Will the Henrico Arena Development Affect Home Values and the Local Real Estate Market?
By Mike Boone, Owner/Broker, Boone Residential — a Richmond, VA brokerage regulated by the Virginia Real Estate Board
Quick Answer: The original $2.3 billion GreenCity project was terminated in March 2025 after its developers defaulted on payments. Henrico County reacquired the site by September 2025 and relaunched it as "Best Products Reimagined," a 93-acre arena-anchored development with an approved master plan. As of August 2026, demolition of the old headquarters building is underway and expected to finish this fall, but no developer has been selected and no confirmed construction timeline exists. The 17,000-seat arena was once tentatively projected to open in 2028; that date has not been reaffirmed by the county and should be treated as outdated. For Henrico buyers and sellers, this remains a pre-arena market with a longer, less certain runway than earlier reporting suggested.
From GreenCity to a Fresh Start: What Actually Happened
To understand where things stand today, you need the full arc.
In December 2020, Henrico County announced the $2.3 billion GreenCity ecodistrict, a mixed-use project on roughly 200 acres near I-95 and I-295. The original plan called for a $250 million, 17,000-seat arena, about 2 million square feet of office space, 280,000 square feet of retail, roughly 2,400 housing units, and two hotels, on a site that had sat largely vacant since the Best Products corporate headquarters closed.
That vision unraveled. The developers missed a final payment of $5.2 million that was due February 28, 2025, on the Best Products property. Henrico issued a default notice and gave a 10-day cure period. When the payment still hadn't been made, the county confirmed on March 14, 2025 that the agreement was terminated.
What happened next is the more important story for real estate. Rather than walking away from the concept, Henrico moved to reclaim the land and try again:
- March 27, 2025: Henrico announced it would issue a new request for interest (RFI) for the site.
- May 27, 2025: The county's Economic Development Authority (EDA) formally released the RFI for a new arena-anchored development on the 93-acre site, now rebranded "Best Products Reimagined." Developers had until July 28, 2025 to submit statements of interest.
- September 11, 2025: The land transfer back to the county was formally recorded in Henrico Circuit Court, putting the site under county control.
The already-approved master plan for the 93-acre site allows for an arena, 1.9 million square feet of office space, 135,000 square feet of retail, three hotels with 600 rooms each, 2,138 residential units, and parks and green space — meaning a new developer doesn't have to start rezoning from scratch. That's a meaningfully lower entitlement risk than the original 2020 deal carried.
Where the Project Actually Stands as of August 2026
Here's where I need to correct the record on something I see repeated in a lot of coverage, including earlier drafts of this piece: the December 2025 developer selection and January 2026 property conveyance that were targeted in mid-2025 did not happen.
As of the most recent county updates:
- Henrico's economic development director confirmed in March 2026 that the developer selection process was still "ongoing," well past the original year-end 2025 target.
- The county has not locked in a developer or established a completion timeline, according to reporting as recent as April 2026.
- Demolition of the old Best Products headquarters building began in 2026 and is expected to be complete by fall 2026 — that's site preparation, not a construction commitment.
- The county has invested more than $42 million in the site and over $30 million in surrounding road improvements, and it's running a parallel planning process (a community "charrette" led by design firm Able City) to shape zoning for the broader 600-acre area around the site, including the nearby Brook Road corridor.
None of this means the project is dead — the opposite, in fact. Henrico has spent real money and staff time keeping the site development-ready, and county leadership continues to describe the project as a priority. But the widely cited 2028 arena opening date came from mid-2025 reporting tied to a December 2025 developer selection that has since slipped. Until a developer is named and a construction schedule is published, I'd treat any specific opening year as speculative.
For buyers and sellers, that's actually useful information: this is still very much a pre-arena market, with more runway before any impact shows up in home values than earlier projections suggested.
What the Henrico Market Looks Like Right Now
Whatever happens with the arena, Henrico's housing market is competitive on its own fundamentals. According to Henrico County's Monthly Economic Reports, the median sales price climbed from $364,000 in January 2026 to $384,000 in February 2026 — a $20,000 increase — with reporting suggesting continued upward movement into March. Redfin's countywide data shows a median sale price of $419,000 over the three months ending May 2026, with homes typically selling in about 15 days.
Here's how Henrico compares to some neighboring submarkets in the Richmond region, based on recent trailing-window data:
Area | Median Sale Price | Median Days on Market |
|---|---|---|
Salisbury (Midlothian) | $847,705 | 13 |
Midlothian | $460,000 | 21 |
Henrico | $449,750 | 21 |
North Chesterfield | $345,000 | 15 |
Moseley | $632,500 | 50 |
Note on Salisbury: this is one of Midlothian's most established, higher-end neighborhoods — not a starter-home market. It runs well above the broader Midlothian median shown above, reflecting the gap between the neighborhood's established core and its higher-end Rosemont enclave.
An arena-anchored district with 2,100-plus residential units, substantial office space, and major retail would add a new supply node to a county historically dominated by traditional subdivisions. That kind of walkable, amenity-rich development tends to draw buyers who are currently looking elsewhere, which can push demand and prices upward in surrounding neighborhoods over time — if and when it actually gets built.
How This Plays Out Across the Broader Richmond Region
The Best Products site sits near the intersection of I-95, I-295, and East Parham Road — a regional crossroads, not just a Henrico story. Residents of Richmond, Chesterfield, and Hanover all have reasonable access. Hanover County is a short hop north via I-295. Chesterfield residents would likely use I-95 or Powhite Parkway. Even buyers in Midlothian and North Chesterfield would be within a manageable drive.
That regional draw is part of what makes an arena-anchored development different from a typical commercial project — it changes where people want to live, not just where they want to shop. Buyers prioritizing shorter commutes to a future entertainment and employment hub may look harder at northern Henrico and nearby Hanover over the next several years, once (and if) the project has a confirmed developer and schedule.
Your specific situation — whether you're buying near the site, selling in Henrico, or evaluating Hanover as an alternative — depends on factors a real market analysis can actually quantify. That's the conversation worth having before you make a move.
For buyers thinking about the Richmond area as a real estate investment, a development of this scale adds another layer to the long-term case for Henrico specifically.
Frequently Asked Questions
Is the GreenCity arena in Henrico still happening, or was the project canceled? The original $2.3 billion GreenCity project was officially terminated in March 2025 after the developers defaulted on payments. Henrico County reacquired the site by September 2025 and is actively working to select a new developer under the renamed "Best Products Reimagined" project. The concept is alive under county-controlled oversight, but as of August 2026, no new developer has been chosen.
When could a new arena in Henrico realistically open, and how might that affect home values nearby? A 2028 opening was tentatively floated in mid-2025 reporting from Virginia Business, tied to a developer selection that was expected by the end of that year. That selection has not happened as of mid-2026, so 2028 should not be treated as a reliable target anymore. As for home values, major entertainment districts historically attract new residents, employers, and retail, which can support price appreciation in surrounding neighborhoods over time — but the exact impact on any individual property will depend on location, timing, and market conditions once (and if) a confirmed project moves forward.
Will an arena-anchored mixed-use development bring more condos and townhomes to Henrico? Yes — that's explicitly part of the approved master plan. The 93-acre Best Products Reimagined site allows for 2,138 residential units alongside office, retail, and hotel space. For a county traditionally built around single-family subdivisions, that would represent a meaningful new housing typology, likely including apartments, condos, and townhomes in a walkable setting near a major entertainment anchor.
If I'm thinking of selling in Henrico, should I wait until there's more news about the arena, or list now? Waiting on a project with an unconfirmed multi-year timeline is rarely a sound selling strategy. Henrico's market is already competitive on its own, with a median sale price near $450,000 and homes moving in about 21 days in recent data. The arena represents a potential future tailwind, not a current price catalyst — and given that a developer hasn't even been selected yet, it's not a near-term factor either way. Your decision to sell should be driven by your own financial goals and current market conditions. I'm happy to run a market analysis specific to your home.
Does living near a big sports and entertainment arena usually help or hurt property values? The research is nuanced. Properties immediately adjacent to a venue can face noise, traffic, and parking challenges that temper values, while homes in the broader surrounding neighborhood — especially those with easy access but off the event-night traffic routes — often benefit from increased amenities, employment, and retail. Walkable, amenity-rich districts tend to support stronger long-term price performance, though the specific impact on any Henrico property will depend heavily on its exact location relative to the site.
The Bottom Line for Henrico Buyers and Sellers
Henrico's arena story isn't a cautionary tale about a failed project — it's a story about a county that moved decisively to reset a major opportunity, with better entitlements and more control than the original GreenCity arrangement ever had. But it's also a story that's taken longer than county officials initially projected, and anyone making real estate decisions around it should know that the developer selection and construction timeline are still open questions as of today.
If you want to talk through how this fits your specific situation — whether you're a buyer evaluating neighborhoods near the site, a seller in Henrico wondering about timing, or an investor watching the broader Richmond market — I'd welcome the conversation.
Schedule a call with me here and we'll look at the numbers together.
About Mike Boone
Mike Boone is the Owner and Broker of Boone Residential, a Richmond, VA real estate brokerage where he serves as a trusted advocate for buyers and sellers and has fueled the company's growth through authentic, client-first service.
Boone Residential · 804-409-8655
Equal Housing Opportunity. Boone Residential is regulated by the Virginia Real Estate Board. This article is provided for general informational purposes only and does not constitute legal, tax, or financial advice. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Readers should confirm their own figures with a licensed attorney, tax advisor, lender, or closing officer.
