October 21, 2009

Onair Development to Build Medical Offices

A new medical office will be the next new component to the redevelopment project transforming the former Concordia University site.

Previously called East Avenue, the 23-acre project recently changed its name to University Park. Now, it has agreed to sell the southwestern tract of land to Onair Development, which intends to build a 120,000-square-foot medical office building.

“With St. David’s literally across the street, and a dearth of nearby medical office space, we anticipate the ratio of demand to supply to be very strong here,” said Kerry Angus, president and CEO of Onair. “The demand is there today for the project we envision, and will continue to be bolstered by University Park’s increasing momentum.”

By focusing on tenant-driven development projects and making those tenants material equity participants in the deal, risks are reduced, returns are enhanced, and the long-term viability and value of each deal is ensured, Angus says of Onair’s business model.