Rainier Medical Investments Receives Approval to Develop River Walk Medical Park in Flower Mound, Texas

DALLAS, Nov. 9, 2010 /PRNewswire/ -- Rainier Medical Investments (RMI), a Dallas-based firm, received unanimous approval on November 1, from the Flower Mound Town Council to begin immediate development of the first phase of the River Walk Medical Park, a much-anticipated medical campus project surrounding the Texas Health Presbyterian Hospital Flower Mound.

"We are very pleased to welcome Rainier Medical Investments and the River Walk Medical Park to our community," said Melissa Northern, Mayor of the Town of Flower Mound. "The quality of this project is confirmation that the new hospital is quickly proving to be a viable anchor for our goal of making Flower Mound a medical destination for southern Denton County."

The first phase of the medical campus is a three-story, 84,000 square foot premium destination medical office building (River Walk Medical Park I) that will directly attach to the hospital on all three levels. The building will be home to a variety of medical specialties, including a full-scale Radiation and Medical Oncology Center, Urology, Cardiology, General Surgery, Colorectal, Orthopedics and OB/GYN tenants. RMI plans to break ground this month and anticipates a late summer 2011 opening.

"We are very excited about the River Walk Medical Park," said Tim Lavender, president of RMI. "We are eager to start construction of the project, beginning with River Walk Medical Park I, a Class A medical office building attached to the hospital and the first phase of Central Park Avenue. This project is the next step in achieving the Town's vision for The River Walk at Central Park and will bring the Town of Flower Mound, its residents and the medical community one of the premier medical campuses in the DFW Metroplex."

"I've been working for more than 15 years to bring quality healthcare to Flower Mound," states mayor pro-tem, Al Filidoro. "The hospital (Texas Health Presbyterian Hospital Flower Mound) was a first major milestone and this is definitely another in bringing top specialists and quality healthcare to Flower Mound and surrounding areas."

"We have worked diligently with the Town of Flower Mound and hospital for several months in order to make sure the planning for this project would go smoothly and allow the construction to begin quickly," said Lavender. "Everyone from the Mayor, Mayor Pro-Tem, Town Manager and the Town's fine staff have been a pleasure to work with and they been very helpful and have provided valuable input that has helped shape this project." Filidoro further states, "Rainier Medical Investments has been extremely cooperative and responsive in working with our town and our medical community."

"We have excellent momentum in the leasing and construction planning for the River Walk Medical Park I," stated Daryn Eudaly, executive vice president of RMI. "The hospital and community have been anticipating this project for a long time and we are pleased to have assembled a premier development team headed up by Bill Resch, vice president of project development and Michael Browning, vice president of construction management, along with our development partners Perkins+Will and G&A Consultants. We are confident that this team will deliver a first-class facility that everyone will be proud of. "

RMI's vision is to create a medical campus in The River Walk at Central Park that becomes a premier medical destination for Flower Mound and the surrounding communities. There are already plans for two additional buildings; a second medical office building of approximately 60,000 square feet, and a premier specialty medical office/retail building at the entrance of the River Walk Medical Park. Both facilities could be ready to break ground in the first quarter of 2011.

About Rainier Medical Investments

Headquartered in Dallas, Rainier Medical Investments specializes in well-researched healthcare-related opportunities in high-growth markets. For more information, visit www.rainiermedical.com.

SOURCE Rainier Medical Investments