Oakwood Village, the largest retirement organization in Madison, is embarking on a $43 million expansion of its Prairie Ridge campus on the Far East Side.
Seventy-three independent living apartments will be added, for a total of 279, and 33 assisted living units will be built, for a total of 93, said Keith VanLanduyt, a vice president at Oakwood.
“We continue to see growing demand for the high-quality housing and services Oakwood is known for, and anticipate that demand will continue to grow as baby boomers enter their retirement years,” VanLanduyt said in a statement.
Entrance fees for new apartment homes will range from $265,000 to $340,000, with a monthly fee that includes meals, housekeeping, life enrichment and wellness programming, among other amenities.
The expansion project will also upgrade dining options and space for exercise and learning activities.
Groundbreaking will take place Thursday, with completion expected in the spring of 2019.
Prairie Ridge, on Tancho Drive near the headquarters of American Family Insurance, also has a 42-bed nursing home, used primarily for short-term rehabilitation.
University Woods, Oakwood’s West Side campus, on Mineral Point Road, opened in 1948. It has more than 400 apartments, 100 assisted living units and a 95-bed nursing home.
Plans to update University Woods are expected to be announced next year, VanLanduyt said.