The $11-million, 60-unit Remington Medical Resort-San Antonio will open in early 2009 at the intersection of Babcock and Hamilton Wolfe roads. The 90-unit Remington Medical Resort-Richardson at 1350 E. Lookout Dr., also a 2009 completion, is going vertical for $12.5 million.
According to company CEO Mark Fritz, the company also has the go ahead for a third facility in Sugar Land, TX, and the permit review process is underway for one in Lone Tree, CO. The company also has just closed on land in Southlake, TX. "We have other pieces of property that are in due diligence," he tells GlobeSt.com.
Fritz says Remington Medical Resorts is looking for land in major metropolitan markets, with at least one million people. The ideal land size is 2.5 acres, and if the acreage is near a medical center or hospital so much the better.
Fritz's goal in creating the resorts is to provide skilled nursing and rehabilitation services for transitional patients, such as those requiring knee or hip surgery. "There is a growing population needing to come in for rehab for two, three or four weeks, then going home," he says.
The problem is many nursing facilities are geared toward long-term care of older people. "I've seen companies out there attempt to convert a wing of an already existing nursing facility to try to accommodate the younger, short-term population," Fritz explains. "It's not a great experience for the patient." Unlike many longer-term facilities, Remington Medical Resorts feature private rooms, complete with private bathrooms.
Greg Daspit, division manager for Dallas-based architect Mayse & Associates Inc., says the design was geared toward providing the practicality of a skilled-nursing center with the look and feel of a resort. "This kind of operates halfway between a hotel and a medical therapy center," he explains. "There are the therapy rooms for rehab and pool therapy and hallways wider than a standard hotel. Otherwise, it has the resort feel."
Fritz, who co-founded Trisun Health Care in Austin, TX with Lou Little some years ago, says once the 15 medical resorts are built, the plan is to stop and re-evaluate the next step. He points out that he and Little acquired six homes with Trisun Health Care and grew it to 30 during a five-year period. "After we got to that point, we had to evaluate and ask if we wanted to take that next step up," he says. "We'll do the same thing with these."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.