A conceptual plan of the 350-unit senior living facility being planned by Pinnacle Living for the site of the Virginia Crossings Hotel & Conference Center. (Images courtesy county documents)
A local senior living facilities operator has a $150 million redevelopment project planned for the hotel and conference complex next to The Crossings Golf Club in Henrico.
Pinnacle Living wants to build a 350-unit complex at 1000 Virginia Center Parkway. The 20-acre project site is currently occupied by the Virginia Crossings Hotel & Conference Center, which would be demolished.
The project is a couple years in the making and is intended to fill a gap in residential options for older people in the area, Pinnacle CEO Chris Henderson said.
“We’re always looking for market opportunities, and about two years ago we targeted this northern Henrico market as a market that was strongly underserved from a senior living perspective,” Henderson said. “This campus is going to be a rental community with a continuum of services provided.”
The project’s $150 million cost estimate is inclusive of construction expenses and acquisition of the project site. Pinnacle is under contract to buy the parcel from Minnesota-based Oliver Cos., which since 2017 has owned the land and operated the Hilton on the site. The hotel appeared to still be open this week.
The property’s assessed value is $8.5 million, according to online land records.
The complex would consist of multiple buildings and feature 278 independent living units, 24 memory care units and 48 assisted living units. Vertical construction is slated to begin in early 2028, and the complex is expected to open in late 2029.
Henderson said a priority of the project is to increase accessibility to senior living accommodations for people who aren’t low-income but might struggle to afford entry into such facilities.
“It’s not a tax credit or HUD project. This is a mission commitment from Pinnacle Living, where we want to make more affordable residences available to folks who simply don’t qualify for low-income, but may not want to make a huge investment in life care,” he said.
At least 38 independent living units would be set aside for people who make between 80% and 120% of the area median income. The complex’s units are expected to start at $2,500 monthly in 2029 dollars, and the most expensive units would have a monthly rent of more than $6,000. There wouldn’t be entry fees to live at the complex. Amenities haven’t been finalized yet.
A rendering of the Pinnacle Living project, which would feature a mixture of units for independent living, memory care and assisted living.
The project would primarily be financed by either municipal bonds or municipal bank financing using the Henrico Economic Development Authority as a conduit.
“It really all depends on where interest rates are and what the market looks like when we go to market,” Henderson said.
Pinnacle would be responsible for paying off the debt associated with the financing. The organization would use its own funds to make a “significant capital infusion” toward the project’s early development.
Hourigan has been tapped to serve as the construction manager. SFCS Architects and engineering firm VHB are also involved in the project.
Demolition of the site’s existing structures is anticipated to start in the second quarter of 2027. It wasn’t clear when the property’s Hilton hotel would close. Oliver Cos. didn’t respond to an email seeking comment. Initially Pinnacle hoped to retain at least the hotel as part of the redevelopment project, but later determined it would be too costly, Henderson said.
Pinnacle’s project requires rezoning approval, and the company was scheduled to go before the Henrico Planning Commission with its proposal Thursday evening. The project would need the approval of county supervisors, who are expected to take up the request at a future meeting.
The project site is envisioned for future office development under Henrico’s comprehensive plan, but planners support Pinnacle’s proposal, according to a staff report.
Pinnacle’s project would be built adjacent to the currently closed Crossings Golf Club, which Henrico sold earlier this year to North Carolina-based McConnell Golf. McConnell has said it plans to invest $10 million to renovate the course and reopen it in the fall of 2027.
As Pinnacle plans a new facility in Henrico, the not-for-profit organization said it remains committed to a $120 million overhaul of its Hermitage Richmond campus in the city’s Northside. Henderson said the project was temporarily paused in light of Richmond’s ongoing Code Refresh update. Pinnacle wanted to see how things land before resuming the Hermitage project, which had applied for zoning approval last year.
Pinnacle is affiliated with the Methodist Church and operates six senior living facilities, all in Virginia. The organization was founded in the late 1940s and was formerly called Virginia United Methodist Homes. In 2024, the not-for-profit expanded with the acquisition of two senior living facilities in Henrico.
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