Henrico takes back ownership of Best Plaza property

Henrico County has regained ownership of the 93-acre Best Plaza property, clearing the way for the selection of partners to lead an arena-anchored development along a prime stretch of Interstate 95. 

“We’re extremely pleased to receive control of one of the premier development sites along the East Coast and are eager to take the next steps to fulfill our vision for a major mixed-use development that will be centered around entertainment and tourism and will include an arena for touring concerts and sporting events,” County Manager John Vithoulkas said. “The land transfer aligns with our timeline to have a new development team identified by the end of this calendar year.”

The land transfer was recorded Sept. 11 in Henrico Circuit Court as part of a series of steps to formally end the involvement of a development team that had planned a community known as GreenCity. 

In March, the Henrico Economic Development Authority exercised its right to repurchase the Best Plaza property after the GreenCity team missed deadlines to complete its purchase of the site. 

A committee led by the county manager is actively reviewing multiple responses to a “request for interest” solicitation for the development opportunity, called Best Products Reimagined, that the county issued in late May. Prospective partners were invited to outline their interest and vision for the project.

The committee, which includes representatives of the EDA, the Henrico Sports and Entertainment Authority and other offices, is expected to forward the matter for consideration by the Henrico Board of Supervisors in late 2025.

The 93-acre site includes the former headquarters for Best Products and represents the southern portion of a 200-acre district that has zoning and an approved master plan for a development that is envisioned to include an arena, hotels and other uses. The property extends along interstates 95 and 295 and has access from East Parham Road.