Solinity has partnered with the Scott County Economic Development Authority to develop a 100-acre multigenerational, mixed-use community in Scott County, Virginia, called Riverside. The development will feature a range of housing options, including age-restricted housing, such as active adult, independent living, assisted living and memory care units. Additionally, the community will offer non-age-restricted housing, workforce housing, restaurants, retail spaces, a children’s daycare and green spaces. Solinity has selected DKLEVY as the architectural and design firm for the master plan, and Solinity Marketing is the agency responsible for branding and marketing the project.
A key strategy to ensure the project’s financial feasibility and long-term sustainability is Solinity’s careful selection of developer and operating partners. While Solinity will develop, own and operate the age-restricted portion of the community, it will also collaborate with additional operators for the other components of the master plan.
The development is tailored to meet the needs of Scott County, with additional plans to attract new residents. There is a high demand for children’s daycare services, and the project’s offering of intergenerational programs will promote community engagement. The overall goal is to create a neighborhood-like environment where seniors and non-seniors can interact and feel at home.
Although the exact breakdown of seniors housing units has not been finalized, it is expected that there will be more active adult and independent living units than assisted living and memory care units, reflecting the growing demand among middle-market and upper-middle-market baby boomers.
Given the complexity of the project, multiple financing mechanisms are at play. The development includes various components, each requiring tailored financial structures with specific equity and debt providers.
