NexCore and Physicians Partner on 110,374-square-foot Medical Office Building in Cypress, Texas
Denver-based NexCore Group, a national healthcare real estate developer, is moving forward on construction, in collaboration with prominent physician partners, to develop the new North Cypress Physician Office Building III in Cypress, a northwest Houston suburb.
NexCore is serving as the project’s full-service developer on behalf of its client, North Cypress Land Ventures POB LTD.
The four-story, 110,374-square-foot Physician Office Building being developed at 10425 Huffmeister Road is prominently located on the HCA Houston Healthcare North Cypress Campus, with convenient access and visibility from Texas State Highway 290.
“There has been a tradition of physician ownership on the North Cypress campus for over a decade. The physician response to the opportunity to once again own and manage their own office building was incredible,” Board Member David R. Mack, M.D., states. “The Board of Managers of the General Partnership including Kim Keller, M.D., and Kumaran Sathyamoorthy, M.D., are proud to be able to lead the core group of physician investors in designing and delivering the premier medical office building on the North Cypress campus. We look forward to working together to operate a brand-new multispecialty care center with a potential outpatient endoscopy and ambulatory surgery center.”
NexCore Group Chief Development Officer and Managing Partner Todd Varney says the firm’s collaboration with the stakeholders in this development provides not just a first class healthcare facility that could serve as a model for future outpatient facilities, but also gives a synergistic boost to the tenancy of the on-campus building.
“NexCore views the relationship with the physician-investors and tenants as great synergies that will lead to a successful operational model and the retention of the tenants on the campus,” Mr. Varney adds.
North Cypress POB III is a unique project in that NexCore Group is co-investing alongside physicians who will also be building tenants. These physician-investors have a proven track record for both hospital and medical office development, as this same group of physicians led the development of the North Cypress Medical Center Hospital that was sold to HCA in 2018 and is considered one of the most successful physician-led hospitals in the United States.
Dr. Keller, the CEO of North Cypress Land Ventures, states, “We look forward to again leading the development of a physician driven comprehensive healthcare center that is ultimately to provide state-of-the-art services and promotes an enhanced patient experience.”
The North Cypress Health Physician Office Building III will provide a variety of healthcare services under one roof, with a potential ambulatory surgery center (ASC) and clinical office space for independent specialty physicians including general surgery, urology, gastroenterology, pulmonology, nephrology, family practice, ophthalmology, orthopedics, cardiology and podiatry. The facility will also offer various complementary services.
“I am very excited to close this new venture on our campus,” remarks HCA Chief Executive Officer Jim Brown. “This development will foster our ongoing growth for many years to come. I am appreciative of our physician leaders, NexCore and HCA leadership for helping bring this project to fruition.”
The projected opening date for the facility is Oct. 1, 2021.