River Walk to add medical campus

Dallas-based Rainier Medical Investments (RMI) has entered into a binding agreement to purchase 21 acres of The RiverWalk at Central Park for the purpose of developing a medical campus adjacent to the Texas Health Presbyterian Hospital Flower Mound.

RMI – partnering with Steve Belli, president of OGH Healthcare, who consulted on the transaction – plans to first build a much anticipated medical office building, which will accommodate a growing number of physicians looking to relocate to Flower Mound.

The firm plans to build a 75,000+ square foot, three-story medical office building connecting from the south side to Texas Health Presbyterian Hospital Flower Mound, a physician-owned facility, which opened its doors last week.

“We are very positive about this project,” said Daryn Eudaly, EVP/principal of RMI. “With the new Texas Health Presbyterian Hospital Flower Mound just opening, there is great demand by health care professionals for office space. By working closely with key RiverWalk stakeholders, we intend to break ground late summer. We anticipate the building will be ready for occupancy 12 months from that time.”

 “A central strategic location in the Dallas/Fort Worth Metroplex, excellent schools, a lower cost of living, attractive tax rates, upscale affordable housing and proximity to D/FW Airport are all factors that have contributed to making Flower Mound a vibrant community,” said Flower Mound Mayor Jody Smith.

Tim Lavender, president/principal of RMI added, “Rainier Medical Investments, at its core, is in the business of building lasting relationships that contribute to enduring business success. This opportunity to partner with the Flower Mound community and the excellent health care providers in the city is exactly what we do best.”

A division of Rainier Capital Management, Rainier Medical Investments is a healthcare investment group formed by Tim Lavender and Daryn Eudaly in November 2009. The group recently announced the formation of a new fund called Physicians First Fund, which will co-invest with physicians in select medical facilities. Rainier Medical just recently acquired two buildings at Baylor Regional Medical Center at Grapevine.