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NEW GARDEN, PA-Lancaster-based Medical Venture Properties LLC has broken ground for New Garden Medical Centre, a “destination medical center” that combines medical offices with facilities for ambulatory surgery and imaging. The development company is headed by partners Marcie Shrom and Perry Eagle, a retired orthopedic surgeon.

The 222,000-sf center is located at 498 Line Rd. and consists of an 86,060-sf ambulatory surgery and imaging center, a 94,746-sf medical office building and 156 private covered and 470 surface parking spaces. Shrom tells GlobeSt.com the estimated construction cost is $28 million and the facility is expected to reach completion in fall of 2009. Plans for the 17.8-acre property also include a boutique hotel with a restaurant, which would serve the center and surrounding community.

The exact vehicle for ownership of space in the medical office building is yet to be determined, Eagle says, but tells GlobeSt.com it will take one of two forms, both of which provide occupant physicians and health care providers with ownership. One vehicle is condo sales; the other is formation of a REIT in which occupants acquire a percentage of the building. Both provide owner occupants with tax advantages as well as equity interest, he points out.

The surgery and imaging facility also provides physicians with an ownership interest through syndication, Eagle says. “A syndicate of physicians provides start-up investment and members get a dividend based on profits,” he explains. A surgical partnership would manage the facility for a fee. Ownership in the medical building component is not a requirement for a stake in the surgical/imaging center and vice versa.

Under the destination medical center concept, real estate development is based on a “consumer or retail driven model of healthcare,” which “provides physicians with autonomy in their practices and efficiency in operating while providing the financial benefits of equity participation and revenue streams from ancillary services,” according to a printed statement from MVP.

The New Garden center is located off the Route 1 corridor with easy access to Philadelphia, Baltimore, Washington, DC and Wilmington, DE. It is also near the Loch Nairn Golf Club and its four-star Farmhouse restaurant. Eagle says the community has long recognized the need for a hotel, “which has synergy with our destination concept.” MVP will partner on the hotel, he says, adding, “negotiations are under way, but no contract has yet been signed.”

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