REGIONAL VIEW Central virginia


Developers see green with state’s first ecodistrict by Rich Griset


T


he rooftop of a former office building might not appear to be the ideal location to harvest


tomatoes, corn and squash, but that may be the fate of Best Products’ former headquarters. From the ashes of the failed $1.5 billion


Navy Hill project that sought to redevelop Richmond’s downtown, a similar arena- anchored project called GreenCity has been proposed for the 204-acre former Best Products suburban campus and the adjacent area in neighboring Henrico County. In a first for Virginia, the $2.3 billion project would be an ecodistrict, an urban planning term for a development that includes sustainability, social equity and a reduced ecological footprint as part of its stated goals.


In addition to creating a 17,000-seat


arena that Capital City Partners LLC’s Michael Hallmark says will be the green- est in America, the former Best Products building will be renovated into Virginia’s second “living building,” which Hallmark calls “the holy grail of sustainable living.” For an existing structure to be certified as a living building by the nonprofit International Living Future Institute, it must generate more net positive energy and net positive water than it uses, have


FOR THE RECORD


Stockholders of CarLotz Inc., the Chesterfield County-based consignment dealer of used cars, gave the requisite approval to complete a proposed merger with Miami-based special purpose acquisition company Acamar Partners Acquisition Corp. that was scheduled to close in late January. Upon the consummation of the merger, CarLotz, which is valued at $827 million, is slated to become a public company listed on Nasdaq under the ticker symbol LOTZ. (VirginiaBusiness.com)


After four years and more than 15 previous delays, the $2.7 billion acquisition of Henrico County-based Genworth Financial Inc. by China Oceanwide Holdings Group Co. Ltd. was delayed indefinitely in January. Though the merger agreement still remains in effect, the deadline for the merger that had been set to expire on Dec. 31, 2020, was not extended. Job cuts may now be on the way for the Fortune 500 insurance company as it pursues a contingency


10 | FEBRUARY 2021 Hallmark says that GreenCity will


Developers Susan Eastridge and Michael Hallmark aim to redevelop the former Best Products campus in Henrico.


adopt measurable goals to gauge its sustainability, including how it treats and maintains stormwater and waste. Just as Amazon.com Inc. and Facebook Inc. have worked with utility companies to support their facilities with renewable energy, Hallmark plans to pursue similar agreements. A criticism of the project is the nega-


tive environmental impact of destroying 114 acres of greenfield, a term for unde- veloped land that is seldom returned to its former state after it is built upon. But Hallmark says the project will offset that impact through reforestation elsewhere. “This is the best we can do, but it’s


definitely a fair criticism, and I would say it’s this project’s Achilles’ heel,” he says. Bentley Chan, director of Henrico


an urban agricultural component and satisfy other criteria. While living buildings have set stan-


dards to meet, ecodistricts are more con- ceptual. The concept has been around for about 20 years, with Atlanta’s Midtown Ecodistrict as one example.


plan that may include a partial initial public offering to meet its $1 billion in debt obligations due this year. (Richmond Times-Dispatch, VirginiaBusiness.com)


Liberty University, the large, private nonprofit Christian school in Lynchburg, filed a lawsuit in January against Gov. Ralph Northam and the director of the State Council of Higher Education for Virginia (SCHEV), alleging that amendments to the 2020 state budget “wrongly exclude” students who learn online from receiving the Virginia Tuition Assistance Grant (VTAG). With more than 108,000 online students enrolled as of July 2020, in addition to more than 15,000 students on campus, Liberty is the state’s largest university by enrollment. In a statement, Liberty claims the state’s budgetary changes discriminate against online learners in favor of “place-based” students. Since 1973, VTAG has served as a non-need-based grant for Virginia residents attending participating Virginia private colleges or universities. (VirginiaBusiness.com)


Public Utilities, says that GreenCity is “a pilot project in developing and deploying technology throughout the county that looks at conservation [and] sustainability.” Hallmark doesn’t anticipate GreenCity


will run into public opposition like Navy Hill faced in Richmond, noting that all five Henrico supervisors endorsed the project when it was announced. “Projects get done there,” he says of


Henrico.


In December 2020, the city of Richmond issued a request for qualifications/ proposals, the first step in launching a competitive process for bringing a resort casino to the state capital, subject to voter approval. Voters in Bristol, Danville, Norfolk and Portsmouth already overwhelmingly approved casinos in referendums held during the November 2020 elections. For Richmond’s casino project to go forward, Richmond city government must select a single preferred casino operator and location. Richmond voters must then grant approval for the proposal in a Nov. 2 referendum. (VirginiaBusiness.com)


The redevelopment of Lynchburg’s River Ridge mall is moving into its next phase: demolishing the former Macy’s building on the west end of the property in the first quarter of this year. The area is slated to serve as the development’s restaurant and entertainment hub, as well as offer traditional retail and personal services. The goal of this phase is to create an open-air shopping


experience with higher store elevations and urban-style storefront designs. It also plans to host an outdoor venue for family-themed community events. Liberty University, the mall’s owner, has been working to update the mall in recent years, including renovating its main court. (The News & Advance, news releases)


The Hilton Richmond Hotel and Spa in Short Pump, the 254-room flagship of Chesterfield County-based Shamin Hotels’ empire, may change hands as a result of the pandemic. 12042 West Broad Street Holdings LLC, the Bethesda, Maryland-based noteholder on the property, alleges a breach of contract, saying Shamin fell behind in its loan payments beginning in April 2020. The noteholder says Shamin owed $46.8 million on the loan as of Dec. 1, 2020. Shamin CEO Neil Amin said in December that his company is cooperating to allow the noteholder to take control of the hotel through receivership and a possible public auction. (VirginiaBusiness.com)


Photo by Matthew R.O. Brown


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