The medical office building, which the developer said could expand by another 18,000 square feet over time, is part of a larger project called Independence Square that the developer said could cost $25 to $30 million at total buildout.
In Monday’s Business Outlook: Medical industry is driving development
Initially, Lovelace will be the sole tenant in the space, and 30 to 40 physicians will move their practices into the building along with more than 100 staff members, said a health system official.
“Lovelace Medical Group and Southwest Medical Associates have been in the old building (at 6100 Pan American Freeway) for many years, and we are looking forward to the possibilities that will present themselves when we are in our own space,” said John Cruickshank, D.O., CEO of Lovelace Medical Group, in a prepared statement. “While we will be remaining in the same area near Journal Center, we believe our patients will find the move to be beneficial for everyone.”
Construction at the 6701 Jefferson Street NE location is set to begin in the first quarter of this year with completion and move-in expected in the first quarter of 2017. Current patients of Lovelace Medical Group/Southwest Medical Associates physicians will be notified of the move when a more specific date has been decided.
Dan Newman and Debbie Dupes of CBRE acted as brokers on the project.
Dekker/Perich/Sabatini architects will design the building and the general contractor will HB Construction.
Scott Throckmorton with Argus Investment Realty, said the development team modified the multi-tenant professional office building to be a single-tenant medical building with expansion capability. The project will retain a “mid-century modern” design theme throughout, he said.
While the developers envisioned strong interest by lawyers, accountants and engineering firms when the project was first announced, the strongest came from Lovelace Health System. “When you look at the employment sector, medical employers have seen the greatest gains,” said Throckmorton.
“A tenant of this caliber is ideal,” he added.
After inking Lovelace, Throckmorton said Argus will move forward on developing three other retail pads fronting on Jefferson. The developers hope to land several retailers and a restaurant operator.