A massive residential development in Chesterfield County is entering 2019 with an approval for one of its biggest projects to date.
Magnolia Green developer iStar Financial received zoning approval last month for the Summit at Magnolia Green, a $300 million senior living community to consist of nearly 1,500 residential units.
The section would fill a 106-acre site along Hull Street Road northeast of Beaver Bridge Road and Grange Hall Elementary School. The land is about a mile west of Magnolia Green Parkway and developed areas of the larger Magnolia Green development, a sprawling community spanning 1,900 acres.
The Summit at Magnolia Green would consist of 1,130 independent living units and a 192-bed assisted living facility with skilled nursing and memory care, as well as associated personal care, therapeutic care and convenience commercial uses. The new units would bring Magnolia Green’s overall density to 6,016 homes, 2,576 of those multifamily units.
The land was zoned in 1991 for primarily commercial uses, but changing demographics and market demands, as well as the site’s proximity – but lack of direct access to – a planned extension of Powhite Parkway, prompted the change in plan, said Tom Page, iStar vice president and Magnolia Green general manager.
Page said iStar spent $300,000 the first quarter of last year on test marketing for the project, which is modeled after iStar’s recently opened Summit Vista in Utah. That marketing showed local interest in the project, with more than 1,000 people signed up on the project’s “interested” list and 45 of those requesting first opportunity at units, Page said.