TWO-PHASE, 160,000 S.F. DEVELOPMENT IS UNDER CONSTRUCTION IN GEORGETOWN
By John Mugford
A delay in obtaining financing has ended up benefiting the $30 million Austin Avenue Professional Plaza project in
Georgetown, Texas, because construction costs have fallen since mid-2008, saving the developer about 10 percent.
Rendering courtesy of San Gabriel Contract Management LLC
A local developer has put together a group of investors, which includes 25 physicians, and started a 99,600 square foot medical office building (MOB) in Georgetown, Texas, a town of about 50,000 people. The lead developer is Randy Mongold of San Gabriel Contract Management LLC.
Ground was broken in late January on the first building of the $30 million, two-phase Austin Avenue Professional Plaza, which is also slated to include a second office building of 60,000 square feet. The medical office project is close to 96-bed St. David’s Georgetown Hospital, which is part of Austin-based St. David’s HealthCare. Also nearby are two other hospitals, Seton Williamson County Hospital and Scott & White Hospital Round Rock.
Georgetown is about 25 miles north of Austin and has a five-year projected growth rate of 25 percent, according to Mr. Mongold.
At the time of the groundbreaking, the first MOB was 70 percent pre-leased to tenants that included Georgetown Medical Clinic, which has agreed to occupy 17,000 square feet, and Austin Radiological Association, which is to have 15,000 square feet.
Each of those tenants has an ownership stake in the project of more than 20 percent, Mr. Mongold says. Other anticipated tenants include an urgent care clinic, a clinical pathology lab, a gastroenterology office, a pharmacy, a urology practice, an internal medicine practice, a plastic surgery office and others.
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