Medical Office Building Coming To South Austin

AUSTIN, TX — Austin-based Perardi Development is bringing a new, 36,000-square-foot medical office building to fast-growing part of South Austin — with a family practice group, compounding pharmacy and birthing center already on board as tenants, officials announced on Monday.

Dubbed Medical Plaza at Onion Creek, the building currently under construction is located at 701 East FM 1626. The location is roughly halfway between St. David’s South Austin Medical Center and the new Baylor Scott & White Medical Center-Buda.

Construction began in May, and the building is approximately 50 percent pre-leased by virtue of what officials described as Perardi Development’s "...unique business model which enables physician partners to become equity owners in the real estate they occupy. Construction is anticipated to wrap up early in the fall."

Tenants already on-board include:

• Lewis Family Medicine and Urgent Care, which provides primary care for the entire family, as well as management and prevention of disease. This will be its fourth location in the greater Austin area, with other locations in Dripping Springs, Bee Cave and Manor.
• Solutions Pharmacy, a compounding pharmacy, supplement shop and coffee/smoothie bar. This will be its second location in the greater Austin area, with its other location in Dripping Springs.
• Beautiful Beginning Birth & Wellness Center, a birthing and wellness center. This will be its second location in the greater Austin area, with its other location in River Place, in northwest Austin.

Additionally, Perardi Development is in the final phases of lease negotiations with a gastroenterology group and a physical therapy group.

“Residents want quality medical services as close to home as possible, while medical groups appreciate the opportunity to have an ownership stake in their real estate,” said Eric Perardi, founder and owner of Perardi Development. “What this ultimately does is help bring greater breadth and depth of medical services to people closer to where they live, and medical practitioners more financial benefit from their lease.”

The site is directly across Interstate 35 from the upscale Onion Creek residential community, and in proximity to 18 apartment complexes. The Onion Creek development offers easy ingress and egress off of IH-35, making the site location ideal for residents of both South Austin as well as the Buda and Kyle areas.

According to U.S. Census data, the 5-mile ring around the site had a population of 133,651, officials noted. The area is expected to grow in population by 20.5 percent — up to 180,163 — by 2022, officials noted. With its three stories visible from I-35, the busy artery could serve as a metaphor for such brisk grown — with more than 135,000 vehicles traversing the stretch daily, officials noted. Brisk traffic also is seen on nearby FM 1626, officials added, with 45,000 daily vehicle trips.

"These numbers are increasingly growing with the connection of the new State Highway 45 Southwest toll road to Mopac Expressway," officials said in a prepared statement. In addition to Perardi Development serving as the project developer, other team members include:

• Harvey-Cleary as the general contractor.
• JMA (John Mapes Architects) as the architect.
• WGI as the mechanical, electrical and plumbing (MEP) engineer.
• Prossner & Associates Inc. as the civil engineering.

Officials noted the project marks Eric Perardi’s 13th property in the Central Texas region, with the most recent two located in Bee Cave — namely Bee Cave Medical and Wellness and The Medical Plaza at Bee Cave. He previously co-developed the recently opened Medical Towers at Sawyer Ranch in Dripping Springs and renovated the Mueller Medical Plaza on Manor Road in Central Austin. Additionally, officials said, he co-developed Medical Towers at River Place in Northwest Austin, Post Oak in North Austin, Hays Surgery Center in Kyle, Cedar Park Surgery Center, and Medical Towers at ShadowGlen in Manor. Other projects have been located in Temple and San Antonio.

Perardi Development also has land under contract in Georgetown and Pflugerville, with the intent to build medical office buildings on each site as well. Moreover, Perardi Development is spearheading the development of a mega indoor/outdoor sports, wellness and entertainment destination in Cedar Park called The Crossover. The 240,000-square-foot complex features two hockey rinks and two turf fields.

About Perardi Development

Perardi Development is a national boutique real estate investment firm focused primarily on developing, acquiring, and managing medical office properties in emerging markets. Based in Austin, Texas, Perardi Development was started by an experienced development team with a unique platform that utilizes innovative ownership structures, tailored to the needs of physicians while creating investments that are redeveloping communities one at a time. The firm’s founding principal previously played integral roles in 13 medical office projects valued at more than $150 million. Additionally, it’s overseen the revitalization and rejuvenation of Chaparral Ice.

For more information, visit: www.perardidev.com.