Roanoke City Council In Texas Approves Final Plans For Mixed-Use Development With Medical Building

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The Roanoke City Council has paved the way for the construction of a mixed-use development that would bring a medical building, office building, hotel and thousands of retail, and restaurant space to the city.

The City Council approved at its July 9 meeting the final plat, or site plan, for Roanoke Village located in the Dallas-Forth Worth Metroplex. The initial site plan was first approved in January.

The final plat approval was required before city staff and the project’s developer, Newstream Land Partners, can begin preconstruction meetings. Construction could begin after those meetings.

The 6.25-acre project is set to be built at the southeast corner of Parish Lane and US 377. Plans call for five buildings. One will be a medical building; one will be an office buildiing; one will be a SpringHill Suites hotel; and two will have retail and restaurant space.

According to plans submitted to the city, the project will include 14,500 square feet of office space, 28,470 square feet of retail space, and 11,273 square feet of restaurant space.

“Newstream started foundational work at the site in April,” said Troy Lewis, vice president of development with Newstream Construction Services. “Construction could begin by this fall. There is no timetable on when construction could be completed.”

“The project will be a destination within itself, with connectivity to  downtown Roanoke as well,” Roanoke Assistant City Manager Cody Petree said. “The hotel will be within walking distance of stores, restaurants and other amenities. This area is one of the ‘front doors’ into the city, so it’s great to see the project planned out so well and aesthetically pleasing.”

This is the second set of plans for mixed-use development approved by Roanoke City Council in the last month. At its June 11 meeting, council greenlighted Magnolia Oak Street, a three-story project set to be constructed on 2.01 acres at 601 N. Oak St. in Roanoke. Plans call for 78 residential units and 5,070 square feet of retail space. The project will also include 16 live-work units that combine living and work areas into a single unit.

 

Source: Community Impact Newspaper

Dallas Is Nation’s Second Most Active Medical Office Building Construction Market

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Dallas-Fort Worth has the second-most medical office building construction nationwide, accounting for nearly 1.5 million square feet and behind only New York City.

Medical office buildings are getting larger, farther away from hospital campuses, and remain profitable and well-occupied in the region, according to Revista data shared by Mike Hargrave at the North Texas Hospital, Outpatient Facilities, and Medical Office Buildings Summit. Private equity is an growing influence in health care transactions, and Dallas leads major Texas markets in average rent and rent growth for medical office buildings as well.

Dallas has 14 projects under construction in the medical office building space valued at $503 million and is second only to New York’s more than 2 million square feet worth over $1.3 billion. Houston is a close third, with 15 projects accounting for 1.2 million square feet and $344 million.

Since the 1980s, medical office buildings have moved from around 1.5 miles from the nearest hospital to often nearing three miles today. Building peaked around 2009 with nearly 35 million square feet built that year to around 21 million this year.

Meanwhile, individual projects are getting bigger. Most projects were less than 40,000 square feet prior to 2005, but since 2009, the average square foot for medical office building are closer to 60,000 square feet.

Healthcare practices are growing as well. Between 1981 and 2007, most practices were less than 8,000 square feet, but today the median size is 12,000 square feet.

Occupancy of investor owned outpatient buildings has remained fairly consistent since 2009, hovering between 90 and 92 percent. Relative to Austin, San Antonio, and Houston, Dallas has nearly as much as Houston in terms of inventory with 34.2 million square feet, but is on top of the heap in occupancy at 89.8 percent. Its $22.53 per square foot is also tops in Texas, as well as its year over year rent growth at 2.9 percent.

Nationwide for the last four years, healthcare real estate transactions remain strong, hovering between $15 and $20 billion for combined hospital and medical office building deals. Private equity’s influence on those deals is growing, as 2014 saw 27 percent of transactions grow to 61 percent by 2018. REIT has seen a sharp decline, from 53 percent of deals in 2014 to just 16 percent last year.

Across the US, there are 439 medical office buildings and 491 general hospitals under construction, accounting for 108.3 million square feet and $67.2 billion. The median size of a medical office building is 50,000 square feet and median value is $17 million. Median hospital size is 95,5000 square feet worth $50 million.

 

Source: D CEO Healthcare

Flagler Health+ Pens Deal For 40 Acres In Durbin Park In St. John’s County, Florida

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Flagler Health+ announced it has entered into an agreement with Gate Lands, the real estate subsidiary of Gate Petroleum Company, to purchase 40 acres within the company’s Durbin Park development.

The Durbin Park Development

The property, located between Interstate 95 and State Road 9B, is anticipated to be developed in three phases: Phase one of this project will introduce a Flagler Health+ Village that incorporates family practice, women’s care, pediatrics, urgent care, imaging and laboratory services. The health village will also include dedicated green space for healthy lifestyle programming, arts activities and community engagement.

“As St. Johns County’s leading healthcare provider for more than 130 years, Flagler Health+ is committed to furthering a sense of connectedness and community throughout all areas of this very special region, including the northernmost sector of our county,” said President & CEO Jason Barrett. “We are focused on building meaningful, seamless relationships along the journey of life and look forward to serving the growing needs of area residents.”

Longer term plans for the 40-acre health and wellness campus include a hospital, outpatient surgical services and cancer care, among others. Additional offerings will be further refined in partnership with area residents through a dedicated Durbin Park Health Advisory Council.

“We are excited that Flagler Health+ has chosen to create its Flagler Health+ Village in Durbin Park,” said Drew Frick, president of Gate Lands. “Our goal with Durbin Park is to create a distinct destination where individuals and families can live, work, shop and be entertained. The community health approach that Flagler Health+ brings to this project will further this goal by creating jobs and expanding the amenities and services available to one of the fastest growing areas in the state.”

St. Johns County’s Director of Economic Development Melissa Glasgow and St. Johns County Commissioner, James Johns also support the project.

“We are thrilled to see a full-service, state-of-the art health and wellness campus included in the plans for Durbin Park,” stated Glasgow. “As one of St. Johns County’s largest employers, we are pleased that Flagler Health+ continues to invest significant resources to support our growing community and bolster our status as Florida’s Healthiest County.”

“I am supportive of this endeavor, which will employ our residents, reduce commute times for critical services and blend well with surrounding developments,” added Johns, who represents Durbin Park’s district. Construction is anticipated to begin in 2020.

 

Source: JBJ