Posts

Baptist Health Buys Land For A Medical Massive Campus In St. Johns County

/in , /by

Baptist Health purchased 11.3 vacant acres in St. Johns County on March 23 for $5.7 million and abuts a 23.3-acre parcel Baptist bought for $5.8 million in July.

The use allowances for Baptist‘s newest property restrict construction to a 150,000-square-foot medical campus, but a February request to change the property’s allowances would let Baptist build a hospital twice that size.

 

Click here to read more about this story.

 

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

/in , , /by

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

Dallas-Fort Worth Tops The Nation In Medical Office Building Development

/in , , /by

Dallas-Fort Worth (DFW) had the nation’s highest rate of medical office building (MOB) completions from Q3 2017 to Q2 2018, according to a new report from CBRE.

MOB construction deliveries totaled 954K SF during that period, with another 95K SF of medical space still under construction as of the last half of 2018.mob

“Even development that robust doesn’t add up to overbuilding, at least not yet,” according to CBRE Senior Vice President, Global Workplace Solutions Jordan Buis. “Although we’ve seen growth in DFW healthcare developments over the past decade, I believe the market is stable. We’ve seen healthy demand from tenants to keep up with the new supply, and developers aren’t overbuilding. The population boom in DFW is driving the need for new medical product, especially in the suburbs.”

The recent volume of deliveries continues a longer-term pattern of growth for the Metroplex, the report said. From Q1 2010 to Q2 2018, DFW delivered more than 2.7M SF of new medical office space, second only to the Houston market, which delivered in excess of 3.5M SF of MOB space in the same period.  Medical office rents in the Metroplex increased 2.1% from Q2 2017 to Q2 2018 to $27.43/SF, even as the vacancy rate rose 180 basis points to 23.3% over the same period.

“As rents continue to rise and reimbursements continue to decline for the healthcare providers, it will be interesting to see if there’s a point of inflection in the near future,” Buis said.

The surge of MOB development in the Metroplex comes as health systems nationally are increasingly turning to outpatient centers due to higher capital costs and a surge in high-deductible health plans requiring patients to pay larger out-of-pocket amounts.

The total number of outpatient centers nationwide grew more than 50% from 2005 to 2016 to about 41,000 properties, according to CBRE. Outpatient center employment has more than doubled since 2003, and grew 3.5% year over year in October 2018, compared with 2% annual growth in overall healthcare employment.

Medical City Frisco Expansion (PHOTO CREDIT: Medical City Frisco)

In DFW, the most recent example of outpatient development — though close to a traditional hospital — just broke ground at Medical City Frisco.   The facility will be a medical office building with an ambulatory surgery center totaling about 150K SF and connected to Medical City‘s main hospital by a skybridge. The development will include 11 operating rooms, 53 patient rooms and office space. The $37M project is expected to be complete by spring 2020,”

“The development is anticipating future demand for leading-edge medical treatment,” Medical City CEO Charles Gressle said in a statement.

Last year, the hospital expanded its women’s services unit, which includes 13 delivery and recovery rooms, and features a six-bed, Level II neonatal intensive care unit with three dedicated cesarean section operating rooms.

 

Source: Bisnow