LAKEWAY, Texas, Feb. 23, 2012 – Pacific Medical Buildings (PMB) announced that construction is underway for a $12 million, two-story, 53,000 square foot medical office building (MOB) on the campus of the new Lakeway Regional Medical Center in this fast-growing community about 20 miles northwest of Austin, Texas.
Executives of San Diego-based PMB said the MOB at 200 Medical Center Dr. needs to be completed in a shortened timeframe of eight months to coincide with the opening of the new hospital in mid-April. PMB, the architect and contractor also need to complete building out 5,000 square feet in the MOB within this timetable to accommodate the Hospital’s space needs.
“To meet the hospital’s ambitious timeline required an extraordinary level of organization and support among all project team members, lenders, the Hospital and the city departments involved in the planning and approval process,” says Jim Rohan, PMB Senior Vice President, Development. “It was a remarkable feat.”
PMB and its investors raised the equity for the new MOB and entered into a ground lease arrangement with the Hospital. The U.S. Department of Housing and Urban Development was involved in approving the ground lease documentation as it provided mortgage insurance for the debt associated with developing the hospital and land.
The MOB will house the Hospital’s comprehensive cancer and imaging centers and Hospital administrative offices, as well as independent physician practices. The architect for the project is Page Sutherland Page and the general contractor is Hoar Construction.
About Pacific Medical Buildings
Pacific Medical Buildings (PMB) specializes exclusively in the development and management of medical office buildings, outpatient facilities and parking structures for hospitals, medical groups and universities. For more than 40 years, PMB’s executives have led the industry in the development and management of medical care buildings, with 77 healthcare facilities constructed to date throughout the Western United States. The firm currently owns and manages 44 facilities totaling approximately 3 million square feet with more than 7,000 structured parking stalls, and has eight projects under development that will total 750,000 square feet. The San Diego-based firm also has offices in Honolulu; Los Angeles; Phoenix; Nashville, Tenn.; Vancouver, Wash.; Portland, Ore.; Louisiana; and Nevada.
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