Medical professionals snatch up land

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<H3> <I>Physicians invest millions to build on International Circle</I></SUBHEAD>

<B>By KAREN SUCHARSKI</B> <FONT SIZE=-1><I>Staff Reporter</I></FONT>

Dr. Larry Cole of the Colorado Springs DermatologyClinic is building a 14,000-square-foot medical office building on InternationalCircle for nearly $1.2 million.

The building is the first of three of approximately the same size and cost,according to Kurt Kaltenbacher of The Copestone Company, general contractorsfor the project.

Cole bought two parcels on International Circle, which is fast becoming amedical office mecca, in October 1995 and April 1996. He paid $221,600 for2.46 acres in October and $39,200 for less than .5 acre in April.

Cole will take the second floor of the first building while Dr. Charles Rugglesand Dr. Eric Riding, both dermatologists, will share most of the first floor.There is still 1,600 square feet available in the first building, accordingto Ted Link of Fidelity Real Estate Inc., the leasing agent for the property.Cole hopes to move his office into the new building in February 1997.

Kaltenbacher said two tenants have almost signed on the dotted line for thesecond building. Copestone will begin construction when the deals are completed.Link said there is a lot of activity regarding the second building but peopleare waiting to see what the building will look like.

Link also said he just completed a lease with the Nephrology Associates/DialysisCenter for a satellite office on the Circle.

In the fall of 1995, Abilities Unlimited Inc., a prosthetics and orthoticsfirm, built a new facility for $750,000 on Parkside, just off the Circle.Lifecare Centers of America is constructing a $2.4 million facility on theCircle, which will be finished in 1997. MedTrans of the Rockies, a newnon-emergency ambulance service, moved into Abilities’ former offices onthe Circle in May 1996.

The Circle is also home to the Community Health Center and the RehabilitationHospital is one block off the main Circle on Parkside.