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A property just west of Florida’s Turnpike near Wellington could be developed as a mixed-use project with a hotel, medical offices and self-storage.

KS Lake Worth LLC filed a small-scale land use amendment titled Lake Worth Crossing with Palm Beach County officials concerning the 9.15-acre site at 8344 Lake Worth Road, plus 4049, 4089 and 4111 Hooks Road. It currently has a barn and a single-family home but it’s mostly vacant.

The property is currently zoned “agricultural residential.” The county approved a development plan there in 2009 for a “lifestyle center” with a mix of restaurants, hotel, residential, and live/work units that mix homes and workplaces in a single space.

Lauren McClellan, senior project manager at Palm Beach Gardens-based JMorton Planning & Landscape Architecture, explained her client aims to build different types of uses, but with the same overall development intensity. The new zoning would be “multiple use planned development” and permit up to 199,287 square feet of commercial space. The requirements for residential and live/work would be deleted from the plan.

KS Lake Worth submitted a preliminary site plan to the county showcasing a 196,970-square-foot project. It would consist of a 127-room hotel in three stories totaling 53,690 square feet, 107,030 square feet of self-storage in three stories, and 36,000 square feet of medical offices in three stories. There would be 348 surface parking spaces.

“The proposed uses will better serve the surrounding community as it will provide for additional services and employment opportunities,” the developer stated in the application.

This small-scale land use application is scheduled for its first hearing before the County Commission in February 2022 and it will need two votes to pass. The county must also sign off on the site plan through a separate process.

 

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Tampa General is launching the largest master facility plan in the hospital’s history to continue growing and innovating to meet the needs of the community and beyond for decades to come.

“Our vision at Tampa General is to become the safest and most innovative academic health system in America,” said John Couris, president and CEO of Tampa General Hospital. “It is critical that we continue to bring the most advanced technology and cutting-edge care to our patients in Florida and beyond. This is the largest master facility plan expansion in our hospital’s history, and it is an investment in our patients, in our academic health system, and in our community. It’s a key part of our efforts to improve the lives and health of Floridians.”

Tampa General Hospital is one of the most comprehensive academic medical facilities in Florida, serving a dozen counties with a population of over five million people – and growing at a rapid rate of 1.4 percent each year. With this growth, Tampa General projects an increase of patient admissions of 0.9 percent by the end of the decade.

Tampa General is strategically initiating this comprehensive master facility plan as part of its commitment to serving the Tampa Bay region’s increasing health care needs through its role as the area’s leading safety net hospital. In fiscal 2020, the academic medical center provided 34 percent of health charity care costs in Hillsborough and 17 percent across the Tampa Bay area. For that same period, Tampa General provided a net community benefit worth more than $182.5 million in the form of health care for underinsured patients, community education and financial support to community health organizations in Tampa Bay.

“This $550 million capital commitment allows us to invest in innovation and supports the creation of tomorrow’s TGH. We are truly building into the future,” said Kelly Cullen, EVP and chief operating officer of Tampa General.

Cullen is leading the development and implementation of the multi-year master facility plan.

Tampa General will add to both its geographic footprint and its vertical profile as it adds the following improvements and new structures:

  • New ICU – now open, this project added 34 ICU rooms with upgraded and advanced care technologies
  • Bayshore Pavilion vertical expansion – the project will add four floors to Tampa General’s Bayshore Pavilion (above the Emergency Department), providing 12 new operating rooms and 100 new beds
  • Regional Burn Center renovation and expansion – now underway, this project will provide larger rooms, more efficient layouts and the new design will be complete in May 2022
  • Renovate main operating room suite – the project will renovate operating rooms and modernize and upgrade equipment
  • Freestanding emergency department – located one mile from the hospital’s main campus on Kennedy Boulevard and North Willow Avenue, the 15,000-square-foot facility will provide additional ED capacity to serve community needs
  • New corporate parking garage – an eight-story, 2,000-space parking garage will be built at the TGH Corporate Center off Kennedy Boulevard to consolidate off-site team member parking
  • TGH Brandon Healthplex Oncology Institute – new clinic space will be added to provide multidisciplinary integrated oncology services: a hub for diagnostic testing, treatments, and support services
  • Purchase of Hillsborough Community College Davis Islands building – this building, adjacent to the main hospital campus, will be outfitted for administrative, education and training space
  • Central energy plant expansion – the project will expand power generation capabilities to provide 100 percent redundant protected power
  • Off-site sterile processing facility – this project will move sterile processing off of the hospital campus to streamline operational efficiencies to support surgical services operations

Construction of these projects will run from now through 2026. As TGH updates and adds to the 25-acre campus, covering over 3 million square feet, Tampa General will also renovate the main lobby of the hospital’s main campus, which will improve patient and visitor flow and efficiency.

The strategic master facility plan will have an estimated total economic impact of over $967 million for the Tampa Bay region and will create more than 5,952 total jobs.

The master facility plan launched in June with the opening of Tampa General’s new Intensive Care Unit, a $17.5 million project that includes 34 state-of-the-art ICU rooms and approximately 27,500 square feet of space. All rooms are equipped to become negative air pressure rooms to care for infectious diseases patients. The unit also features new “patient rooms of the future,” equipped with advanced care technologies.

These rooms allow caregivers to:

  • Increase efficiency for our physicians and nurses to serve up information they need to provide better patient care
  • Provide virtual care where patients can virtually connect with their family/loved ones, as well as physicians
  • Support emergency events that use technology in the rooms by automating code blue identification

With the addition of the new unit, Tampa General, one of the largest hospitals in the nation, now has 1,041 beds.

“The opening of this ICU is a major milestone in Tampa General’s history as the first step of the master facility plan,” said Phillip S. Dingle, chairman of the TGH Board of Directors. “This master facility plan is designed to benefit our team members, physicians, patients and our entire community. Tampa General is growing along with our community and creating jobs and making an economic impact for the region.  It is our duty to make sure that we can continue to live our shared purpose – to care for everyone, every day. These investments allow us to do just that.”

 

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Colliers South Florida recently closed on the $6.3 million sale of 4601 N. Congress Avenue in West Palm Beach.

The two-story, 25,453-square-foot medical office sold to 1460 Russell Road Associates, LP. Colliers South Florida Investment Services Team Mark M. Rubin, Executive Managing Director, and Bastian Laggerbauer, Director, represented the seller, 4601 North Congress, LLC, in the transaction.

4601 N. Congress is an on-campus, multi-tenant medical office building, not encumbered by a ground lease.

“As medical care is an essential service, coupled with South Florida’s favorable demographics, medical office opportunities remain a highly coveted asset class by investors,” said Rubin.

 

“Strategically located just off I-95 in the HCA owned and operated JFK Medical Center North Campus on the corner of Congress Avenue and 45th Street, the medical office building was 88 percent leased at the time of sale,” Laggerbauer added.

 

Scientists arabic team at modern hospital lab, group of doctors

Two years after the Legislature dissolved rules that restricted the opening of new hospitals and major bed expansions at existing ones, changes to the health care landscape are taking shape.

The rollback of the Certificate of Need (CON) law creates growth opportunities for health systems that could lead to big capital spending on construction and medical equipment, while boosting access to health care in neighborhoods without enough providers.

Several local hospital systems are already considering expansions with new facilities.

However, the question is whether the new hospitals will improve the health care system or only add to the higher costs that are making insurance coverage more expensive for many companies. Some critics warn that employee bidding wars between expanding health care systems could drive up costs.

What shouldn’t be overlooked is that removing the CON requirement will allow existing hospitals to expand their bed count, which is less expensive than building new hospitals, said Ray Berry, CEO of Cooper City-based Health Business Solutions, which helps hospitals deal with claims.

He doesn’t expect new competitors to enter the Broward County market because they would be at a disadvantage when negotiating with insurance companies that have established hospital partners there, said Berry, a board member of the North Broward Hospital District, which governs Broward Health.

With all the residential development in Fort Lauderdale, Broward Health Medical Center should eventually grow to accommodate the population, he said.

South Florida already has plenty of beds to accommodate its population, so new hospitals could end up lowering bed occupancy rates for other hospitals, said Salvatore Barbera, associate director of the health care administration program at Florida Atlantic University’s College of Business.

Instead of lowering prices to compete for patients, hospitals may end up raising prices to cover their operating costs with fewer patients, he added.

“It’s probably going to stir up the market, and you may see some failed operations as a result,” said Barbera, a former hospital CEO.

 

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Dallas-based Everest Rehabilitation Hospitals LLC plans to build a $24 million, 40,000-square-foot rehab hospital in Kissimmee for patients recovering from conditions like strokes and brain injuries.

The single-story, 36-bed facility — slated to include shell space for 17 additional beds for future expansion — will be built on about four acres on John Young Parkway near the intersection of Osceola Park Drive.

The planned facility will include inpatient and outpatient physical therapy gyms, aqua therapy, a skills training apartment for patients, gathering areas, a dining facility, in-house dialysis and a pharmacy.

 

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Sarasota Memorial Hospital’s 65-acre medical campus in Venice, Fla., is slated to open in November, according to an article in the Herald-Tribune.

The $437 million project will include a cardiology unit/catheterization lab; critical care and intensive care units; 28-bed emergency department; labor, delivery and postpartum unit; and imaging and radiology department.

The campus will feature a five-story, 365,000-square-foot hospital with 110 private rooms and a two-story, 60,000-square-foot medical office building. An adjacent 400-space parking garage is also planned.

 

Source:  HCD

10125 & 10131 W Colonial Dr in Ocoee

Cushman & Wakefield has brokered the sale of the West Orange Professional Center, a portfolio of two medical office buildings located at 10125 & 10131 W Colonial Dr in Ocoee.

The two-story buildings are located directly across the street from the Orlando Health – Health Central Hospital campus. The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years. The property was acquired by OrbVest and SG Property Services. OrbVest is a global real estate company focused on acquiring healthcare real estate assets across the United States.

Anne Spencer and John Skinner with the Florida Healthcare Advisory Practice in partnership with Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team represented the seller, Miami-based Larkspur Properties, in the transaction.

“Desirably located adjacent to a major regional hospital facility, the property was a unique opportunity to acquire a dependable income stream from an esteemed tenant roster combined with a value-add opportunity in the lease-up of vacant space,” said Ives, Managing Director. “During the seller’s ownership, several new tenants were signed to the property that increased the overall occupancy and stability of the asset. This building and location offers exceptional synergy across the healthcare landscape.” 

 

Spencer, Director said, “Ocoee is part of the greater Orlando MSA, one of the fastest growing regions in the country for its fantastic climate, affordable housing stock and abundance of shopping and employment opportunities. This growth has led to the rising need and demand from medical users, and therefore investors. The market for medical space on and around the property is nearly fully occupied, putting this asset in great position for further potential future success.”

Orlando Health – Health Central Hospital is a 211-bed, general acute care hospital that features nationally accredited programs in orthopedics, spine and heart care. In addition, the hospital recently completed a 30,000-sf cancer treatment facility.

 

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ShareMD, a healthcare real estate and physician practice solution company with corporate office in Alpharetta, Georgia, has closed escrow on a 33,974-square-foot multi-tenant medical office atop .97 acres in Ft. Lauderdale, Florida. Benjamin Silver of Marcus & Millichap represented both Buyer and Seller. The purchase price was not disclosed.

This purchase represents the ninth medical office property purchased by ShareMD in the past eighteen months, and increases ShareMD’s total portfolio to fifteen properties and approximately one million square feet of owned healthcare real estate assets in Florida and California. ShareMD is funded by private equity firm Martis Capital.

“We’re excited to continue ShareMD’s growth in the healthcare facility sector with this acquisition”, said ShareMD’s Chairman and CEO John Bardis. Bardis, the former Assistant Secretary of the US Department of Health & Human Services as well as the founder and former head of MedAssets, continued, “ShareMD provides a range of healthcare space and technology solutions, and this addition to our portfolio provides for additional capabilities in the South Florida marketplace”.

ShareMD has acquired a dozen healthcare and medical/professional properties in the past two years totaling almost 850,000 sf in Florida in addition to its 170,000 sf California healthcare portfolio.

“We were attracted to this opportunity to further expand our portfolio in South Florida”, said ShareMD founder and Chief Investment Officer, George Scopetta. “And, our team’s private equity backing and our track record of nearly one million square feet of properties purchased over the past three years provided the seller with confidence that we could close quickly, and with certainty.”

The purchase was financed by a loan from American National Insurance Company facilitated by Pacific Southwest Realty Services (PSRS) Genworth Life Insurance Company. Greenberg Traurig provided legal counsel, and title services were provided by Chicago Title. Additional purchase transaction support was provided by ShareMD Asset Management, a healthcare facility-focused management company which also manages ShareMD’s bicoastal portfolio.

 

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A two-story medical office building in Weston sold for $17.2 million.

Two affiliates of Montecito Medical Real Estate sold the 32,559-square-foot building at 2229 North Commerce Parkway known as Weston Medical Surgical Pavilion to another affiliate of Montecito named MMAC Pix Weston FL SPE LLC, records show.

The deal was financed with a $22.3 million loan from BMO Harris Bank.

Montecito affiliates Weston Surgery SPE LLC and MMPC Maine I LLC had paid $11.5 million for the property in 2017.

 

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800 2nd Avenue South

A prime lot in the heart of downtown could soon be redeveloped after the City of St. Petersburg received an unsolicited offer for the city-owned block at 800 2nd Avenue South.

Moffitt Cancer Center along with United Insurance Holdings Corp. and TPA Group submitted an offer to purchase the 4.59 acre site in order to develop a mixed-use project which would include a cancer care center, a future headquarters building for UPC, a residential building, and a public parking garage.

UPC Insurance had previously planned to purchase the site in 2018 to build a 150,000 square foot office building, a 500-space public parking garage, and a potential hotel. However, UPC scrapped the project in 2020 after reporting higher than expected losses as a result of a busy hurricane season and cited the need to reassess office space needs due to the COVID-19 pandemic.

A site plan of the proposed development includes a medical office component, residential tower, future UPC Insurance office building, 500-space public parking garage, and a potential hotel.

moffitt cancer center_upc st pete project site plan

A SITE PLAN OF THE PROPOSED DEVELOPMENT INCLUDES A MEDICAL OFFICE COMPONENT, RESIDENTIAL TOWER, FUTURE UPC INSURANCE OFFICE BUILDING, 500-SPACE PUBLIC PARKING GARAGE, AND A POTENTIAL HOTEL.

Like UPC’s prior proposal, the group is offering $5 million for the land. The first phase of the project would include a 75,000 square foot outpatient building, where Moffitt hopes to provide services including: medical oncology, hematology oncology, radiation therapy, infusion, and more. The building would be three stories with 25,000 square foot floor plates and would front 1st Avenue South and Dr. MLK Jr. Street. The facility would be Moffitt’s first expansion into Pinellas County.

Also included in the first phase of the project is a 30-story residential building on the west side of the block which would include 350 units, of which at least 10% would be workforce housing units, along with ground floor retail.

The buildings would surround a 500-space public parking garage which would be available to the public after hours and on the weekends.

On the southern portion of the lot, which currently houses a surface parking lot, would be a future development pad for a new UPC Insurance headquarters building. Preliminary plans indicate the building would be 99,000 square feet with 24,750 square foot floor plates. UPC Insurance’s new office building would be included in a second phase of the project and would also include an expansion of the parking garage.

A site plan, which was submitted with the offer, includes a potential pad for a future hotel or “other downtown-centric” use.

UPC INSURANCE’S PREVIOUS PROPOSAL RENDERING

UPC INSURANCE’S PREVIOUS PROPOSAL ON THE SITE, WHICH WAS CANCELLED IN 2020, WAS DESIGNED BY ALFONSO ARCHITECTS, WHO HAS BEEN RETAINED TO DESIGN THE RESIDENTIAL BUILDING ON THE SITE.

The redevelopment of the lot calls for the vacation of 2nd Avenue South between 8th Street and Dr. MLK Jr. Street.

TPA Group is working with Alfonso Architects and George F. Young Civil Engineers to design the residential tower. Alfonso Architects was previously involved with UPC Insurances prior proposal to redevelop the lot. Barr & Barr will serve as the construction manager and design builder.

As a result of unsolicited offer, and pursuant to Florida Statutes, the city must invite additional alternative proposals from private developers, or anyone interested in the lease or purchase of the site. All proposals that are compatible with the Intown Redevelopment Area plan and delivered no later than 10am on September 15, 2021 will be considered. The city will decide whether to move forward once all proposals have been reviewed.

 

Source:  St. Pete Rising