Posted 5/2/2013 10:02 am
Updated 7 months ago
Construction is expected to begin on Monday on a 72,000-SF, $18 million medical office building in midtown Little Rock.
Once the Midtown Medical Park building is completed, which is expected in May 2014, the Doctors Hospital Building will be razed and used for parking or possibly another medical building, according to Jeff Hathaway, president of Coldwell Banker Commercial Hathaway Group of Little Rock.
Little Rock Medical Associates will own the four-story Midtown Medical Park and has Arkansas Specialty Orthopaedics as a tenant, Hathaway said.
Arkansas Specialty is currently in the Little Rock Medical Associates' Doctors Hospital Building at 600 S. McKinley St., Hathaway said. The other floors in the Midtown Medical Park building will be available for lease.
Hathaway said the building is needed because a state-of-the-art medical office building hasn't been built in the area in years, and the neighborhood around South University Avenue near and West Capitol Avenue has always been an anchor for the medical community.
"It's pretty much a proven golden location because of the proximity to a number of hospitals," he said. "So we thought there would be a demand for it."
Clark Contractors of Little Rock is the contractor on the project.
On Monday, Arkansas Business reported that Little Rock Medical Associates didn't want Sears Holdings Corp. of Hoffman Estates, Ill., at its nearby 600 S. University Ave. location anymore.
Sears’ lease is good through Jan. 31, 2017. The retailer has been in the 161,508-SF building since 1969.