Meridian Gets HREI Insights Awards Nomination for Renovation Project in Walnut Creek
- Dec 03, 2014
Full service real estate developer and medical real estate company Meridian recently announced that one of its projects was recently selected as a finalist in the 2014 HREI Insights Awards in the “Best Renovated or Repurposed Healthcare Facility” category. Healthcare Real Estate Insights is a national magazine that covers health care real estate development, financing, and investment. The nomination is part of the second annual HREI Insights Awards, currently the only event of its kind, dedicated to the healthcare real estate development. Meridian’s project is a single-level property that was redeveloped from a former post office.
Meridian completed the redevelopment project in September 2014, creating a single-level 8,530-square-foot medical office building. The property is located at 1221 Rossmoor Parkway in Walnut Creek, California, in the vicinity of the Rossmoor, one of the largest senior communities in the Bay Area, totaling 6,700 residential units. The property is located in an area that is heavily populated with retirement communities, assisted living facilities and medical offices. The medical office building is located on a Safeway adjacent parcel.
Originally built in 1968, the facility was heavily renovated by Meridian in order to transform the post office into a state-of-the-art medical facility. The property was acquired in August 2013, and then walked through a renovation process that entailed upgrading the roof, walls and columns to seismic and OSHPD 3 standards. The developer also fixed the sub-grade and drainage issues, and poured a new slab. In addition, the company held numerous neighborhood outreach meetings, and has also hired an acoustic engineer to decrease noise coming from the building, part of its commitment to the project. The property was fitted with a split HVAC system, where there was a separate HVAC enclosure at grade level and no motorized equipment on the roof as a result of Meridian’s commitment to the process.
According to a press statement announcing the project’s success, Meridian sold the property back to the original seller in order to ensure that the resulting rent rate would be affordable. Meridian closed escrow on the deal in October. The current occupant is the DaVita Walnut Creek West Dialysis Center.