The 55-and-up demographic has lured another new development to Chesterfield.
Prestige Construction Group’s Kenneth Jones plans to build 136 apartments and condos near the corner of Spring Run and Hull Street roads. It’s the latest in a string of projects in the area to target retirees and baby boomers looking to downsize.
This is Jones’ first development, but he said he has been interested in developing for about two or three years. He is the president of Prestige, which he founded 25 years ago. Some of the company’s past projects include the renovation of VCU’s James W. Black Recital Hall, UVA’s Carter-Harrison Research Building and the Stony Point Radiology Clinic, and work at Richmond International Airport and Main Street Station.
“I saw a need and wanted to try my hand at development,” he said.
Jones isn’t the only one who is trying to fill the need for 55-and-up housing. Roger Glover of Cornerstone Homes has seen so much success with his age-restricted community, the Villas at Magnolia Lakes, that he’s working on a similar project in western Chesterfield.
“The market is right for this,” Jones said.
Jones’ project, which has yet to be named, will include a 104,000-square-foot apartment building with 100 one-, two- and three-bedroom units.
Additionally, he is planning to add 36 condominium units, developed in clusters of four. They are designed as single-level, two-bedroom units with an optional second floor for an additional bedroom or living space.
Amenities for the residents will include a clubhouse, pool, walking trails and outdoor gathering spaces, plus paths to nearby restaurants and shops.
The project will sit on 13.7 acres behind the Deer Run Shopping Center in southwestern Chesterfield. Jones currently has the land under contract.
Jones declined to say how much the project will cost and said he is talking to several possible lenders. Prestige Construction is the general contractor, and Jones declined to name the architect.
Jones’ plan was recently approved by Chesterfield County’s Planning Commission and is set to go before the Board of Supervisors next month. If the board gives its approval, Jones said he is hoping to break ground in the fall. The project should wrap up in about a year.
Great location for this development and a good man in Ken Jones to get it done. We’ll be seeing a lot of Jones in the future building of Richmond communities.
I agree with Bruce. Great project that is needed in the County. Ken is a man of high integrity and the experience to make this happen. Best wishes to Ken and Prestige.
You can see all available homes for sale in The Villas at Magnolia at 55places.com, the web’s #1 resource for researching active adult communities.