ASM Global announced a new partnership that will seem the venue management company develop and operate the proposed 17,000-seat GreenCity Arena in Henrico County, Virginia.
The arena, which will be designed for touring concerts, family shows, sports and tournaments, will serve as a cornerstone of the $2.3 billion GreenCity mixed-use district which is currently being developed for Henrico County.
The proposed development will include the arena, as well as green spaces such as trails, parks, and other open spaces that promote environmental sustainability, civic engagement, and inclusion. The proposed development would also include two million square feet of office space, 280,000 square feet of retail space, 2,400 housing units, and hotels, according to developers.
As part of the agreement, ASM Global would also partner in other components of GreenCity, including its main street retail and hospitality, the companies said.
“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.”
The arena will be built primarily through bonds issued by 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.
“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 demonstrate their track record of successfully partnering with the private sector on consequential projects.”
“It’s a beautiful development plan, impressive at every level,” stated 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.”