Medical Office Developer Also Places Land Under Contract in Dripping Springs and Georgetown
Austin, Texas (August 27, 2013) – Arise Capital Investments will break ground on a new, 36,000-square-foot medical office building in Manor on Tuesday.
Approximately 72 percent of the space is pre-leased to tenants that include: Austin Pain Associates/Advanced Rehabilitation, Texan Urgent Care, Arise Austin Medical Center, a wound care facility (name TBD), Cardiovascular Associates and Texas Family Physicians. Arise Austin Medical Center is the largest tenant to date, having signed up in advance for 8,400 square feet. Other tenants are anticipated to be a podiatry, allergy, dental groups and a pharmacy.
Located at the entrance of Shadow Glen Boulevard and U.S. Highway 290, the 4-acre site is situated in a highly desirable, growing community just east of Austin with strong growth demographics. The building is anticipated to serve approximately 46,000 residents in the immediate area. The site also features close proximity to employers like AMD, Dell and Samsung as well as the acclaimed Manor Technology High School.
The project’s architect is Schneider Halls Design, while the contractor is IE2 Construction. Construction is anticipated to take approximately eight months, with an anticipated opening of the spring of 2014. The project incorporates ACI’s unique business model where tenants become equity owners in the building through a limited liability corporation. Each tenant’s share of the building is based upon the size of the space leased.
This project marks Arise Capital Investments’ third property in the Austin market. Its principals also developed Cypress Creek Medical Plaza in Cedar Park, and since sold. It recently developed the Medical Tower at Riverplace, a project it recently completed in Northwest Austin and is fully leased.
Additionally, Arise Capital Investments has three new medical office projects in its sights. It put a 9.7-acre site at the entrance of Sawyer Ranch Road and U.S. Highway 290 West in Dripping Springs under contract, and has also signed letters of intent for sites in Georgetown and Bastrop.
“People want to receive medical care close to where the live and work, and that’s been an essential component to our strategy,” says Eric Perardi, CEO of Arise Capital Investments. “The people of Manor and surrounding areas haven’t had physicians or medical services available to them. Their only option to date is to drive into Austin. Our project will serve the community with the medical providers and services that they desperately need.”
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