The 222,000-sf center is located at 498 Line Rd. and consists of an 86,060-sf ambulatory surgery and imaging center, a 94,746-sf medical office building and 156 private covered and 470 surface parking spaces. Shrom tells GlobeSt.com the estimated construction cost is $28 million and the facility is expected to reach completion in fall of 2009. Plans for the 17.8-acre property also include a boutique hotel with a restaurant, which would serve the center and surrounding community.

The exact vehicle for ownership of space in the medical office building is yet to be determined, Eagle says, but tells GlobeSt.com it will take one of two forms, both of which provide occupant physicians and health care providers with ownership. One vehicle is condo sales; the other is formation of a REIT in which occupants acquire a percentage of the building. Both provide owner occupants with tax advantages as well as equity interest, he points out.

The surgery and imaging facility also provides physicians with an ownership interest through syndication, Eagle says. "A syndicate of physicians provides start-up investment and members get a dividend based on profits," he explains. A surgical partnership would manage the facility for a fee. Ownership in the medical building component is not a requirement for a stake in the surgical/imaging center and vice versa.