Finding Heathcare Real Estate Development Opportunities In A Tough Market

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The current healthcare real estate development market is a bit of an enigma.

The GlobeSt Healthcare conference developer panel discussion included (from left to right): Sean Miller of Anchor Health Properties, Jaime Northam of Ryan Cos. US Inc., Sharon Harper of The Plaza Companies, Jake Dinnen of based PMB and Malcolm Sina of Sina Companies. Not pictured: Moderator Murray W. Wolf of HREI™. (PHOTO CREDIT: HREI)

But panelists at a recent GlobeSt Healthcare conference developer panel discussion say they are staying busy despite a challenging environment

The number of medical office building projects under construction remained somewhat steady from 2022 and into 2023. Yet the total square footage started nationwide during a 12-month period from the third quarter (Q3) of 2022 to Q3 2023, fell 41.6 percent. In Q3 2022, 23.3 million square feet of space was started, while Q3 2023 saw that drop to 13.8 million square feet.

Murray W. Wolf, the publisher and founding editor of Healthcare Real Estate Insights, presented these stats compiled by Arnold, Md.-based Revista, an HRE research firm, during a panel discussion focused on development at the ALM/GlobeSt. Healthcare conference on Dec. 12 at the Andaz Scottsdale Resort. Mr. Wolf served as the moderator of the session titled, “Through the Lens of Developers: Reimaging Healthcare CRE.”

Although HRE project starts were down in late 2023 versus 2022, Mr. Wolf pointed out that the number of projects under construction nationwide as of the end of Q3.

 

Source: HREI

A Hospital Reborn: South Broward Public Health District Marks Significant Progress In $88M Renovation Of 70-Year-Old Memorial Regional Hospital

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Hospital associate administrator Jon Pickett says a birthplace expansion is 60% complete.

Renovations and expansion of the trauma center and emergency room likewise are progressing, he says.

The hospital devoted $68 million to expanding the birthing center, redesigning a full floor to include all private rooms, a family lounge, classrooms for new parent classes and a simulation lab. The hospital says it leads Broward County hospitals in the number of babies born.

The system is spending another $20 million upgrading its Level 1 Trauma Center and emergency room to enhance its ability to deal with critical cases and mass casualty events. The hospital says its 94,000 ER visits in 2022 are the second highest number in Florida.

“This investment reflects the hospital’s commitment to remaining at the forefront of medical advancements and reflects our unwavering dedication to the community we serve,” says Peter Powers, CEO, Memorial Regional Hospital.

Completion of birth center work is scheduled for late 2024. The trauma center work will be completed in early 2025.

Memorial opened with 100 beds in a one-story building in 1953. It’s now among the larger hospitals in the state with 863 beds.

  • Orlando Health is building a $160-million Children’s Pavilion focused on specialized children’s care with an opening planned for 2026. The six-story building will be across from Orlando Health Arnold Palmer Hospital for Children and will bring more than 30 pediatric specialties together, with a goal of streamlining care for kids and their parents.
  • HCA Florida Healthcare opened a freestanding HCA Florida Mount Dora Emergency center in Eustis. The 11,000-sq.-ft. facility features 11 treatment rooms and a suite of on-site diagnostic imaging tools and will operate 24 hours a day.
  • UF Health is converting a former CVS pharmacy at in Eustis into a free-standing 24-hour emergency room with an expected opening in March. The system is also looking to break ground on an emergency room in Clermont, with an opening in late 2024.

 

Source: Florida Trend

Medical Center Of The Rockies In Loveland, Colorado, Launches $280M Expansion

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UCHealth officially broke ground on a major expansion project at Medical Center of the Rockies that is designed to help meet the growing health care needs of Northern Colorado.

A new tower is part of the expansion plan at Medical Center of the Rockies in Loveland. (PHOTO CREDIT:: UCHealth)

The project includes a new tower that will be built on the north side of the hospital, the creation of a cancer center, an expanded emergency department and additional imaging and cardiac spaces.

When complete, the project will increase the hospital’s bed capacity from 191 to 287 with room to grow up to 323 beds. Staffing will grow as well; UCHealth expects to hire more than 250 employees before the expansion opens.

“Northern Colorado has grown significantly since 2007, when MCR first opened its doors in Centerra,” said Kevin Unger, president and chief executive officer of the hospital. “We have proudly served our growing community here, and we are now thrilled to expand our facility and capacity to continue to meet the needs of our patients today and into the future.”

The cancer center is expected to begin seeing patients next year, and the new tower is expected to open in 2026.

The $280 million project will include:

  • A five-story tower that will house a surgical intensive care unit, a progressive care unit and a trauma surgical unit. The tower will also house a radiation oncology department that will feature high-dose radiation therapy, which patients currently travel to metro Denver to receive, and a linear accelerator.
  • The cancer center will feature a new gynecological oncology clinic, a medical oncology clinic and an infusion center.
  • The emergency department will expand to include 22 new patient-care rooms and a new entrance.
  • A new cardiac catheterization lab, a cardiac device lab, a structural heart lab and a vascular lab will be added to the south side of the existing hospital building.
  • Imaging will be expanded with additional CT, ultrasound and MRI services and an interventional radiology suite on the east side of the existing hospital building.
  • Parking will be expanded for patients and staff.

The expansion is part of the original plans for the campus to accommodate service growth over time. The new tower will be connected directly to the existing facility and carry forward its Northern Colorado design character.

Haselden Construction is the general contractor on the project and is supported by The S/L/A/M Collaborative, the architect; BHA Design Inc, the landscape architect; RMH Group, the mechanical, electrical and plumbing team; Olsson, the civil engineer; S.A. Miro, the structural engineer; and Gallun Snow, the interior designer.

 

Source: BizWest