Botetourt County's The Glebe, which has ran into some financial difficulties in recent months, is turning over its management to a Memphis, Tenn.-based company.
CRSA, a 20-year old company, has signed a contract with The Glebe to oversee operations, finance and marketing, according to news release. CRSA will report to Randall Robinson, the curent president and CEO of The Glebe. The Glebe has been operated by Virginia Baptist Homes.
CRSA manages 21 retirement communities in 12 states, according to the release.
"The Board of Trustees of The Glebe has concluded that we will have the best opportunity for success at The Glebe with a new team of high-level managers with experience in turnaround situations," said Robinson.
The Glebe opened in 2005, and its occupancy rate is below the plan on which its success was planned -- a problem magnified by recent economic conditions. The Glebe defaulted on a bond payment earlier this year -- tied to $15 million of bonds it issued through the Roanoke County Economic Development Authority to get money for the faclity's $60 million construction price tag.
The Glebe was also sued by Botetourt County, which is challenging the facility's tax-exempt status. The case is now in front of the Virginia Supreme Court.
CRSA, according to the release, will also take over the management of the three other Virginia retirement communities that are operated by Virginia Baptist Homes in Richmond, Newport News and Culpeper.
It is unclear what, if any, relationship will continue between Virginia Baptist Homes and the retirement communities.
The Glebe, home to 200 residents, employs 170 people.