48-Acre Land Purchase Paves Way for New CCRC Near Charlotte

Laying the groundwork for a new continuing care retirement community in Matthews, N.C., ACTS Retirement-Life Communities has entered into a purchase agreement with a local family to acquire a 48-acre parcel less than 15 miles from Charlotte. The project, Plantation Village, could cost in excess of $150 million. Situated just across from its existing Plantation Estates CCRC, the parcel for Plantation Village will cost ACTS nearly $10 million. Tentative plans for the new project encompass 350 independent living apartments and single-family homes, as well as assisted living units and skilled care suites. Amenities will include an upscale clubhouse, a fitness center and several dining venues. ACTS has not yet put a specific price tag on the development, as the more specific details of the project have not yet been written in stone. However, an ACTS spokesperson told CPN today that, “traditionally, when we build a new community from the ground up in this day and age, it costs well over $150 million.” Plantation Village will cater to a market that is hungry for more CCRCs. ACTS’ neighboring 20-year-old Plantation Estates property is fully occupied and has a long waiting list that will be only partially accommodated by a $9 million expansion that is presently underway. “The economy has affected every real estate sector but, based on our research and waiting lists, there’s still a large demand for CCRCs,” the spokesperson said. “Also, people are looking at the financial health of owners and operators. We’ve been here for 35 years and we’re not going anywhere. We’re a not-for-profit company, so we reinvest our profits into existing and new communities. Headquartered in West Point, Pa., ACTS is the largest not-for-profit CCRC developer, owner and operator in the country. The company has a total of 19 resort-style retirement communities in Florida, Georgia, North Carolina, Pennsylvania, South Carolina and, most recently, Alabama.Blog Story and Comments