The year may be winding down, but action in the senior living real estate market is still jumping.
Charlottesville-based Commonwealth Assisted Living has a project underway to renovate and expand its new assisted living facility at 4931 Ridgedale Parkway. It’s the company’s 20th location but its first in the Richmond market.
The company purchased the 26,800-square-foot, three-acre facility in April for $2.75 million, according to county records. The property previously housed Chippendale Retirement Center, which was closed when Commonwealth took over.
Now known as Commonwealth Assisted Living at Chesterfield, the facility has a $1.5 million expansion in the works that will add 6,344 square feet to the one-story building and increase the total number of beds to 75. Of those beds, 32 are in a separate memory care wing that opened in October.
Richard Brewer, president and CEO of Commonwealth Assisted Living, said the company had been looking to expand into Richmond for a number of years.
“We have grown entirely through acquisitions, so we look for existing properties,” Brewer said. “This was the first time an opportunity came up that worked out in Richmond.”
W.M. Jordan Co. is doing the construction work with an expected completion date in April 2015. Once the expansion is finished, Commonwealth Assisted Living at Chesterfield will add 50 to 60 new jobs.
Commonwealth will have plenty of new competition as it launches in the region.
Kansas-based Bickford Senior Living has plans to construct two group care facilities in Chesterfield and Henrico counties as it takes its first steps into the Virginia market.
And HHHunt is working on a $12.5 million free-standing facility in Midlothian that will cater to residents with dementia and Alzheimer’s disease.
Greenfield Senior Living, another out-of-town firm entering Richmond for the first time, took over a building on Monument Avenue in October after acquiring the location from another senior living company.
“There is a lot of competition – there are new buildings coming to the market, but our products really are people,” Brewer said. “We believe we offer the best service in the industry.”
Brewer’s company will also have to test its service against another expanding facility just to the north in Bon Air.
The Laurels of Bon Air at 9101 Bon Air Crossings Drive is currently planning an expansion project to add around 10,000 square feet to its current facility.
Owned by the Laurel Health Care Co., the addition will bring the total number of beds at the Laurels of Bon Air from 100 to 124.
Ryan Koeniger, administrator for the facility, said the company has not yet determined the price of the expansion, nor has it chosen a construction company to do the work.
Koeniger said that the work should be completed by this time next year, but it may be 2016 before the addition officially opens.