BRENTWOOD, Tenn. & RINGWOOD, N.J.--(BUSINESS WIRE)--AAC Holdings, Inc. (NYSE: AAC) announced that it has commenced development of a 150-bed residential treatment center at the site of a former convent on 96 acres in Ringwood, New Jersey. The facility is expected to be completed in the first half of 2018 with a projected capital investment of approximately $25 million.
Approximately 60 minutes from LaGuardia and Newark Airports and close to the New Jersey Botanical Garden and Ringwood Manor, the facility will be located on the former Mount St. Francis, which was previously home to the Sisters of St. Francis of Philadelphia. The original manor home was constructed in 1861, and AAC purchased the convent and surrounding grounds in February 2015.
Ringwood becomes the fifth project in AAC’s de novo pipeline, which now includes 194 residential beds and 248 sober living/program housing beds for a total capital investment of $42.5 million. Earlier today, AAC opened a new 93-bed Chemical Dependency Recovery Hospital in Aliso Viejo, California; only the eighth such hospital in the state.
Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings, noted, “We believe our large flagship out-of-network facilities have set the standard for clinical excellence in markets such as Dallas, Las Vegas and Tampa. They have also served as catalysts for expanding our continuum of treatment through residential, outpatient and sober living in their surrounding markets. We have a growing presence in the Mid-Atlantic, and Ringwood will complement an existing business development team in the region as well as a residential treatment facility and outpatient center in New Jersey.”
“Having previously pushed back the initial timetable on this facility as we prioritized capital for other de novo projects and acquisitions, we are pleased that the continued cash flow from operations and completion of Laguna Treatment Hospital allow us to get this much anticipated project into development.”
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient substance abuse treatment services. We treat clients who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We operate substance abuse treatment facilities located throughout the United States. These facilities are focused on delivering effective clinical care and treatment solutions. For more information, please find us at AmericanAddictionCenters.org or follow us on Twitter@AAC_Tweet.
