Tag Archive for: public health trust

um-mdc-land-2 760x320

Miami-Dade has agreed to a $6.2 million sale of county land to the University of Miami, which plans to build a multi-million-dollar medical education center on the site. The university confirmed the planned purchase Friday.

The university wants to launch “Project Ignite” on the site, creating “a nucleus for the core of the Miami Health District,” a report states, “creating a true campus downtown by bridging education, research, and innovation.”

In the report to Carlos Migoya, CEO of the Public Health Trust, the university’s Robert Warren, interim vice president of UHealth facilities, operations and planning, said Project Ignite would “enable the University of Miami Miller School of Medicine to consolidate its teaching locations from 17 facilities into one facility and promote development of a first class medical care training site for the doctors of the future.”

Three resolutions involving the university were submitted by Keon Hardemon and approved last week by the county commission, but Project Ignite was the frosting on the cake.

“The addition of a state-of-the-art Project Ignite facility to support its contemporary NextGenMD curriculum will allow the [medical school] to continue to attract and retain world class students and faculty,” the report from Mr. Warren said.

The proposal to the county noted that “Miami-Dade County has the largest concentration of medical facilities in Florida.

“The largest institution is Jackson Memorial Medical Center, the second largest public hospital in the nation, which shares many teaching, treatment and research capacities with the University of Miami,” and private hospitals including Mount Sinai, the Baptist Health System and Nicklaus Children’s Hospital, the report said.

The new medical campus would be along Northwest 14th Street, bounded by university-owned land on the east, Northwest 14th Street on the south, Miami-Dade County owned-land on the west (which the university wants to buy), and university-owned property on the north.

The estimated cost of the project “has not been finalized,” the report states, “but is anticipated to be in the hundreds of millions of dollars. The project is anticipated to be funded through philanthropy and debt financing.”

Construction is expected to begin “mid to late-2024,” the report says, “and be completed late-2027.” Sale of the county-owned land, which was subsequently approved by the commission, is “critical to the success of the project,” the report said.

Project Ignite, the report said, is projected to have a “transformational impact for the university and the surrounding community.

“It will enhance the provision of preeminent health education services and the longstanding academic medical center partnership between the university and Jackson Health System, which in tum will benefit Miami-Dade County and the community at large,” the report said.

Project Ignite’s location would consist of 36,410 square feet of property (.836 acres).

The two other resolutions having to do with the university that the commission passed last week would terminate a lease of property at 1800 NW 10th Ave. and 1121 NW 14th St. (which includes the Project Ignite site the university wants to purchase); and demolish two outdated buildings on the Jackson Memorial Medical Center campus, where the county’s Public Health Trust intends to construct a new emergency department.

The structures to be demolished are the Highland Park Pavilion, 1660 NW Seventh Court, and the Ambulatory Care Center East at 1611 NW 12th Ave.
The Public Health Trust, an agency of the county, operates the Jackson Health System, including the Jackson Memorial Medical Center campus and facilities that provide health care services.


Source:  Miami Today


Aerial view of UHealth Tower Hospital with Sylvester Comprehensive Cancer Center in the foreground87 760x320

The University of Miami is seeking to acquire land from Miami-Dade County in order to build a medical education building for the Miller School of Medicine.

The nonprofit university wants to purchase 36,410 square feet at 1115 N.W. 14th St. from the county. The land is currently utilized by the Public Health Trust as part of the Jackson Memorial Hospital campus. UM would pay the county $6.21 million, a value based on several third-party appraisals.

UM already has a land lease on the site.

The county’s Community Health Committee was scheduled to vote on the deal on Sept. 11. The County Commission would vote on it on Oct. 3, with a two-thirds approval required.


Source:  SFBJ

Marcus & Millichap Senior Managing Director Douglas K. Mandel , along with First Vice President Benjamin H. Silver, Associate Adam Klein and Debt Financing, Senior Director Eric Fixler, negotiated the sale of Highland Park Office Center, a ‘Class A’ office building in Miami’s Health District.

Douglas K. Mandel


TOPMED MIAMI HEALTH DISTRICT LLC purchased the 42,489-square-foot asset from HIGHLAND PARK CENTER LP, an entity managed by Key International for $13,875,000. Key International acquired the property for $7.850 million in 2014. The deal closed May 24.

“The asset was priced far below replacement costs and is situated in one of Miami Dade’s most dynamic and fastest growing markets with significant mixed-use and apartment developments taking place around the property,” commented Mandel.

Benjamin Silver


The asset is one of the newest delivered office properties in the market and in proximity to the health district, one of Miami Dade’s fastest growing and highest demand office and medical office locations.

The two most significant challenges with the deal were that the primary tenant, a for-profit school, occupied over 60% of the GLA.  Secondly, a third of the Property’s total income was derived from two billboards, which created a significant risk as a tremendous amount of the value of the deal hinged on the long term potential of that income.

“The deal worked for both sides as former ownership capitalized on accessing equity by selling a stabilized asset,” explained Silver.  “The new ownership is now poised to take advantage of a longer term hold by capitalizing on rental growth and market appreciation in the future as well as the ability to rebrand the asset and acquire an asset below replacement cost.”

Located at 1011 Northwest Sunnybrook Road, the building’s site is strategically situated across from the University of Miami’s Jackson Memorial Hospital campus, two blocks from the Miami-Dade Court House and fronts State Road 836 (Dolphin Expressway), the main artery between Miami International Airport and Miami Beach.

The 2011-built building, which features structured parking, had gone through a bankruptcy and was acquired mostly vacant aside from significant wallscape income.  Key International acquired the asset and immediately filled most of the space with Atlantis University, a for-profit school, which favored the property due to the highly visible nature of the signage rights and accessibility throughout the county for its student body.  Despite being an ideal medical location, the school lease fell into the owners’ laps with the additional ability to build out the space in a modern, highly-functional way, which made financial sense. The remaining tenants were a mix of small professional and medical tenancy.


Source: CRE-sources