Orlando Health To Rezone Downtown Campus For Potential Expansion

/in , , /by

Orlando Health wants to change the use of a swath of land on its downtown campus to help it expand.

The 5.26-acre area Orlando Health wants to rezone on its downtown campus includes office buildings, parking lots and vacant land.(CREDIT: GAI CONSULTANTS

The $3.4 billion nonprofit health care provider filed plans with the city of Orlando to change the zoning of about 5.26 acres spread over 13 parcels of land south of Lake Beauty from medical office and mixed-use to urban activity, which would match the zoning of the three hospitals already on the campus. Currently, the land up for rezoning features five office buildings which total 68,842 square feet, as well as parking lots and vacant land.

“The requests call for a change in land use to accommodate new patient care facilities and campus enhancements and to expand a specially designated transit area to create more flexibility to support important growth,” Orlando Health spokeswoman Kena Lewis said in an emailed response to Orlando Business Journal. “Both requests address properties generally located on the south side of the campus.”

Orlando Health’s proposed rezoning of 5.26 acres south of Lake Beauty would match the land’s zoning for existing hospitals on the campus. (CREDIT: GAI CONSULTANTS)

Orlando Health did not reveal any timetable on any action related to future development of a potential expansion/redevelopment of the land. The zoning change is currently on the municipal planning board agenda for July 16 at 8:30 a.m.

The health care provider previously announced plans for a new one-story, 6,800-square-foot Orlando Health Imaging Center at 1800 S. Orange Ave. as well as a nine-level, 895-space parking garage for staff and patients, which could be as large as 161,000 square feet with an attached five-level, 42,000-square-foot medical office building. Construction of the imaging center is expected to be completed by fall 2019, while the parking garage/medical office is set to open in 2020.

 

Orlando Health also added to its downtown campus with a couple of land purchases in the past several months:

— On Nov. 19, it paid $1.64 million for a roughly 1-acre parcel with an existing 18,000-square-foot office building at 1300 S. Division Ave., north of Kaley Avenue near its Orlando Regional Medical Center.

— On Sept. 28, it bought a 1.5-acre parcel with a 30,000-square-foot warehouse at 1402 Sligh Blvd. for $2.03 million in downtown Orlando, which it previously leased from the seller, rail company CSX Corp. (Nasdaq: CSX).

— On June 18, it bought a vacant half-acre lot at 121 W. Copeland Drive in downtown Orlando for $833,500.

Orlando Health‘s eight Central Florida hospitals have a total of 3,300-plus beds. It has the area’s only Level One Trauma Centers for adults and children, and is a teaching hospital system. Its hospitals are: Orlando Regional Medical Center, Dr. P. Phillips Hospital, South Seminole Hospital, Health Central Hospital, the Arnold Palmer Hospital for Children, Winnie Palmer Hospital for Women & Babies, South Lake Hospital and St. Cloud Regional Medical Center. It also owns 11 urgent care centers in the region, as well as several cancer centers, freestanding ERs and more. It is one of the region’s largest employers, with 23,000 workers.

 

Source: Orlando Business Journal

What Is Fort Worth’s Medical Innovation District?

/in , , , /by

A medical innovation district is planned for 1,200 acres south of downtown Fort Worth, with the hope of attracting healthcare business and serving as an innovation partner with the soon to open TCU and UNTHSC Medical School, Dallas Innovates reports.

(PHOTO CREDIT: Fort Worth Economic Development Department)

The area, called Near Southside, is already home to housing and restaurants as well as Cook Children’s Healthcare System, Texas Heath Harris Methodist, Baylor Scott & White, and Medical City Fort Worth.

The hope is for innovative healthcare businesses to collaborate with more established entities, which already employ 30,000 people in the healthcare industry in the area.

Modeled after similar districts in Oklahoma City and St. Louis, construction should be complete by this summer, and the city should officially designate the area in the fall, Dallas Innovates reports.

Learn more about Fort Worth’s medical innovation district here.

 

Source: D-CEO Healthcare

Montecito Medical Buys 221 KSF Nashville-Area Medical Office Building

/in /by

Montecito Medical Real Estate has recently expanded its Nashville-area footprint with the acquisition of Murfreesboro Medical Properties LLC, the ownership group of a 221,000-square-foot medical office building in Murfreesboro, Tenn.

Murfreesboro Medical Clinic occupied the entire property. Located at 1272 Garrison Drive, the MOB opened as a 78,000-square-foot facility in 2008 and underwent an expansion in 2013 through a build-to-suit second phase that enhanced the property by 143,000 square feet. In addition to clinic space, the trophy asset houses an ambulatory surgery center with four operating rooms.

“We review over $1.3 billion in assets each month and typically pursue only the top five percent that meet our investment criteria,” Joellyn Shannon, a vice president with Montecito Medical Real Estate, told Commercial Property Executive. “We prefer newer, larger assets that are occupied by dominant physician groups or strong health systems with long-term leases and we will pay-up for these attributes, so the seller will make more money, too.”

The physician leaders of MMC, who had been fielding unsolicited offers for the three-story building since construction of the first phase kicked off in 2007, will not only remain tenants in the building, but they’ll also retain an ownership position as a result of their reinvestment in the entity acquiring the asset.

Bolstering A Premier Portfolio

The Murfreesboro MOB marks one of a handful of purchases Montecito has completed in 2019. The company kicked off 2019 with the acquisition of a 110,000-square-foot medical office complex in Clarksville, just outside Nashville. The company’s other purchases this year include a 30,500-square-foot MOB and surgery center in Bedford, N.H., roughly 50 miles north of Boston, and a 42,000-square-foot MOB in Greenwood, Ind., near Indianapolis. And there’s more to come. Montecito has access to approximately $1 billion in capital for additional investments.

“While there are certainly challenges aggregating a large medical office building/ambulatory surgery center portfolio, Montecito is extremely active in the market,” Shannon said.

Montecito and Murfreesboro Medical Properties relied on Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International for representation in the transaction.

 

Source: Commercial Property Executive