Orthopedic Hotspot: 10 Major Developments In Florida

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Florida’s population growth, increasing baby boomer population and tax-friendly stance contribute to it becoming a key battleground for orthopedics, with many high-profile practices such as Rothman Orthopaedic Institute and Hospital for Special Surgery recently expanding to the Sunshine State.

Here are 10 key orthopedic developments in Florida this year:

1. Altamonte Springs, Fla.-based AdventHealth on Dec. 16 topped off its 12-story Innovation Tower that will be dedicated to orthopedics and neuroscience. The $100 million facility, expected to open in late 2022, will house Philadelphia-based Rothman Orthopaedics and Orlando Neurosurgery.

2. Orlando (Fla.) Health Jewett Orthopedic Institute, a $250 million project, is on track to open in 2023. An adjacent medical pavilion and a 12-operating room ASC will open in late 2022.The 75-bed hospital will span 195,000 square feet and is expected to bring 500 jobs to the community.

3. New York City-based Hospital for Special Surgery launched an outpatient total joint replacement program in West Palm Beach, with Martin Roche, MD, serving as director.

4. Andrews Institute in Gulf Breeze, Fla., partnered with Flagler Health+ to build an ASC in St. Johns, Fla., and develop a wider network of sports medicine providers and services in Northeast Florida. In 2020, Flagler launched its Orthopedic Specialists practice, which has facilities in Palm Coast, St. Augustine and Ponte Vedra, Fla.

5. Orthopaedic Associates of St. Augustine (Fla.) affiliated with Jacksonville, Fla.-based Southeast Orthopedic Specialists to create a multispecialty musculoskeletal care platform with more than 100 providers. Under the partnership, Orthopaedic Associates of St. Augustine will join Phoenix-based Healthcare Outcomes Performance Company’s integrated care network.

6. Orthopaedic Medical Group of Tampa Bay (Fla.) is building a 37,000-square-foot complex in Lithia, Fla., that will serve as its new headquarters. The 10-surgeon practice expects to have 50 to 75 staff — with the capacity to add more — at the complex, which will include an ASC and medical offices.

7. A group of 29 orthopedic surgeons are planning to build a 24-bed surgical hospital in Delray Beach, Fla., despite some opposition from the community. The surgeons argue that there is a need for the facility, partly because of Palm Beach County’s projected baby boomer growth, which is expected to increase 40 percent by 2030.

8. Orlando-based UCF Lake Nona Medical Center, a $175 million facility with inpatient and outpatient spine and orthopedic surgery, opened March 1. The academic hospital is a partnership between the University of Central Florida in Orlando and HCA North Florida Division.

9. Aventura (Fla.) Hospital and Medical Center opened a 90,000-square-foot tower that houses its Orthopedic & Spine Institute. The expansion was a $60 million investment by Nashville, Tenn.-based HCA Healthcare and HCA East Florida.

10. Coastal Orthopedics is developing an 88,000-square-foot medical center and headquarters in Bradenton, Fla. The facility will include a surgery center, physical therapy and imaging services, and offices. Construction is set for completion by spring 2022.

 

Source:  Becker Spine Review

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Flagler Health+ Buys Property For New Hospital In Palm Coast Off US 1, Palm Coast Parkway

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Flagler Health+ purchased 70 acres of property in Palm Coast with plans to build a comprehensive health complex, including a hospital, on the west side of the U.S. 1 and Palm Coast Parkway intersection, officials announced.

“The scope and timing of the hospital campus project is still in development,” said hospital spokeswoman Gina Mangus in an emailed statement. “We are excited to bring locally based hospital care and more services to the region that truly serve the unique needs of this very special community.”

The hospital system paid more than $2.2 million for the property, according to Flagler County Chairman Joe Mullins.

This is the second new hospital announced in Flagler County this year. In January, AdventHealth, which operates the only operational hospital in the county, announced plans to construct a $145-million, 100-bed hospital off Palm Coast Parkway near Bridgehaven Drive. The hospital system broke ground in September and the facility is expected to open in the spring of 2023.

Palm Coast Mayor David Alfin said the city needs more health-care services.

“This will be another defining moment in the history of the City of Palm Coast as we welcome a second health-care service provider network into the city,” Alfin said Monday. “The demographic obviously supports health care and we look forward to the new arrival to broaden the variety of services and increase the service level of care to residents.”

Flagler Health+, which also operates Flagler Hospital in St. Johns County, did not provide details regarding cost, timeframe or a name for the new hospital.

“To ensure the community’s needs are being met, our strategy team conducted a market study which demonstrates that there is a need for additional outpatient care, acute care services and inpatient beds,” Mangus said in her statement. “With that, we are currently in discussions with UF Health regarding a collaborative approach to best achieve this.”

Mullins hopes the hospital will be up and running within the next year.

“They still need to go through planning and zoning,” he said.

But according to Mullins, Flagler Health+ will start collaborating with the county as early as next month with the addition of behavioral health services.

Flagler County’s Medical Needs

The county has been in talks with Flagler Health+ for the past two years, according to Mullins.

“We sat down with them a few years ago and have been working with them the last two years looking at locations,” Mullins said. “We’re very excited. They are committed to being a very strong community partner and have started working with us on mental health needs.”

The county, along with the cities of Palm Coast and Bunnell, have been working together to try and address the community’s medical needs, according to Mullins. Their hope is to turn Flagler County into a medical hub.

“This will bring high-paying jobs and services that the whole region can use, not just our county,” Mullins said. “They are recession-proof jobs. You just see an industry that is needed all the time.”

But for the moment, the most urgent needs are mental health services, labor and delivery, and other trauma-related services, according to Mullins.

“We need these services,” he said. “We have one of the top suicide rates in the state of Florida, no mental health services, zero labor and delivery and we’ve seen so many people come into the area that need them.”

Right now, AdventHealth Palm Coast is the only hospital in the county, and while it has stepped up to help care for the elderly in Flagler County, it has not been able to meet the additional needs for the younger population, according to Mullins.

Anyone needing labor and delivery or trauma services must travel to Volusia County to either Halifax Health or AdventHealth Daytona Beach or to Flagler Hospital in St. Johns County.

“As we step up as a community, these services are needed,” he said. “Flagler County is not gonna sit back and wait any longer for these things to happen. We’re going to get ahead of it.”

Adding another hospital will expand care options for residents across not just Palm Coast but the county as well.

“I think the market supports the competing health-care networks to the benefit of our residents,” Alfin said. “I believe there are enough patients and people who will use the hospital here to support what will now be three campuses. All of our residents in the City of Palm Coast will be in close proximity to all of the health-care services that they demand.”

Other Expansions By Flagler Health+

Flagler Health+ recently reached a clinical agreement with UF Health that includes expanding graduate medical education programs and an array of clinical services across Northeast Florida.

This will include new primary care sites in St. Johns and Flagler counties. Details have not yet been released as they are still under discussion, according to a hospital system press release.

Civil engineering work is currently underway on 7 acres that Flagler Health+ owns at the southwest corner of Matanzas Woods Parkway and Belle Terre Parkway where the it will build a signature health village, according to the release. The Palm Coast health village will incorporate family practice, behavioral health services, orthopedics, specialty care, imaging and laboratory services.

Flagler Health+ has already expanded its footprint in Flagler County with the addition of an orthopedics practice in the Palm Coast Town Center, a primary care office on Old Kings Road, and a virtual walk-in clinic located inside Publix.

In February, Care Connect+ also opened an office inside Flagler Health+ Specialty Care at 50 Cypress Point Parkway to better serve and coordinate care.

Care Connect+ awarded four Innovators Micro Grants to Flagler County nonprofit organizations to support programs for people experiencing homelessness, hunger, behavioral health issues, financial instability, or lack of access to transportation, medication or health care in Flagler County, according to the release.

 

Source:  The St. Augustine Record

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Two Boynton Beach Medical Offices Sell For $38 Million

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ShareMD Properties paid $38.1 million to acquire a pair of office buildings near Boynton Beach.

Both sales were by affiliates of Cleveland-based Woodside Health. Palm Beach County has a growing senior population, so there’s strong demand for medical office space.

Elliot LaBreche and Abigail Kind of Vitalis brokered the deals.

“This transaction solidifies ShareMD’s position as one of the largest medical office owners in the market,” said George Scopetta, chief investment officer of Alpharetta, Georgia-based ShareMD, which was founded in 2018 to acquire medical office space.

Boynton Medical Properties, an affiliate of Woodside, sold the 49,884-square-foot medical office at 10151 Enterprise Center Blvd. It was built on the 5-acre site in 2007.

West Boynton Medical Properties, also part of Woodside, sold the 49,708-squre-foot medical office building at 7593 Boynton Beach Blvd. It was completed on the 4.2-acre site in 2005.

Woodside acquired the building on Enterprise Center Boulevard or $14.8 million in 2017, and then the building on Boynton Beach Boulevard for $13.4 million in 2020.

“We created a win-win for ShareMD and Woodside Health when we pitched the opportunity to acquire both assets in 2020” LaBreche said. “These buildings are 86% leased and 100% of rents have been collected during the pandemic reinforcing the investment thesis that medical office outperforms during economic downturns.”

 

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Three-Story Medical Office Building In Little Havana Sells For $5M

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A 22,609-square-foot building located at 3383 NW 7th Street in Miami’s Little Havana neighborhood sold for $5,000,000.

The three-story building is 90% occupied by a mix of primarily medical tenants, including Abuelo’s Medical Center LLC, West Home Care, LLC, Diagnostic Centers of America, and others. The mixed-use building is a combination of private offices and open floor space to accommodate a variety of reconfigurations. Since its construction in 1971, the medical center has received significant improvements to the façade, as well as hurricane-proof windows, new roof, new A/C, and remodeled office spaces.

“The sale of this asset is a testament to the strength of office spaces and medical office buildings in Miami, particularly due to the lack of new supply in the market as we emerge from the health crisis,” said Alex Zylberglait, senior managing director of investments in Marcus & Millichap’s Miami office, who had the exclusive listing to market the property on behalf of the seller, a private investor. 

This location provides easy access to the Miami International Airport (MIA), Dolphin Expressway (SR-836), and Interstate 95 (I-95), and minutes from Brickell Financial District and downtown Miami.

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Montecito Medical Acquires Two Medical Office/Surgery Center Buildings In Largo

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Montecito Medical completed the acquisition of two medical office buildings in the Tampa area occupied by The Eye Institute of West Florida.

The Largo properties, which have a combined square footage of 33,429, are fully occupied under a long-term lease.

The two-story Eye Institute of West Florida medical office building, the larger of the two facilities, serves as the flagship location for the group and includes an ambulatory surgery center (ASC) with four operating rooms. To meet growing patient demand, the group has developed plans to add a third story to the building, along with a multi-story parking structure. The nearby Aesthetic Institute, which focuses on cosmetic procedures, encompasses approximately 4,800 square feet and includes an ASC with two operating rooms.

“We are pleased to have been selected as the buyer for these outstanding properties, and we look forward to building a long-term, mutually beneficial relationship with The Eye Institute of West Florida,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.

With a history in the community spanning nearly 50 years, The Eye Institute of West Florida has become a market leader in its specialty, attracting patients from a 50-mile radius to its six locations across the Tampa Bay area. The group’s specialists diagnose and treat an array of conditions, including cataracts and retinal diseases, and perform procedures ranging from LASIK and Clear Lens Exchange to oculoplastic procedures such as eyelid surgeries.

Both properties are conveniently on the campus of the 455-bed Largo Medical Center.

As part of the transaction, physicians in the group opted to retain an ownership share in the properties via Montecito’s distinctive Provider Real Estate Partnership (PREP) program. Through PREP, physicians enjoy ongoing opportunities to enjoy tax benefits, participate in income generated by the property and share in profits when the building ultimately is recapitalized.

ERE Healthcare Real Estate Advisors brokered the transaction.

The acquisition continues Montecito’s record-setting pace of medical office real estate acquisitions in 2021. So far this year, the company has completed 36 transactions involving 40 properties and more than 1.1 million square feet.

“We are gratified by the growing number of physician groups across the country that have entrusted ownership of their buildings to us,” said Chip Conk, CEO of Montecito Medical. “And we are particularly excited by the opportunity to expand our presence and build relationships with physicians in this key market area.”

 

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