Green City Partners, the group behind the failed GreenCity project in western Henrico, filed for Chapter 7 bankruptcy protection on 9 September 2026. The land it once controlled is already back in county hands. For homeowners near Parham Road, that distinction is most of the story.
The filing was reported on 14 September by Jonathan Spiers of Richmond BizSense, and his account of the petition is the source for every figure below. Below is what the court record shows, plus the part the trade coverage does not cover: what a stalled 200 acres means for people buying and selling houses in Glen Allen and around Innsbrook. More of our local coverage sits in Richmond area news.
What the Chapter 7 petition lists
Green City Partners, the entity led by Susan Eastridge and Michael Hallmark, filed on 9 September. The petition lists more than $825,000 in known liabilities to 16 creditors and less than $50,000 in assets. Chapter 7 is liquidation rather than reorganization: a trustee collects whatever assets exist and distributes them. Spotts Fain attorney Jennifer West is serving as interim trustee, and a creditors meeting is scheduled to be held virtually on 6 October. The petition was signed by Eastridge and by bankruptcy attorney James Kane of the Richmond firm Kane & Papa.
Eight creditors have specific amounts listed:
| Creditor | Amount listed |
|---|---|
| McGuireWoods | Nearly $238,000 |
| ZGF Architects | Over $211,000 |
| LC Smith Co. | Nearly $200,000 |
| HR&A Advisors | About $59,000 |
| MuniCap | About $59,000 |
| Nitsch Engineering | $24,500 |
| VHB | $18,830 |
| Dominion Energy | $13,600 |
Six further creditors are listed with claim amounts of “unknown”: Henrico County, the Henrico Economic Development Authority, ASM Global, and the law firms O’Hagan Meyer, Roth Jackson Gibbons Condlin and Bailiwick Strategies. Henrico’s and the EDA’s are recorded as business debts; ASM’s and the law firms’ are recorded as possible claims.
How the 93 acres got back to Henrico
GreenCity was announced in late 2020 as a $2.3 billion arena-anchored district spanning roughly 200 acres between Parham Road and Interstate 295, built on and around the 93-acre former Best Products headquarters site. The developers missed a final payment, and Henrico moved to repurchase the site for $1 million, the amount already paid in two earlier installments. ASM Global asked a court to let it collect those funds against a debt it said it was owed, the county’s EDA sued, and a settlement last August cleared the transfer. Henrico now owns the land and calls the effort Best Products Reimagined. The county’s request for interest, issued 27 May 2025 for the 93 acres at 1400 Best Plaza Drive, drew multiple submissions that remain under review. No development team has been named.
What a stalled site does, and does not do, to nearby home values
Less than the headline suggests. Three things are worth separating.
- The bankruptcy does not change the land. Henrico already owns the 93 acres. The petition is a claim against a company, not a cloud on the county’s title.
- The delay was priced in long ago. The arena has been in doubt since the county’s nonperformance notice, and the market around Parham Road has had over a year to absorb it.
- Nothing was ever built. A project that never broke ground cannot withdraw value when it stops. A half-finished site can; an empty one only removes an option.
Closed sales 287 (-2.0% year over year) · median sales price $475,000 (+11.8%) · 16 days on market (-11.1%) · 1.5 months supply (-11.8%).
These are county-level and metro-level single-family figures, not neighborhood figures. Source: Central Virginia Regional MLS, via the Richmond Association of REALTORS, July 2026 data, current as of 10 August 2026.
[DATA NEEDED: median price per square foot, July 2026, by area]
Our read is that anyone buying in Lakeside or Twin Hickory should treat the arena as an option with no timetable, not as a reason to pay more or less today. It is the same conclusion we reached on the Diamond District litigation, and the same caution we applied to the land assembly behind August’s top home sales in Goochland. If you want a number for your own house rather than a county median, start with a home valuation.
What to check if you are buying within sight of the site
- The parcels, not the renderings. Check current zoning and case history for the land nearest the house. Henrico issues provisional use permits, so the county case file tells you what is permitted today.
- Road and utility work. Henrico says access and utility projects serving the site are underway or planned. Construction timing affects daily life more than an arena a decade out.
- Your assessment and your resale horizon. A neighboring redevelopment does not automatically move your assessed value, and an assessment is not a market price. If you expect to sell within five years, underwrite on today’s Henrico County market.
Questions we are getting this week
Does a developer’s Chapter 7 filing affect the title to nearby homes?
No. A bankruptcy petition is a proceeding about one company’s debts. It creates no lien, easement or restriction on neighboring private property, and Henrico County already holds title to the 93-acre site.
Is Henrico still planning an arena there?
Yes. The county, its Economic Development Authority and the Henrico Sports & Entertainment Authority issued a request for interest on 27 May 2025 for an arena-anchored mixed-use development on the 93 acres. Submissions are under review; no partner has been announced.
Will the bankruptcy delay Best Products Reimagined further?
There is no indication that it does. The company that filed no longer controls the property, and the county reports that demolition at the site continues while it reviews responses to the request for interest.
What happens at the 6 October creditors meeting?
The standard Chapter 7 meeting of creditors, held virtually here, at which the interim trustee questions the debtor under oath. Jennifer West of Spotts Fain is the interim trustee.
Should I mention the project when I list my Glen Allen house?
Describe it accurately or leave it out. “Future arena” language in remarks invites re-trade later. The honest version: the county owns a 93-acre redevelopment site nearby, with no named developer and no schedule.
Are western Henrico prices actually falling because of this?
Not on the published data. Henrico County single-family sales in July 2026 showed a $475,000 median, up 11.8% year over year, with 16 days on market and 1.5 months of supply, per Central Virginia Regional MLS via the Richmond Association of REALTORS. That is a county figure, not a Parham Road one.
