John P. McGovern Texas Medical Center
Texas Medical Center, John P. McGovern TMC Commons, Houston, Texas.
The Texas Medical Center (TMC) occupies approximately 675 acres of land. It owns/operates over 100 permanent buildings with a GLA of +/- 20 million sq. ft. The centre has approximately 60,000 employees, 20,000 regular students, 70,000 part-time students, 9,000 volunteers and 4.5 million patient visits per year. Since no commercial facilities had been permitted "on campus" (as a result of outdated land covenants) this huge consumer base was having to travel "off campus" to meet even their basic consumer needs. As a result TMC requested the team of Cini-Little International Inc. & Talbot Consultants International Inc. to advise on the feasibility of constructing a "Town Center" building that would provide a +/- 500 car parkade and "campus services" for the employees, students, volunteers, patient families and visitors. Talbot Consultants was retained as the retail-planning consultant to advise on the feasibility, positioning & merchandising of the "campus services" component. The project was conducted in two phases. Phase 1 involved a site visit, a preliminary competitive inventory, an analysis of existing employee data and a brief intercept survey. Based on that data we determined that the development of a food & beverage, retail & services "hub" on this site was not only feasible but had the potential to be extremely successful. As a result we were retained to conduct a detailed due diligence analysis. Phase 2 involved a detailed consumer intercept survey conducted amongst employees, students, volunteers, patient families and visitors. In addition a "mail-back" survey was conducted with all the employees of the buildings within a five-minute "walk-time" from the site and interviews were conducted with a random sample of TMC's existing food & beverage, retail and services operators. The project also required a review of the retail trends in hospital complexes nationally and internationally and interviews with likely non-TMC retailers throughout Houston. Phase 2 included a detailed financial feasibility study detailing projected sales, rents, expenses, CAMs, TIs and capital costs. Based on our feasibility analysis we recommended that the project proceed and, in conclusion, provided a pre-qualified tenant "hit-list" by "banner" (and contact name) that not only met consumer "wants & needs" but also met the financial requirements that we had identified. The project has been named "The John P. McGovern TMC Commons" and is now completed and fully leased.
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(The John P. McGovern Texas Medical Center Commons Building has been one of the projects where TALBOT CONSULTANTS INTERNATIONAL INC. has provided consulting services for the retail operations. For more details on this and how we can help you, please contact us at email@example.com )