REDMOND, Ore. - Multimillion-dollar changes are likely on the way for Redmond’s medical district.
The city's Urban Renewal Advisory Committee is supporting plans for a $6.5 million medical facility. It’s recommending the city invest $600,000 in a forgivable loan toward the project.
The Central Oregon Medical Specialists building, located at 333 N.W. Larch Avenue, was purchased for about $2 million. Now, developers have more than $4 million worth of renovations planned.
Currently, the building is about 9,000 square feet in size and nearly 30 years old. It would be expanded to 15,000 square feet, adding space for more physicians. The more modern structure could also help the area grow.
“Having this type of facility in the Redmond medical district, it’s going to attract other physicians,” Walt Ramage, broker at NAI Cascade, said Tuesday
Chuck Arnold, Redmond's urban renewal program manager, said the renovation and expansion would add services in the city, so more people wouldn't have to travel to Bend for medical care.
“It’s really an opportunity to keep established tenants and attract other ones, and really create that district for providers in Redmond, so people can get their medical services here, and they have an opportunity and options here, and they have doctors working at good, Class A facilities,” Arnold said.
Arnold said the reconstruction also fulfills the city's urban renewal goals: "We're trying to leverage money for improvements that create jobs, that create improvements to the tax base and add services to the community."
It's estimated the new structure will house nine more employees, adding an estimated salary increase of $620,000 to the building. The city also will receive more property taxes after the renovation. Right now, annual property taxes for the COMS building are $26,721. They are estimated to exceed $55,000 after the renovation.
The Redmond Urban Renewal Agency will consider approval of the funding recommendation March 27.
If approved, the project is expected to get underway quickly.
“We want to hit the ground running as soon as possible," Ramage said. "Hopefully next month, and a project like this usually takes around 12 to 14 months."
It will be renovated in sections, so current tenants won't be displaced.