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This investment includes building a new hospital at a yet-to-be-revealed location, opening free-standing emergency departments in the northern, central, and southern parts of the county, and establishing new physician offices.
Royal Senior Care and MG3 developed the 220-bed facility in 2017.
Palm Beach County’s medical office market remains a prime choice for investors, driven by strong fundamentals, high occupancy, and rising rents. Medical office properties continue outperforming other asset classes, with a 94% occupancy rate and rents surging 23.5% over the past five years.
The proposed development will be located on a 5.62-acre plot at 5761 S. Military Trail, just north of Lantana Road.
The institute has transformed a 84,227-square-foot space into a state-of-the-art primary orthopaedic campus, which officially opened on March 31.