GreenCity Partners and ASM Global announced on Monday an agreement to develop and operate a proposed 17,000-seat GreenCity Arena in Henrico County.

The new venue will be a central feature of the $2.3 billion development that County Manager John Vithoulkas says will “deliver world class entertainment and other quality of life benefits to our community.”

In addition to the arena, the mixed-use development will combine residential and commercial uses with parks, trails and open spaces. GreenCity’s design will reflect environmental sustainability, civic engagement and inclusion, said Frank J. Thornton, chairman of Henrico County’s Board of Supervisors.

“This is my 28th year serving this great community,” Mr. Thornton said. “In that time, we’ve seen a lot of exciting development proposals, but none quite like GreenCity.

“As owner of the BEST Products property, Henrico has been eager to see this development come to fruition.”

He spoke of new partner ASM Global’s exemplary track record and international reach. The venue management company and producer of live event experiences has over 350 venues spanning five continents. The GreenCity Arena, located along Interstate 95 between East Parham Road and Interstate 295, will be designed for touring concerts, family shows, sports and tournaments.

GreenCity Partners principal Michael Hallmark said the planned net-zero energy project also will include additional features and practices designed to make it state of the art and “the greenest arena in America.”

Design for the arena will be finalized in the fall. Construction is expected to begin in early 2024 with completion in 2026. It will be largely paid for by bonds issued through the newly created GreenCity Community Development Authority.

Mr. Thornton said this latest step by the board of supervisors demonstrates Henrico’s commitment to GreenCity’s realization.

“The momentum is real and it’s growing,” he said. “We are in it to win.”