Work has begun on a sprawling retirement community in Goochland County.
Erickson Living, a Maryland-based developer, is preparing to go vertical on Avery Point, its $300 million, 1,400-unit project at 1549 Wilkes Ridge Parkway in West Creek.
Whiting-Turner is the project’s general contractor.
Once completed, Avery Point will have over 2 million square feet of living space and more than 50,000 square feet of space for restaurants and a library, as well as new roadways.
The privately held developer filed plans for the project in April 2018, and soon after paid $23 million for the project’s 94 acres. The seller was an entity tied to Bill Goodwin’s Riverstone Group.
Erickson has 20 retirement communities nationwide, with more on the way. Avery Point will be its third in Virginia, joining locations in Springfield and Ashburn. Jim Antonakos, director of sales for Avery Point, said the company also is working on a Fairfax location.
Avery Point will consist of 14 buildings, all of which will be either four or five stories tall. Of its 1,400 units, 240 will be for assisted living, with the remainder being independent living.
While residents won’t be moving in until 2022, Antonakos said a 5,000-square-foot sales center is set to be completed in April 2020.
“It’ll have interactive floor plans and tours to give an idea of what life will be like,” Antonakos said of the sales center. “Eventually we’ll go to a reservation process … but that won’t be until (the sales center is) open for about a year.”
Avery Point was initially tabbed to cost $200 million, but Antonakos said the figure will be closer to $300 million.
He said Erickson Living estimates the retirement community will generate $2 million in tax revenue annually.
Entrance deposits for Avery Point will start at about $200,000, Antonakos said, $160,000 of which is refundable and can be used to pay monthly care and service rates, which are to be determined.
Avery Point will be just west of Sheltering Arms Hospital and VCU Health’s joint rehab institute, which is scheduled to be completed in spring 2020.
Another retirement community, Tuckahoe Pines, is in the works in Goochland at 12330 Patterson Ave. Nebraska-based Resort Lifestyle Communities is behind the $30 million, 130-unit project.