At a ceremony on June 26, Thrive Senior Living broke ground on The Tribute at Heritage Village, a 128-unit assisted living and memory-care community in Gainesville, Virginia. Located at the front entrance of Heritage Hunt, a 55+ active adult community, The Tribute at Heritage Village will feature two restaurant dining venues, a movie theater, spa, fitness center with state-of-the-art digital equipment specifically designed for seniors, and salon, as well as a doctor’s office and a telemedicine suite. A completely separate memory-care “neighborhood” will offer a secure environment for residents with Alzheimer’s and other forms of dementia; innovative programming will foster cognitive improvement and encourage connections between those residents and their friends and family.
Technology will be at the forefront in the new community. The Tribute at Heritage Village residences will be entirely keyless, for example. Also, Thrive recently partnered with tech company LG to develop a Smart Senior Living platform that combines electronic health and medication records with an all-digital charting and record-keeping system and allows staff members to simply use a handheld device to access relevant information. The new system allows excellent transparency and accountability for care to both the resident and the physician—a true rarity in the assisted living industry, according to Thrive. “This community (and its sister communities underway nearby) will be a drastic departure from what most people think of when senior living comes to mind,” promises Jeramy Ragsdale, Founder and CEO.
The Tribute at Heritage Village is the first of a portfolio of joint-venture projects that Thrive Senior Living will undertake in the metropolitan Washington, DC, market over the next 12 months with partners Harrison Street Real Estate Capital of Chicago and Palomino Capital of Dallas. Although development projects in the densely populated DC Metro area typically involve a lengthy, expensive, and sometimes difficult process, Thrive has targeted that market as part of its growth platform based on continued demographic demand and a lack of new and innovative competitors. “Overcoming obstacles in order to have the opportunity to change the landscape of senior living in such a dynamic market is an incredible opportunity,” according to John Toomay, President of Palomino Capital.
Atlanta-based Thrive Senior Living is a privately held owner/operator and developer of assisted living and memory-care communities already established in Florida, Georgia, Louisiana, and Texas. The Tribute at Heritage Village, the company’s first Virginia project, is scheduled for completion in September 2015. Synovus Bank is providing the financing.
