Tuesday, June 26, 2007

site visit


My nephew Tom Devlin visited the site from New York City on June 22, 2007. He is pictured here with my son Tommy. Notice the hard hat area! Tom spent the last seven years on Wall Street and decided to take some time to himself--He left Wall Street to take a breather and decide if the financial world is for him. He was helpful to us in putting us in touch with some real estate $$$ guys. REIT's (real estate investment trusts) are interested in viewing our success (or failure). At this time wall street views medical real estate very positively. At this point in time our 140.000 sq foot medical office building is fully leased. Considering not one brick has been layed we are pretty excited about this. In addition all leases, except pharmacy are 10 years. This is viewed as a stable building. Tom Barnett

June 23, 2007

Work continues at Eden Hill six days a week!

Saturday, June 23, 2007

History of Eden Hill Medical Center


My nephew, Tom Devlin, recommended I start a "blog"---Hopefully this will be informative and interactive over the next 16 months as Eden Hill Medical Center comes together.

HISTORY:

To give some history for some of you who may not know it the seed for Eden Hill Medical Center started when we were building the Delaware Surgery Center in late 2001. Asher Carey and I were invited by Tom Mulhern to tour the Limestone Surgery Center. We had no idea that Limestone Surgery Center actually existed in a 76.000 Sq foot Medical Office building.

As Tom M. showed Asher and I around it was incredible the comraderie that existed within the building---Doctors talking to doctors about patients, sports, kids etc. The Surgery Center was great, but what impressed Asher and I the most was the concept of a medical office building with a surgery Center. The convenience for the patients was very apparent as well.
We opened our Surgery Center in June of 2002.

In November of 2002 we started looking around Dover for a "site". Tom M and I originally looked at the Case Farm, but that got sold when we expressed interest. When we started looking at Eden Hill, we initially kept it "top" secret. That lasted 2 days. Tom Mulhern suggested that we get 30 acres or so --so we don't end up land locked. After 10months of negotiations with the 11 descendants of Eden Hill Farm we were the first to sign a contract. We signed the contract to buy the land in November of 2003. The contract said that the land would be delivered with new zoning within 18 months.

Well, 18 months went by and it was still zoned a farm. In May of 2005 we had to make a decision---buy an expensive farm and hope we can get it rezoned or drop the deal and get our deposit refunded. We bought the farm in May of 2005. We were successful in getting the farm rezoned by the end of 2005----Mark Dunkle was insrumental in making this happen. We interviewed contractors from Dec 2005 until March of 2006 when we selected BBL Medical Facilities.

During 2005 we met with Scott Becker in Chicago who suggested we also higher a Quarterback. Somerset/Steve Dobias were hired.

Our initial goal was to break ground in March of 2007. I never realized how many different permits were needed. At one point we were dealing with 15 different agencies or sub agencies. We finally got started on June 1, 2007. Our contract with BBL gives them 16 months from the time they start.

They just started on Monday June 18th. We hired Asset builders separately to do some preliminary site work. Asset has done a superb job! They saved us over $100,000 with one of their suggestions in the first week. Bob Wood and Ed Thwaits have been very accomodating to those Docs who have showed up on site.


If any investor and/or Doc wants to visit the site we invite you to---please however try to come after 3:30. Ask for Henry the site superint. He likes the Mets, Jets and Islanders (me too). He will usually be in the trailor with one of these flags hanging outside.

Click Here to see an aerial view of the property and surrounding area. (you may have to go to "aerial" and zoom in using the + or - signs on the upper right)