LifeSpire of Virginia begins major expansion in Richmond
LifeSpire of Virginia, a provider of continuing care retirement communities (CCRC) for seniors throughout Virginia, has started construction on a 166,590-square -foot multi-phase expansion of its Lakewood Community in Richmond. This project, which the company said was made possible in part through a $24 million loan from SunTrust Bank, will include 64 new, independent living residences including two hybrid homes, a clubhouse, a maintenance building and a lake in the center of the community.
LifeSpire said the two hybrid homes offer an innovative, independent living option for seniors. Each home will include 10 individual residences, a large common area, outdoor patios, private garages and additional storage space.
The community center, originally opened in the late 1970’s, will be replaced by a four-story clubhouse with 44 apartments on the upper floors and underground parking. Outdoor features including walking paths, gardens, fire pits and scenic views of the community’s new lake and waterfall feature. The clubhouse also will offer a gym, pool, performing arts center, group exercise spaces and multiple dining venues.
“Delivering the highest level of care and accommodations for our residents is at the heart of our core mission, and we’re excited to introduce this new hybrid concept to seniors in Richmond,” Barrett Way, executive director of Lakewood, said in a statement.
LifeSpire of Virginia, formerly Virginia Baptist Homes, has owned and operated continuing care retirement communities across the state for nearly 70 years, including The Chesapeake in Newport News, The Glebe in Daleville, Lakewood in Richmond and The Culpeper in Culpeper.
SunTrust said it currently has more than $3 billion in credit commitments for facilities that care for seniors as it continues to fuel the growth of the aging services community.