Lakeville Specialty Center

Davis purchased the Lakeville site without a committed tenant, based on its determination that pent up demand for medical space existed. There were many positive features of the site including proximity to Highway I-35 and prominent visibility along a major transportation corridor. MNGI Digestive Health, a Davis client, identified Lakeville as a market expansion target and selected the Davis site as the best option. Independent of MNGI, Allina also issued a request for proposal for development options in Lakeville, also ultimately selecting the Davis development. With respect to MNGI, Davis completed a comprehensive market analysis detailing the strategic advantages of Lakeville and the demographic support for a new service location. Prior to receiving the Allina RFP, Davis intended to construct a 50,000 square foot building with MNGI committing to roughly half the building. Upon receiving the RFP, Davis quickly pivoted, developing a plan to accommodate both MNGI and Allina in a 100,000 square foot healthcare hub. Among the conditions the tenants and neighboring property owners imposed on the development was the requirement that there be no above-ground parking structure. This required Davis to engineer a below-surface parking field at a net cost of $6,000,000 to accommodate the parking needs. Due to the various city requirements and site covenants, Davis had to secure approvals from the City and adjacent commercial and residential owners.