A Thursday night deadline came and went for a required payment of about $5 million by the developers of a major parcel of land in Henrico County.

The county announced Friday morning it will seek a new development team with the continued goal of building an 18,000-seat arena on the site.

The developers, led by Susan Eastridge and Michael Hallmark, were also behind the failed Navy Hill redevelopment plan and an ill-fated VCU Health office tower. They were not immediately available for comment.

Eastridge told the Times-Dispatch last week the group would make the payment.

The site, off I-95 at the Parham Road exit, was intended to be a mixed-use development anchored by a major arena, the region's first since the Richmond Coliseum. It formerly served as the headquarters for Best Products.

"Once the repurchase process is complete, the county looks forward to working with interested arena operators and developers to make the vision a reality," county officials wrote in an emailed statement. "The need is abundantly clear. Our region remains the most underserved community along Interstate 95 in terms of a venue capable of hosting large concerts, sporting events, and other family entertainment. This economic development and tourism project will also bring more quality housing, hotels, and commercial cores to the county, making it a destination center."

The release added that any development that occurs will "protect the interests of the county and our taxpayers."

The Richmond Coliseum has been slated for demolition for years, including a $3 million request from former Mayor Levar Stoney in last year's budget. But the money was ultimately reallocated by City Council.

The Green City developers initially said they were not interested in having a minor league sports team as an anchor tenant, and preferred to leave those dates open for major concerts.

With the opening of a riverfront amphitheater this year, new developers may come to different conclusions.