Dallas-based Rainier Medical Investments (RMI) has hired architect Perkins+Will for the development of the 21-acre River Walk Medical Park, located within The River Walk at Central Park and next to the new Texas Health Presbyterian Hospital Flower Mound.
“The building will architecturally blend in with the existing hospital and The River Walk concept and be an integral part of the new healthcare campus,” said David Collins, principal of Perkins+Will.
RMI also announced that it has “soft” leasing commitments of approximately 70,000 square feet in the first medical office building, which is currently planned to be a three-story 80,000 square feet building.
Based upon initial talks with the Town of Flower Mound, RMI plans to break ground this fall and be ready for occupancy early summer 2011.
“We have had nothing but an open door and the finest of cooperation and communication from the entire team in Flower Mound,” said Tim Lavender, president of RMI.
“Flower Mound is excited to have us and we are equally excited to become a long-term, vibrant part of the community beginning with this project.”
“This is very positive news since medical-related developments contribute to the Town’s tax base and create high quality jobs for residents of Flower Mound and surrounding areas,” said Melissa Glasgow, director of economic development for the Town of Flower Mound.
“The new hospital is quickly proving to be a viable anchor to attract medical-related economic development to the Town and we welcome this flurry of activity.”
There are already plans for a second medical office building of approximately 60,000 square feet, to break ground by the end of the year, according to RMI officials. Interest in approximately 25 percent in pre-leasing space has already been expressed by potential tenants.
“The alignment of medical services in a hospital medical campus allows for synergies and efficiencies to be created that are lost when services are geographically dispersed from each other in a community,” said Daryn Eudaly, EVP/principal of RMI.
“The model that we are working to implement with the hospital is one that other suburban markets have seen tremendous success with and have led to a growth in the medical services and quality of care in the area.”
The current owners of the 21-acre site are in the final steps toward conveying clear title to the land. RMI anticipates the final closing will occur in early July and is working with the Town of Flower Mound’s development team in preparation for an immediate start to the initial phase construction at that time.