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ROUND LAKE BEACH, IL-Ryan Cos., headquartered in Minneapolis, is developing a medical office and retail project here on 10 acres at the intersection of Route 83 and Rollins Road. The estimated cost for the Fox Chase Medical Campus project is between $12 million and $15 million, says Jim McDonald, director of development for Ryan Cos.

The project will have a two-story building with 50,000 sf of medical office space and an inline retail building with 10,000 sf to 15,000 sf of retail and boutique medical uses, such as eyeglasses and physical therapists, McDonald says. There will additionally be two to three retail out-lots. The asking lease rate for the medical office space is $23.50 per sf, net. There are no leases signed yet but there are letters of intent for approximately 15,000 sf of medical office space, McDonald tells GlobeSt.com.

John Homsher and Tom Callahan, both with Podolsky Northstar CORFAC International, are the leasing agents for the project. Construction is expected to begin this summer. The medical office building is expected to be complete in spring 2009 and the retail may be completed as early as the end of this year, McDonald says.

The company decided to develop the medical office and retail project because at least one hospital is expected to be constructed in the area. Advocate Health Care is proposing to build a hospital in Round Lake, IL and Vista Health System is proposing a hospital in Lindenhurst, IL, McDonald says. Both hospitals would be located between five and seven miles from Fox Chase Medical Campus. Additionally, “Lake County clearly has had some unique demographic growth,” he says.

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