The Summit at Magnolia Green, a new senior living community in Richmond, has been approved by the Chesterfield County Board of Supervisors. The agreement was successfully negotiated by Hirschler Partner and Past Chairman James W. Theobald, on behalf of his client, iStar Financial Inc. The project will result in more than a $300 million investment in Chesterfield County, and includes 1,130 units for independent living and 192 residencies for assisted living, skilled nursing and memory care, located north of Hull Street Road.
“We are very pleased with the County’s decision to introduce this viable solution to those wanting a state-of-the-art active, adult living center,” said Theobald. “The approval was a significant amendment to a very complicated case from more than 25 years ago.”
The project helps to address the demographic changes happening in Chesterfield, where the number of adults over the age of 60 is expected to surpass the number of school-aged children in 20 years, according to a statement by Sarah Snead, Deputy County Administrator for Human Services, made to the Richmond Times-Dispatch last month.
“After the successful October opening of Summit Vista in Utah, we are seeing tremendous popularity in this new model for active adult living,” said Karl Frey, iStar executive vice president. “Summit Vista CEO Mark Erickson reports Utah move-ins are exceeding projections in just the first two months, and we expect the same high level of interest at the Summit at Magnolia Green.”
The senior living complex is expected to generate 224 full-time jobs or the equivalent in part-time hours, and 180 jobs in the health care sector, as well as approximately 100 jobs targeted to high school students.
Kristen M. Chatterton