LANE4 Lands Two Major Healthcare Tenants for $50M Mixed-Use Development
- Jul 27, 2012
By Gabriel Circiog, Associate Editor
Two major healthcare tenants will be anchoring the second phase of LANE4 Property Group’s 39Rainbow, a $50 million mixed-use development in Kansas City, Kan.
In the second phase, The University of Kansas Hospital will relocate an inpatient acute rehabilitation center from one of the older buildings on campus to the second floor of the new building. The tenant will occupy 27,800 square feet. Kansas City Transitional Care Center LLC, a subsidiary of Skilled Healthcare Group, Inc., will lease 55,600 square feet on the third and fourth floor to operate a post-acute skilled nursing rehabilitation facility.
The first floor of the new building, adjacent to 17,000 square feet of additional retail and dining space, will offer a common lobby serving both tenants. Additional features include a rooftop terrace for outdoor rehabilitation.
Site demotion is underway, and the 100,000-square-foot second phase is expected to be completed in the fall of 2013. President of LANE4, Owen Buckley, said the building will be designed in a traditional, but Parisian-inspired, style aimed to blend in with the older buildings in the area. Speaking about the two anchor tenants, he said: “We are very excited to attract these two outstanding healthcare providers to our project. We believe it’s a perfect fit for the area and helps complete our overall mixed-use development objectives.”
The first phase of the project, located at the southwest corner of 39th Street and Rainbow Boulevard, near The University of Kansas Hospital and the University of Kansas Medical Center, is already underway and expected to open soon. Phase I of the development features a new 83-room Holiday Inn Express and Suites, as well as a Five Guys Burgers & Fries and other retailers on the first floor
Rendering Courtesy of: www.lane4group.com