The 222,000-sf center is located at 498 Line Rd. and consists ofan 86,060-sf ambulatory surgery and imaging center, a 94,746-sfmedical office building and 156 private covered and 470 surfaceparking spaces. Shrom tells GlobeSt.com the estimated constructioncost is $28 million and the facility is expected to reachcompletion in fall of 2009. Plans for the 17.8-acre property alsoinclude a boutique hotel with a restaurant, which would serve thecenter and surrounding community.

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The exact vehicle for ownership of space in the medical officebuilding is yet to be determined, Eagle says, but tells GlobeSt.comit will take one of two forms, both of which provide occupantphysicians and health care providers with ownership. One vehicle iscondo sales; the other is formation of a REIT in which occupantsacquire a percentage of the building. Both provide owner occupantswith tax advantages as well as equity interest, he points out.

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The surgery and imaging facility also provides physicians withan ownership interest through syndication, Eagle says. "A syndicateof physicians provides start-up investment and members get adividend based on profits," he explains. A surgical partnershipwould manage the facility for a fee. Ownership in the medicalbuilding component is not a requirement for a stake in thesurgical/imaging center and vice versa.

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Under the destination medical center concept, real estatedevelopment is based on a "consumer or retail driven model ofhealthcare," which "provides physicians with autonomy in theirpractices and efficiency in operating while providing the financialbenefits of equity participation and revenue streams from ancillaryservices," according to a printed statement from MVP.

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The New Garden center is located off the Route 1 corridor witheasy access to Philadelphia, Baltimore, Washington, DC andWilmington, DE. It is also near the Loch Nairn Golf Club and itsfour-star Farmhouse restaurant. Eagle says the community has longrecognized the need for a hotel, "which has synergy with ourdestination concept." MVP will partner on the hotel, he says,adding, "negotiations are under way, but no contract has yet beensigned."

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