FLOWER MOUND, TX-Landcore Development is moving forward with a two-building medical office development next to Texas Health Presbyterian Hospital. The Bartonville,TX-based developer has hired VERUS Real Estate Advisors to lease the $20-million complex, called Timbercreek Medical Park.
Situated on FM 2499, Timbercreek Medical Park will total 120,000 square feet in two, 60,000-square-foot, class A buildings. It is located on 22 acres directly north and adjacent to the hospital, which opened just two weeks ago with roughly 180 physicians on staff. The four main service lines for the hospital include women' s services, oncology, cardiology and orthopedic surgery.
Landcore Development is currently working with the City to obtain approval on the project, according to Greg Johnson, executive vice president of VERUS who is in charge of leasing the project.
Johnson tells GlobeSt. that Landcore Development plans to break ground on the first phase of the project – the first three-story building – this fall with a summer 2011 delivery. Once phase one is 75% leased, the firm will begin construction on the second three-story building, or phase two of the project. In addition to the two medical office buildings, Landcore Development has set aside several pad sites to sell to other medical users.
The asking rate for the first phase of Timbercreek Medical Park is $22 per square foot, triple net. “This is a very competitive lease rate compared to most on-campus medical office buildings – it’s about 15% less,” Johnson says, adding that CAM charges are projected at $7 per square foot. “The goal is to minimize common areas to keep costs down for the docs.”
Timbercreek Medical Park backs up to an environmentally-sensitive area that includes a creek. The project has set aside that area for a three-acre park for patients and staff to enjoy, as well as covered parking for physicians and parking to meet the city’s required ratio of 1:250.
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