RICHMOND, VA. — Erickson Living has started construction of Avery Point, a large-scale continuing care retirement community in the Short Pump area of Richmond. Upon full buildout, 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.
The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to REBusinessOnline. 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.