The Lakeway Medical Plaza will bring new office condos and an office suite with space to lease to the existing Lakeway medical campus.
President of Kerby Ventures James Kerby was one of the original co-developers who worked on the campus about eight years ago. He sold out his interests five years ago before being reintroduced recently to assemble the final three parcels of land, or what is now known as the Lakeway Medical Plaza.
“The campus will be fully developed when we finish our project,” Kerby said. “The other unique part of this project is that on the entire campus we are the only office condos. Everything else is for lease.”
Kerby said doctors can choose to use the entirety of their condo office or rent out parts of it to mitigate costs. Like a home, overall payment on a mortgage for one of the condos costs less than it would to rent, which is why many doctors want to pay a mortgage on their clinic instead of rent, he added.
“That’s the focus of the condos,” project listing broker John Guerra said. “If I’m a doctor looking to own and operate my business on my own property–as opposed to a medical office setting where I’m simply another tenant–this model is so much more user-friendly than if I have to go develop my own site off [highway] 620, for example.”
Guerra said having a medical campus location provides a geographic advantage due to all the synergy from having the Baylor Scott & White- Lakeway hospital and specialty clinic nearby, along with the Austin Cosmetic Surgery center.
The developers are going after permit approvals and plan to break ground in February. The first set of buildings is expected to be complete next summer.
Pre-leases are now available for the 16,000-square-foot office space, and Kerby and Guerra said they’re already talking to four or five potential condo buyers.