Medical Office Condo Park Rising in Plano

Golan Construction started work on the first phase to a six-building medical office condo park at a 6.7-acre power corner at Preston Road and Commonsgate Boulevard. The 35,000-sf spec project has one building pre-sold. The 5,920-sf shells are tagged at $1.2 million with medical office finish-out ticketed as high as $70 per sf.

Greg McDonald, executive vice president for Dallas-based Weitzman Group, says he's fielded numerous calls from doctors looking to buy instead of lease in hospital-affiliated medical office buildings while the listing agent, Sary Benzvi, an associate with Weitzman's Income Properties Group, is out of town. So far, Preston Commonsgate's model is up and work has started on two more. The project is ticketed to deliver in first quarter 2005.

McDonald says Presbyterian Hospital's $87-million expansion, Baylor Healthcare's new campus and the site of the future Children's Hospital of Plano were key to Moshe Golan's decision to build another medical office park, keeping true to what he's built thus far in owner/user space and office suites tailored to small businesses. "There is a tremendous need for more medical office space," McDonald emphasizes about a submarket with several similar projects rising or on developers' drawing boards.

A recognized custom homebuilder, Golan made the move into medical office construction with a 22,152-sf building at 571 W. Main St. in Lewisville and Communications Park at 6105 Windcom Court in Plano, where he's adding a second building. Golan also developed Village Creek, five buildings with 30,000 sf of general office space at Plano Road and Preston Parkway in Plano.