-year Japanese government bonds drew less interest from potential buyers than it’s seen since since July.

After years of pumping money into the economy through hefty bond purchases, Japan’s central bank has been gradually cutting back, undermining demand at a time when other institutional investors also have been buying fewer Japanese government bonds.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Leidos acquires Chantilly AI tech biz for $300M

Reston-based federal contractor announced Wednesday it has acquired , a -based company that builds -powered cybersecurity tools for defense customers, for $300 million.

This is Leidos’ first in more than two years and its first since Thomas A. Bell became the Fortune 500 defense, aerospace and IT firm’s CEO.

“Kudu’s ability to generate new cyber capabilities with AI perfectly complements our strategy to rapidly grow differentiated offensive cyber technology capabilities,” Bell said in a statement. “This acquisition underlines Leidos’s commitment to continue to build smarter full-spectrum cyber capabilities, so that the U.S. and its allies dominate the cyber warfighting domain.”

The all-cash purchase closed May 23, Leidos said in its announcement.

Kudu Dynamics was founded in 2013 and has worked with the Department of Defense, focusing on automated targeting, scalable hardware reverse and generation of nonkinetic effects, which allow forces to disrupt adversaries with cyberattacks or other means that minimize casualties.

“We’re excited to deliver the next level of capabilities to our customers as we bring together the highly innovative cyber professionals and disruptive technologies of Kudu with the scale, resources and experience of Leidos,” said Kudu Dynamics founder and CEO Mike Frantzen. “In Leidos, we’ve found a partner who shares our ethic of purposeful innovation in support of our nation’s most critical missions.”

Frantzen will continue to lead Kudu’s 170-employee team as a wholly owned subsidiary in Leidos’ national security sector, a Leidos spokesperson said Wednesday.

The acquisition comes as Leidos has focused more attention on artificial intelligence, including appointing its first chief AI officer, Ron Keesing, in July 2024.

Leidos has 47,000 employees worldwide, and in the fiscal year that ended Jan. 3, it reported $16.7 billion in revenue. Earlier this month, the U.S. Department of Homeland Security struck a costly blow against the federal contractor, terminating a $2.4 billion IT and cybersecurity contract awarded last year, known as the Agile Cybersecurity Technical Security (ACTS) contract.

Pratt & Whitney machinists end 3-week strike after approving a new contract

EAST HARTFORD, Conn. (AP) — About 3,000 machinists at jet engine-maker Pratt & Whitney in Connecticut approved a new four-year contract Tuesday, ending a three-week strike over wages, job security and other issues.

Union members were expected to return to work Wednesday after 74% of them voted in favor of the new deal, according to locals 1746 and 700 of the International Association of Machinists and Aerospace Workers.

Pratt & Whitney, a subsidiary of Arlington, Virginia-based RTX Corp., makes engines for commercial and jets, including the GTF line for Airbus commercial jets and the F135 for the military’s F-35 Lightning II fighter aircraft fleet.

The union said the new contract, which runs to May 2029, guarantees continued operations at the company’s East Hartford and Middletown plants through 2029. It also includes a 6% wage increase the first year, followed by raises of 3.5% in 2026 and 3% in both 2027 and 2028. Retirement benefits also were improved, the union said.

“This agreement includes real gains for our members and proves what we can accomplish when we stick together,” Wayne McCarthy, president of Local 700, said in a statement.

The company said in a statement that the contract “recognizes the skill and dedication of our workforce by keeping them among the highest compensated in their field, while ensuring the company is well-positioned for the future.”

Union members began picketing in East Hartford and Middletown on May 5, after about 77% of union members voted to approve their first strike since 2001.

Fusion power plant seeks zoning permit in Chesterfield

SUMMARY:

  • has applied for a conditional use permit to build a 400-megawatt fusion plant in County.
  • Facility expected to be world’s first grid-scale commercial fusion
  • Construction planned for late 2020s; operations expected to start in early 2030s.

Commonwealth Fusion Systems has filed an application with for a permit to build the world’s first grid-scale commercial fusion plant in the county.

The Massachusetts-based company announced plans to build the 400-megawatt fusion facility, dubbed ARC, in December 2024. The power plant would likely cost more than $2.5 billion, according to Chesterfield’s economic director, Garrett Hart.

The project would be located at 1201 Battery Brooke Parkway in the James River Industrial Center, a site owned by Dominion Energy. has signed an option-to-lease agreement for the site, according to spokesperson Christine Dunn.

CFS filed an application with the county on May 21 for a conditional use permit for the approximately 94-acre site. The case does not yet have a scheduled public hearing date with the county planning commission.

CFS expects the plant to produce up to 400 megawatts of carbon-free energy, enough to power large industrial projects or about 150,000 homes. The company expects to sell ARC-generated power to large industrial/commercial customers through purchase power agreements, according to a county document.

CFS plans to begin construction in the late 2020s and start operations in the early 2030s. ARC is designed to run for 20 years or more, said in December 2024.

Spun out of MIT in 2018, CFS is one of more than 40 companies currently pursuing fusion technologies and says it is the largest private fusion company in the world. It has raised more than $2 billion in capital from high-profile investors including Google, Jeff Bezos, Bill Gates, Tiger Global Management, Khosla Ventures and Lowercarbon Capital. CFS’ Series B2 round has raised more than $1 billion and is now targeting between $1 billion and $1.5 billion, Axios Pro reported in mid-May.

The company is building a fusion demonstration machine, nicknamed SPARC, at its headquarters in Devens, Massachusetts. CFS began assembling the machine’s tokamak — a fusion device that uses electromagnets to create the right conditions for fusion energy — in March. SPARC will begin commissioning in 2025 and start operations in 2026, according to CFS’ application.

ARC will use magnetic fields for the fusion process. In the process, two forms of hydrogen — deuterium and tritium — fuse, creating helium and releasing neutrons. A “molten salt liquid ‘blanket’ surrounding the plasma will capture the energy of the neutrons in the form of heat,” according to CFS’ zoning application. The molten salt then circulates through heat exchangers — systems that transfer heat between fluids — to produce steam, which turns a turbine connected to an electricity generator.

Serco completes $327M acquisition of NG division

Herndon and management contractor announced Tuesday that it has completed its $327 million of ‘s mission training and satellite ground network communications software business, also known as .

MT&S provides the U.S. with advanced mission training services, as well as software that makes satellite ground networks more efficient. It supports programs for the Army, Space Force, Air Force, Navy, Combatant Commands and international partners. It generates $300 million in annual revenues.

Serco said the acquisition, first announced in January, will enhance its presence in North America, bringing nearly 1,000 Northrop Grumman employees and expanding its business to over $2 billion in annual revenue. The company expects the additional expertise in digital , software , satellite ground communications software and training and mission simulation to allow it to expand the services it offers.

“We are honored to welcome the Northrop Grumman MT&S team to Serco,” Serco CEO Tom Watson said in a statement. “The integration of our existing and new capabilities in live and virtual training, and space markets, positions Serco to compete for larger and more complex projects. We have complete confidence that Serco is now further aligned to support the U.S. military’s mission to enhance warfighter readiness.”

Headquartered in , Serco says it has approximately 10,000 employees. It is a wholly owned subsidiary of United Kingdom-based Serco Group, which has more than 50,000 employees in more than 20 countries. Serco Group reported 4.787 billion pounds — nearly $6.5 billion — in 2024 revenue.

Sail250 to bring 60 ships to Norfolk for America’s big birthday

SUMMARY:

  • Sail250 Virginia, celebrating America’s 250th anniversary, will take place for 10 days, starting June 12, 2026
  • will be the primary host city, with 11 Virginia cities participating
  • Planned since 2019, Sail250 is expected to draw more than 3 million visitors to the state, with an expected $150 million in tourism impact

last week kicked off the one-year countdown to Sail250 — an enormous maritime festival that’s expected to draw more than 3 million visitors to Virginia and generate at least $150 million in tourism revenue.

The event, which celebrates the nation’s 2026 250th anniversary — or semiquincentennial — will see more than 60 tall ships and vessels from 20 countries pass through various harbor cities in Virginia for 10 days, starting June 12, eventually docking in Norfolk. About 10,000 people will collectively crew the vessels, according to Norfolk Mayor .

Youngkin was joined by several Roads mayors Friday afternoon at the American Rover ship, which was docked at Norfolk’s Waterside marina, to announce the planned festivities. Ships blared their horns at the end of the ceremony as a way of kicking off the countdown.

The American Rover docked at Waterside in Norfolk for the event kicking off the countdown to Sail250 Virginia. Photo by Josh Janney
The American Rover docked at Waterside in Norfolk for the event kicking off the countdown to Sail250 Virginia. Photo by Josh Janney

Youngkin spoke of the integral role Virginians played in the United States’ journey to independence, highlighting Thomas Jefferson’s role in drafting the Declaration of Independence and Hanover County native Patrick Henry’s declaration to the Second Virginia Convention, “Give me liberty or give me death.”

“America was really founded by Virginians,” Youngkin said. “This story is one that we have to remind ourselves is part of not just our national narrative, but Virginia’s. And therefore, could it be any more appropriate for us to come together this time next year and welcome 60 vessels from 20 countries?”

Norfolk will be one of several cities across the country expected to host the Sail250 American international fleet, along with New Orleans, Baltimore, New York and Boston.

Norfolk’s planned activities for the event include a boat parade, concerts and fireworks. The event will coincide with the city’s Juneteenth celebrations. Karen Scherberger, president and CEO of Sail250 Virginia, said that the event will be “one of the largest and most historic maritime configurations in Virginia history.

The sail route for the Sail250 Virginia boat parade, slated for June 19, 2026. Image Courtesy Sail250 Virginia
The sail route for the Sail250 Virginia boat parade, slated for June 19, 2026. Image Courtesy Sail250 Virginia

“And more than just a spectacle, Sail250 Virginia honors our naval heritage, promotes international goodwill, and brings millions in economic activity, thousands of international visitors and unforgettable experiences to families across the commonwealth,” she said. “Norfolk has always been a proud maritime city, the home of the largest naval base in the world, and with Sail250 Virginia, we reaffirm our identity, not only as a harbor of history but as a global port of goodwill and celebration.”

Scherberger said the event has been planned since 2019 and has involved the work of hundreds of people from numerous organizations and cities in the area.

She described the event as an “enormous undertaking” but said that it should generate at least $150 million in visitor spending over 10 days in 11 Virginia cities. Other Virginia cities participating in the celebration include , , Chesapeake, Hampton, Onancock, Portsmouth, Richmond, Smithfield/, and Yorktown.

Richmond issues boil-water advisory after plant issue

SUMMARY:

  • Richmond issues boil- advisory due to operational issue at .
  • Some plant filters clogged, affecting water quality.
  • Second plant issue this year; in January, 230,000 residents lacked drinkable water for nearly a week.
  • City urging residents to boil tap water before using.

UPDATE: Richmond lifted its boil-water advisory on May 29.

RICHMOND (AP) — Officials issued a boil-water advisory Tuesday in parts of Virginia’s capital city, leaving many residents without drinkable tap water following an operational issue at the city’s water treatment plant for the second time this year.

Richmond officials said that the city’s water treatment plant experienced an operational hiccup that clogged some of the plant’s filters. In the morning, the water system had been restored to full production, but reclogged roughly an hour later.

Large swaths of the city, spanning Richmond’s West End to downtown by the Capitol, and its northern neighborhoods, were under the advisory, and as of Tuesday evening, some neighborhoods south of the James River were added to the boil-water advisory, including Manchester, Hillside Court, Bellemeade and the Jeff Davis corridor to the city’s southeastern border.

The city posted an interactive map of the impacted area just before 5 p.m., and meanwhile, Richmond City Council canceled its Tuesday night meeting without an explanation.

In a news release, officials said all residents were asked to conserve water. Residents in the impacted area were told to boil tap water before drinking it, and to use bottled water for brushing teeth, washing fruits and vegetables, and making juices or fountain soft drinks.

People were also advised to not drink from water fountains in parks, public or private buildings that receive water from the city’s public utilities department.

said the state’s Office of Drinking Water is “actively investigating” the water situation in Richmond in a Tuesday afternoon tweet. “I know this is challenging for everyone following this winter’s problem. We’re told by Richmond officials that they are working diligently to resolve these issues,” the governor wrote, adding that the state is providing technical support.

Richmond Mayor Danny Avula said he would determine the acute cause of the clogging.

“There’s ongoing work that needs to be done,” Avula said, adding, “And so after we get out of this recovery phase, then our eyes will turn towards what’s the prevention-focused work that we need to be doing to ensure that this doesn’t happen.”

He said during a Tuesday afternoon news conference that restaurants, hospitals and offices are allowed to remain open in the impacted area as long as they follow the boil-water advisory. Avula said he didn’t know if city hospitals, which include Bon Secours Retreat Hospital and VCU Medical Center in the affected part of the city, were bringing in tankers of fresh water, as they did in January. He said the school system is discussing whether to have classes Wednesday.

Scott Morris, the city’s director of public utilities and formerly the Virginia Department of Environmental Quality’s director of water, said during the news conference that once water in the affected tank is at full water pressure, a sample will be sent to the health department for testing. Sixteen hours after an initial clean test, a second sample will be sent to the health department, and if that comes back clean, the boil-water advisory will be lifted.

In response to questions about why some city residents who signed up for text message alerts for emergency notifications did not receive them following Tuesday’s water issue, Avula said the city would investigate.

The boil-water advisory follows a nearly weeklong period in January when approximately 230,000 Richmond residents were without drinkable tap water after a failure caused a malfunction at the water treatment facility.

In April, the Virginia Department of Health released a report saying the crisis was avoidable, pointing to city officials’ poor emergency planning and faulty maintenance practices.

announced Tuesday afternoon that it had temporarily disconnected from the city’s water system, which ordinarily supplies water to parts of the county. According to the 1:30 p.m. announcement, the county’s water is safe and water pressure remained normal throughout the county.

Hanover County, another Richmond water customer, has also been impacted, and Henrico said it has been working closely with Hanover, which issued a statement saying that it is not under a boil-water advisory at this time. “As a precaution, we are asking residents to conserve water until further notice by turning off automatic irrigation systems,” Hanover said.

According to Henrico, it has staff on site at the city’s water treatment plant, and the county became aware of the problems at the plant at about 12:27 a.m. Tuesday.

County, another customer, said that it stopped taking water from the city at about 2 a.m. Tuesday after the city’s public utilities department requested that the county reduce its take of the water from three entry points. Chesterfield said in a post Tuesday that its water is safe to consume, and its distribution system “has continued to operate as designed through this incident.”

Virginia Business Deputy Editor Kate Andrews contributed to this story. 

Clark Nexsen acquired by Maryland firm

Virginia Beach architecture and firm has been acquired by Maryland-based engineering, architecture and related services company Johnson, Mirmiran & Thompson.

‘s of Clark Nexsen closed on May 9. The company announced the merger May 21 and did not disclose the financial terms of the transaction.

Clark Nexsen’s approximately 325 employees will join JMT’s roughly 2,450-person workforce to form a firm with more than 2,750 employees. JMT is 100% employee-owned.

“The current structure of Clark Nexsen will continue as we build and strengthen both the JMT and Clark Nexsen brands to our clients and partners over the coming months,” JMT Chief Marketing Officer Eric Madden wrote in an email.

Clark Nexsen will help strengthen JMT’s capabilities in architecture and facilities engineering and in the transportation sector. Both companies serve the education and federal market sectors.

“Combining with JMT is transformative for all of us,” Clark Nexsen President Terri Hall said in a statement. “We will continue to build on more than a century of achievements, add new geographies and areas of expertise and provide our employees with many new avenues for professional growth. This is truly an exciting time.”

Founded in 1920, Clark Nexsen has nine offices across the Southeast. A notable project the firm worked on is a monument honoring the World War II predecessors of the Navy SEALS and special boat crews, unveiled in Normandy, France, in 2024.

Wall Street rallies as its roller-coaster ride whips back upward after Trump pauses more tariffs

SUMMARY:

  • President Trump delayed 50% tariffs on European Union goods, easing market concerns.
  • surged 1.6%, Dow gained 529 points, climbed 2%.
  • U.S. data came in stronger than expected, bolstering optimism.
  • Nvidia led the rally in and chip stocks.
  • fell as investors balanced risk appetite and safe-haven assets.
  • The market rebound erases most of Friday’s steep losses from tariff fears.

 

NEW YORK (AP) — Wall Street is rallying Tuesday as the roller-coaster ride created by President Donald Trump’s trade policies whips back upward, this time because of a delay for his tariffs on the European Union.

The S&P 500 was up 1.6% in its first trading since Trump said Sunday that the United States will delay a 50% tariff on goods coming from the European Union until July 9 from June 1. The European Union’s chief trade negotiator later said on Monday that he had “good calls” with Trump officials and the EU was “fully committed” to reaching a trade deal by July 9.

The Industrial Average was up 529 points, or 1.3%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 2% higher. They’re on track to more than recover their losses from Friday, when Wall Street’s roller coaster dropped after Trump announced the tariffs on France, Germany and the other 25 countries represented by the European Union.

Such talks give hopes that the United States can reach a deal with one of its largest trading partners that would keep global commerce moving and avoid a possible recession. Trump reached a similar pause on his stiff tariffs for China earlier this month, which launched an even bigger rally on Wall Street at the time.

Caution still remains on Wall Street, of course, even if the S&P 500 has climbed back within 4% of its record after falling roughly 20% below the mark last month.

Talks don’t guarantee results, and a worry is that all the uncertainty caused by on-again-off-again tariffs could damage the economy itself by pushing U.S. households and businesses to freeze their spending and investments out of fear of what’s to come. Surveys have already shown U.S. consumers are feeling worse about the economy’s prospects and where inflation may be heading because of tariffs.

On Tuesday, though, optimism mostly ruled. The ‘s gains accelerated after a report released by the Conference Board said confidence among U.S. consumers improved by more in May than economists expected.

It was the first increase in six months, and consumers’ expectations for income, business and the job market in the short term jumped sharply, though it still remains below the level that typically signals a recession ahead. About half the survey results came after Trump paused some of his tariffs on China.

Nvidia rallied 2.9% and was one of the strongest forces driving the market higher ahead of its profit report coming on Wednesday. It’s the last to report this quarter among the “Magnificent Seven” Big Tech companies that have grown so large that their stock movements dominate the rest of the market.

Nvidia has been riding a tidal wave of growth created by the frenzy around artificial-intelligence technology, but it is also facing criticism that its stock price has shot too high.

Informatica climbed 5.6% after Salesforce said it would buy the -powered cloud data management company in an all-stock deal valuing it at about $8 billion. Salesforce added 0.9%.

The gains were widespread, and more than 90% of the stocks within the S&P 500 were rising.

One of the outliers was AutoZone, which fell 3.3% following a mixed report on its performance for the three months through May 10. Its profit fell short of analysts’ expectations, though its growth in revenue was stronger than expected.

CEO Phil Daniele said both its DIY and commercial businesses did well domestically, but shifting moves in foreign-currency values put pressure on the retailer’s operations outside the United States. The U.S. dollar’s value has been swerving against other currencies because of uncertainty around Trump’s trade policies. And when the dollar weakens, it can mean each peso of sales made in Mexico is worth fewer dollars.

In the bond market, Treasury yields eased to take some of the pressure off the stock market. The yield on the 10-year Treasury fell to 4.45% from 4.51% late Friday. It had been rising last week, in part because of worries about the U.S. government’s rapidly increasing debt.

Yields have been climbing for bond markets around the developed world, particularly in Japan, where a recent auction of longer-term bonds found relatively few buyers. But analysts said worries eased a bit after Japan’s finance ministry sent a questionnaire to bond investors that they took as a signal of efforts to calm the market.

In stock markets abroad, European indexes rose, while Asian indexes were mixed.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Henrico issues new RFI for arena project

SUMMARY:

  • has issued a new request for interest on the “Best Products Reimagined” project, including a 17,000-capacity
  • Former developers defaulted on more than $5 million in payments due in February and are tied up in court with the county and ASM Global
  • New arena is projected to open in 2028

Following the collapse of the $2.3 billion GreenCity project in March, Henrico County on Tuesday released a new call for developers to submit plans for an arena-anchored in the county’s West End.

Developers must submit their plans by July 28, according to the county’s request for interest, and supervisors are expected to approve the chosen plan in December. After that, the 93-acre property would be conveyed to the winning development team in January 2026, with the 17,000-capacity arena expected to open in 2028. The county has dubbed the project “Best Products Reimagined” in a nod to the site’s former incarnation as the corporate headquarters campus for Best Products, a national retailer that went out of business in 1997.

Currently, the Henrico County Economic Development Authority is suing the developers of the failed GreenCity project to return the 93-acre site to the EDA after the developers defaulted on more than $5 million in payments in March. Dennis Bickmeier, executive director of the Henrico Sports and Entertainment Authority, confirmed Tuesday that the land has not yet been conveyed back to the county.

In April, the Henrico EDA sued two LLCs linked to the GreenCity developers, Michael Hallmark of Los Angeles-based Future Cities and Susan Eastridge of Falls Church’s Concord Eastridge, in Henrico County Circuit Court. According to the lawsuit, the EDA agreed to sell the 93 acres at the intersection of Interstate 95 and Parham Road to the developers in a November 2022 agreement for $6.2 million, and the sale took place on Feb. 28, 2023.

After paying the county $1 million in two installments on time in 2023, the developers failed to pay the remaining $5.2 million due Feb. 28, the complaint says. In March, the EDA sent a notice of default, giving the developers until March 13 to make the payment. When they failed to pay, the EDA notified Hallmark and Eastridge that the county would exercise its repurchase option of $1 million on April 15, the lawsuit says.

Meanwhile, ASM Global, which was set to be the operator and manager of the GreenCity arena, sued the developers in April, saying that the developers owed an ASM subsidiary more than $1.5 million, including interest and attorney’s fees. On April 11, a Henrico County Circuit Court judge issued a garnishment summons to the EDA, seeking to garnish any sums it was holding for the development team, and the developers have filed a motion to vacate the judgment.

Since the garnishment summons was issued, the EDA’s complaint says, the developers have “refused to convey the property to the EDA, despite the EDA’s willingness to pay the repurchase price, unless ASM agrees that the EDA may pay some or all of the repurchase price to [the developers] rather than to ASM, as may be required by the garnishment summons.”

Bickmeier said that nothing has changed regarding the conveyance of the property since the county sued the developers April 29.

According to the RFI, “the previous developers of the Best Products site defaulted on their purchase agreement for the property by failing to make the final installment payment of the purchase price. The EDA is in the process of enforcing its repurchase option and expects to complete the reacquisition of the site in the coming months.”

Despite the legal turmoil, “I think there’s a high level of excitement to get this restarted,” Bickmeier said. “We’ve opened up the doors for developers to be creative.”

According to the RFI issued this week, the Best Products property to be developed comprises the southern 93 acres of a 204-acre district that is zoned as a conditional urban with a provisional use permit that would allow development of an arena, 1.9 million square feet of office space, 135,000 square feet of retail space, three hotels and 2,138 residential units.

Bickmeier said, however, that the winning development plan could differ from those parameters — such as an arena having a 17,000-person capacity rather than 17,000 seats, which would give the facility more flexibility to host NCAA sporting events, for instance. Also, the GreenCity developers’ intention to build the nation’s “greenest arena” is “not the driving force” of what may ultimately be developed, although sustainability is still a priority, Bickmeier added.

Asked whether ASM Global will still be involved in the project, Bickmeier said that’s “to be determined.”

Meanwhile, an adjoining 110-acre parcel, known as Scott Farm, is under development by Scott Farm Partners, a limited liability corporation linked to Markel|Eagle Partners, and construction of residential units and a park at that site is expected to start later this year, the county says.