Plans for GreenCity, the arena-anchored development planned for the former Best Products site in Henrico County, have been on hold since March — when would-be developers Green City Partners LLC were ousted for defaulting on payments toward the 93-acre property along Interstate 95 and East Parham Road.
The county said it would exercise a $1 million repurchase agreement in the original agreement and solicit interest from potential new developers, but its Economic Development Authority filed a lawsuit in Henrico County Circuit Court on April 29, claiming Green City Partners has “refused to convey the property” back to the county.
County officials told VPM News the development can’t move forward until the Best Products property has been bought back. Legal representatives from Green City Partners have yet to respond to requests for comment.
The purchase agreement laid out in 2022 set the price for the property at around $6 million, with $500,000 due at closing, another $500,000 due one year later and the remaining $5 million due on Feb. 28, 2025.
In a letter obtained by VPM News, the county claims the developers failed to meet the terms of the agreement; the property was scheduled to be returned to the county by April 15, according to court documents.
But Green City Partners is also engaged in a separate Henrico lawsuit filed by ASM Global — the company that was set to manage the arena at the center of the project — for failing to repay around $1.5 million in loans, interest and legal fees.
On April 11, ASM Global filed a garnishment summons against Henrico's EDA in an attempt to collect the money it says it’s owed by Green City Partners.
Green City Partners has refused to accept the $1 million repurchase payment from the county unless ASM Global agrees that the EDA may pay some or all of that fee to the development firms rather than to ASM, according to court filings.
Henrico’s plans to issue a Request for Interest (RFI) to solicit new developers for GreenCity are also on hold pending resolution of the ongoing litigation. In a statement, county officials said they remain committed to advancing the GreenCity project with new development partners once the repurchase of the property is complete.
