Developer shells out $23M for land in West Creek

colorado development

An example of one of Erickson’s continuing care development in Colorado. (Erickson)

Correction: An earlier version of this story, citing Goochland County records, reported that Erickson Living acquired 178 acres as part of the $23.5 million deal. The county has since updated the records to show that only 94 acres were purchased. That amounts to $250,000 per acre.

A Baltimore-based company has put down eight figures to secure its spot in Goochland County for a planned 2 million-square-foot retirement community.

Erickson Living this month paid $23.5 million for about 94 acres in West Creek Business Park, according to county records.

The land eventually will house a $200 million retirement development that will be located east of Wilkes Ridge Parkway, south of West Broad Street and west of Little Tuckahoe Creek. The county assessor’s office said the land Erickson purchased does not yet have a formal address.

Plans filed with the county call for 1,450 units across 14 buildings, in a community that also will include restaurants, a fitness center, sales center, art studio and more.

The seller of the land was Commonwealth Foundation for Cancer Research, which was transferred the property from Riverstone Group for zero dollars in December 2017. Riverstone’s Bill Goodwin is listed as the foundation’s principal officer per nonprofit database GuideStar.

Erickson’s $23.5 million price amounts to about $250,000 per acre. That outpaces another multimillion purchase made by a Nebraska-based retirement community developer this summer. In August, Resort Lifestyle Communities paid $2.9 million, or $74,000 an acre, for 39 acres at 12330 Patterson Ave., where it is planning a 130-unit facility dubbed Tuckahoe Pines. RLC was initially eyeing some of the land where Erickson is heading, but changed course in late 2017.

The broader West Creek is owned by the Pruitt Cos. and Goodwin’s Riverstone Group, and is evolving beyond its original purpose as a business park. This year, Hardywood Park Craft Brewery cut the ribbon on its $28 million production facility, townhome development 2000 West Creek is wrapping up construction and Riverstone is planning over 400 single-family homes.

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Bruce Milam
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Erickson is a strong user for that property. They are underway similarly near the City of Fairfax on 90 acres they purchased from the Commonwealth. West Creek has lured some notable players to Goochland.

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