Davis Healthcare Real Estate will construct a medical building just off I-394 in St. Louis Park, on a site currently occupied by vacant offices and warehouses.
Construction is scheduled to begin next month.
The 78,000-square foot Xchange Medical office building will be located at 6111 Wayzata Blvd on 4.6 acres of land near I-394 and Hwy 100.
The site, near The Shops at West End, is currently occupied by vacant office and warehouse buildings, an auto repair shop, and a parking lot.
The new Xchange building will host two anchor tenants: Ear Nose & Throat Specialty Care (ENTSC) and Surgical Care Affiliates. The two businesses will occupy about 60% of the finished structure.
The St. Louis Park City Council approved the project Aug. 17. And now Davis Healthcare is seeking construction bids. It expects to complete the medical building by late 2021.
The building plan is the latest in a flurry of activity in St. Louis Park, which has seen a host of new multifamily residential complexes, and expanded healthcare and office concerns rise in recent years.
Davis Healthcare Real Estate founder Mark Davis cobbled together four parcels of property since 2015 to create the new building site. ENTSC President Dr. Nissim Khabie said his business is the largest ear, nose and throat medical services firm in the metro region and that the new Xchange Medical building will let his medical outfit to “consolidate several of our specialized services in one space, and provide even more sub-specialized care for our patients.”
In a statement, Davis noted that the pandemic provided a window of opportunity for ENTSC to “make a strategic assessment of its entire real estate portfolio to ensure it was optimally positioned for the next 10 years.”
Davis Healthcare Real Estate is a national healthcare real estate development, investment, brokerage and property management firm based in Minneapolis.