Riverstone Group to invest $12 million in new medical office space in Chesterfield County

Call it a case of good timing. Richmond-based Riverstone Group plans to add six medical office buildings to its CenterPointe development in Chesterfield County, with work beginning on the first buildings early next year.

“We are building Brandermill Parkway from its current terminus at the Powhite Parkway all the way up to Charter Charter Parkway,” said Chris Corrada, a principal at Riverstone.

That one-mile, $3 million project will open in 2015. The road extension, combined with Riverstone’s construction of CenterPointe Crossing, a neighborhood of 700 residences, also planned for next year, convinced the company that the time was right to move forward on $12 million in new medical office space on a 7.5-acre parcel near Bon Secours St. Francis Medical Center. 

Riverstone Group plans six, one-story buildings of 10,000 square feet each for a complex that will be called CenterPointe Station.  “ Right now, there’s nothing around the hospital that exists that’s a drive-up type of product. This is more suited to neighborhood style medical,” said Corrada.

While Riverstone hasn’t signed any tenants yet, it is seeing interest in the medical project. “It will probably take two to three years to build based on interest,” Corrada said.

The health-care sector has been one of the Richmond region’s busiest commercial real estate sectors.
“Hospitals are growing, and practices are growing and you’ve got a lot of medical in old, 20- to 30- year-old spaces. They can’t function there like they can in a brand new space designed for their practice,” said Corrada.

A multi-family development also is in the works for the CenterPointe development. Although the deal hasn’t closed yet, Corrada said Riverstone Group is selling 26 acres to HHHunt Properties, which plans a 271-unit apartment community.

“It’s called CenterPointe for a reason,” he added, about the area that sits in the middle of northern Chesterfield County that’s bordered by the Powhite Parkway and Route 288. “There’s development all around it. There’s great transportation, great schools, and the hospital is a huge driver.”