RICHMOND, Va. — Erickson Living has started construction of Avery Point, a massive continuing care retirement community (CCRC) in the Short Pump area of Richmond.
Upon full build-out, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million.
Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity building in 2022. Independent living units will range from 750 square feet to 1,800 square feet.
The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to Seniors Housing Business. The newspaper also reported that Erickson bought the 94-acre plot in 2018 for $23.5 million, and that entrance fees will start around $200,000 and be 80 percent refundable.