A groundbreaking ceremony was held by the University of Miami’s Miller School of Medicine on June 2 for a 244,000-square-foot Sylvester Comprehensive Cancer Center – Transformational Cancer Research Building.
HOK is the architect.
Click here to read more about this story.
As Plant City continues to grow, so is the need for a bigger hospital. Construction is underway for the new South Florida Baptist Hospital.
“This project not only is exciting for our hospital, it really is exciting for the community of Plant City,” said Karen Kerr, President of South Florida Baptist Hospital.
It will replace the original hospital, which opened back in 1953. That hospital has undergone 12 major additions and expansions since then.
“We know that Plant City is growing by leaps and bounds. We determined that the best plan was to build a replacement hospital rather than to build on site,” Kerr said.
Located less than four miles from the original hospital, this new hospital will have six floors and will feature 146 state-of-the-art private rooms.
“Patient rooms will be considered smart rooms. The patients will be able to control things. Control maybe the blinds, the lighting from their beds,” said Kerr.
The new building will also have 26 ICU beds and a 30-bed emergency department.
“Part of our planning really dictated that we had pandemic ready units. So, our ICU units will be pandemic ready. Hopefully we won’t need it again,” Kerr said.
The $326 million project includes a medical office building for outpatient lab services, rehab and wound care and more.
South Florida Baptist Hospital is the largest employer in Plant City. About 800 team members will work at the new hospital when it opens in 2024.
Source: WFTS Tampa Bay
As the population grays, with older Americans projected to outnumber children in 2035, according to the Census Bureau, hospital systems are looking to build and investors are looking to get a piece of the action by buying medical office buildings — a sector that saw acquisition volume more than double year-over-year.
Hospital construction is up, with 45.1M SF of new construction in progress, up from a pipeline of 37.4M SF in Q2 2021 and 28.7M SF in Q2 2020, according to healthcare real estate specialist RevistaMed.
Hospitals are expanding at a brisk rate as well. Expansions totaling 50.4M SF are underway, up from 44M SF during the second quarter of 2021, though down from Q2 2020, when total expansions underway reached 53.9M SF.
Of the 163 new hospital projects underway, 30 projects are microhospitals of fewer than 25 beds, which are part of the trend toward community-oriented healthcare, RevistaMed reports. Most hospital developments are still standard in size, however, with an average of 134 beds.
Among the largest projects, the University of California, San Francisco received permission to build a $4.3B hospital at UCSF Helen Diller Medical Center, and Sacramento-based University of California, Davis Medical Center began work on a new $3.8B facility, according to Becker Hospital Review.
Work is also underway on $500M-plus hospital projects in New York, New Jersey, Massachusetts and Texas, Becker reports.
Amid an emphasis on health and well-being, investors are also eager for medical office buildings. RevistaMed reports that there were $4.3B in MOB acquisitions by investors in Q1 2022, up from $2.1B during the same quarter last year.
In 2021, the medical office sector saw $15.4B in transactions, according to Newmark, a record amount, up from the prior record of $14.9B in 2017. Last year’s total was also up from $13.5B in 2020.
The sector has benefited from stickier tenancy and an aging population, healthcare real estate experts say. A record amount of capital for alternative commercial real estate sectors has also led more investors toward MOBs.
“There’s been a steady increase in the amount of institutional capital that has been allocated to medical offices,” Newmark Senior Managing Director Michael Greeley said during Bisnow’s Boston Healthcare Summit earlier this month.
Source: Bisnow