Baylor Scott & White Gets OK For 47-Acre Rezoning Effort For New Medical Center In Frisco

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Baylor Scott & White has been granted approval in a rezoning effort for 47.4 acres east of the Dallas North Tollway for a high-rise complex in Frisco.

The largest nonprofit hospital system in Texas bought the property from Jerry Jones’ Blue Star Land in June 2021, according to a story in the Dallas Morning News.

“We are constantly evaluating ways to expand access to care for Texans, especially in our fastest growing communities. Our plans are not yet finalized, and we look forward to sharing more in the coming months,” Baylor Scott & White told the Morning News earlier this week ahead of Tuesday night’s Planning & Zoning Commission meeting.

According to the Morning News, the land was initially zoned for retail and industrial use, but the multi-story health care buildings Baylor Scott & White seeks to bring to the city require designated space to permit unlimited height development for professional, financial, and medical service providers.

Despite the location at the intersection of the Dallas North Tollway and PGA Parkway, the rezoning request said the designation is appropriate for the area. According to the filing, no residential districts border the property and adjacent properties are compatible with non-residential zoning.

Now with approval, Baylor Scott & White’s new center could join a list of health care facilities along the tollway alongside The Star, Dallas Cowboys’ headquarters and mixed-use development.

The project could become a medical district to serve Collin County’s communities with a projected growth to double to 2.4 million by 2050, the Morning News reported in its story.

 

Source: Dallas Business Journal

Plano Medical Office Building Attracts New Physician Groups With Planned Renovations

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Transwestern Real Estate Services announces US REO Fund, a Plano-based real estate investment firm, has selected Transwestern to provide leasing support for 7000 W. Plano Parkway, an 80,000-square-foot, two-story medical office building in Plano.

Formerly known as Plano Pediatric Medical Pavilion, the property will undergo landscape, lobby and common area renovations and rebrand as Prestonwood Medical Center targeting multiple medical specialties in addition to pediatrics. The building features an operational surgical center as well as gastroenterology practices on the first floor.

In addition to general pediatric specialties, the building formerly housed a sports medicine and orthopedic practice and a sleep apnea practice. Spaces ranging from 1,700 to 9,700 square feet are available across the entire second floor.

Built in 2005, Prestonwood Medical Center includes 6 per 1,000 parking and is directly across the street from Prestonwood Baptist Church and Hebron High School. With proximity to The Shops at Legacy, The Clubs of Prestonwood and large system medical campuses, the building offers physicians and patients nearby amenities that support daily operations.

According to Transwestern research, the Dallas-Fort Worth medical office market finished 2021 with positive momentum. Healthcare users continue to absorb space, bringing vacancy rates down to their lowest levels since 2018. As a result, rent growth has accelerated as tenants compete for a shrinking pool of available space. Triple net rents are up 4.1% from last year, nearly double the average growth rate.

 

Source: REjournals

University Of Florida Aligns With Jupiter Medical Center To Develop New Facilities

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UF Health, the academic health care arm of the University of Florida, signed a letter of intent to develop new facilities with Jupiter Medical Center.

The nonprofit hospital will work with UF to expand health care delivery, research and educational services in Palm Beach and Martin counties. They are discussing the development of jointly owned and operated clinical facilities, although no specific locations have been announced. UF Health staff could also establish academic and research programs through JMC.

JMC is one of the few stand-alone nonprofit hospitals in South Florida. In April, it broke ground on a 90,000-square-foot surgical institute. According to a report to its bondholders, JMC earned $16.7 million on $366.4 million in revenue for the fiscal year ended Sept. 30, 2021.

 

Source: SFBJ