About 45 physicians are partnering with Southwest Health Group and Cirrus Health on new surgical and rehabilitation hospitals to open in Shenandoah, Texas, outside Houston.
The $60 million project will include 98,000 square feet for 40-bed Woodlands Surgical Hospital, 45,500 square feet for Woodlands Rehabilitation Hospital at Vision Park, a 40-bed rehabilitation hospital, and 40,000 square feet for a medical office building, according to Irv Gregory, president, chief executive officer and managing partner of Southwest Health Group, a surgical hospital developer and operator in Spring, Texas, that formed in July.
More than 30 physicians will own a 60% stake in the surgical hospital, while Southwest and Cirrus will each own 20%, Gregory said.
He also said that 15 physician partners will own 50% of the rehabilitation hospital, but the breakdown between Cirrus and Southwest has not yet been decided.
Cirrus Health, Trophy Club, Texas, will be the operator of the surgical hospital and Cirrus Group of Dallas will manage the real estate for the project, but an operator for the rehabilitation hospital has not been determined, Gregory said. Cirrus Health confirmed the name of the new rehabilitation project, but said it could not yet comment on the facilitys ownership.
Construction is scheduled to begin in the first quarter of 2007, and the facility is expected to open in early 2008, Gregory said.