The Medical Office Building (MOB) market continues to be hot in Florida. The St. Petersburg, Florida based Optimal Outcomes, a leading developer and owner of healthcare real estate, has begun construction of a $17MM three story medical office building in Port Saint Lucie, Florida. The construction of Tradition HealthPark TWO, a 60,000 square foot, facility adjacent to Martin Health System Tradition Medical Center at 10060 SW Innovation Way is expected to be completed in early 2017 and is part of a growing medical campus with significant projects underway in the region.
“Medical Office Building construction is hot, hot, hot in our region,” said Pete Tesch, president, Economic Development County of Saint Lucie County. “The EDC has recently begun compiling data on the direct and indirect economic impact of projects like the Tradition HealthPark. We anticipate significant impact that will increase as additional medical office space construction progresses,” added Tesch.
Data from Revista, a company that tracks the MOB market, supports the Economic Development Council’s assessment saying Florida ranks fourth in the nation with MOB construction worth $5.5 billion underway in the Sunshine State in 2015.
“A world class health care campus is the type of development and positive impact that is needed on the Treasure Coast and in particular the Tradition area,” said Tesch. “We look forward to the grand opening of Tradition HealthPark TWO and the continued development of a health care center of excellence that is rapidly coming to fruition along with the current expansion of Tradition Medical Center. This is the next step of much needed economic growth that will bring more medical professionals and support companies to Port Saint Lucie,” added Tesch.
Port Saint Lucie Mayor Greg Oravec, whose city is home to the Tradition medical campus, says the MOB construction is welcome news for his community. “Over the last year, both Bloomberg and Forbes have recognized the City as being a top spot for economic growth and job creation. The healthcare industry is one of the biggest stars in this success story, and it continues to grow in leaps and bounds in an effort to keep pace with our growing population and the Tradition Center for Innovation (TCI). HealthPark TWO is a much-appreciated part of this trend, and as we continue to attract retiring Baby Boomers and new residents of all ages, we expect this trend to continue. In fact, with TCI’s I-95 location in the middle of the Orlando and South Florida Metro markets, I believe that growing the healthcare sector is a strategic priority for the City, and my office does everything it can to expedite exceptional projects.”
“We are happy to contribute to the growth atmosphere with Tradition HealthPark,” said Optimal Outcomes Principal Andy Boggini. In June 2015, Optimal Outcomes purchased an existing medical office building with adjacent developable land in the Tradition master planned community.
“Tradition HealthPark ONE, which connects directly to the Tradition Medical Center, is one hundred percent occupied. With the hospital recently commencing construction to expand to one-hundred-ninety beds, the medical campus we are constructing meets the need for additional specialty physicians and a medical center of excellence,” added Boggini. Tradition Medical Center has approval to expand up to 300 beds.
One of the major tenants waiting to expand to the Tradition campus once the new construction is completed is North Carolina based Compass Surgical Partners, an industry leading healthcare management company that specializes in Ambulatory Surgical Centers (ASC). ASC’s are also experiencing a growth surge in Florida.
“Ambulatory Surgical Centers offer high quality outpatient care at less expense than the same surgery performed in a hospital,” said Darin J. Hill, CEO, Compass Surgical Partners. “Nationwide, our health care system is in the midst of a trend whereby surgical cases are moving from inpatient to outpatient venues to provide cost savings without sacrificing quality,” Hill added. Statistics show ASCs save Medicare $2.6 billion each year by providing the same care that hospitals provide but in a lower cost setting.
“Compass is pleased to partner with high quality physicians to bring this state of the art surgical venue to the Tradition HealthPark campus. Our surgery center combines the precise skills of highly trained physicians, Martin Health System Tradition Medical Center’s support, and experts with a proven track record of managing Ambulatory Surgery Centers to provide more efficient, higher quality medical care for the residents of the Treasure Coast,” added Hill.
The Ambulatory Surgery Center is the primary anchor tenant for the 60,000 square foot office medical complex. The Martin Health Physician Group of physicians, part of the Martin Health System, will occupy approximately 22,000 square feet of the building. Once construction is completed, both buildings combined, will bring the total Class A Medical Office space to over 100,000 square feet in the Optimal-owned Tradition HealthPark.
In addition to the Ambulatory Surgical Center and Martin Health Physician Group occupancy, Optimal Outcomes officials say interest is strong and those wishing to secure space should act quickly to join the Tradition campus before occupancy reaches 100%.
So what is the future for the hot, hot, hot MOB and ASC market in Florida?
Optimal Outcomes has additional developable land in the Tradition HealthPark and plans future expansion to meet demand as well as providing opportunities in other parts of the state. Compass Surgical Partners, which also operates other ASCs in Florida is ready to review additional expansion opportunities as well.
Financing for the HealthPark TWO construction was completed by CenterState Bank, Florida’s Business Bank. “This is a great project that will have a tremendous impact on the Saint Lucie West and Tradition communities,” said Tammy Roncaglione, CenterState Bank, SVP, Community President – St. Lucie County. “CenterState Bank is excited to be part of this newest addition to the Tradition HealthPark and it continues our commitment to serving the needs of the local business community in the areas we serve in Florida,” added Roncaglione.
About Optimal Outcomes
Optimal Outcomes is a healthcare-specific real estate development firm with headquarters in St. Petersburg, Florida. Offering more than 40 years of experience, the principals of Optimal Outcomes have effectively identified and implemented ambulatory healthcare facility solutions entailing more than one million sq. ft. Capitalizing on proven experience and expertise, Optimal Outcomes provides an integrated source for successful development of healthcare destinations. Optimal Outcomes is a strategic partner who identifies facility needs with health systems to develop community and campus-based solutions that improve operational efficiencies and patient satisfaction while maximizing quality of care. Optimal projects are progressive and designed to endure. Optimal Outcomes currently owns and manages over 500,000 sq. ft. of medical real estate in Florida.
About Compass Surgical Partners
Compass Surgical Partners is an industry leading healthcare management company that acquires, manages and develops Ambulatory Surgery Centers (ASC’s) including hospital joint ventures, turnarounds and de-novo ASC’s. Compass is headquartered in Raleigh, NC.
About Tradition Medical Center
Tradition Medical Center is a 201,184-square-foot, 90-private bed acute care hospital (approved for 300 total beds) located in Port St. Lucie, Florida, on the Tradition Center for Innovation Campus. The new state-of the-art facility provides an array of services to their community including: Emergency Services, Intensive Care Unit, Labor and Delivery, Neonatal Intensive Care Unit, General and Specialized Surgery, Inpatient Oncology, Diagnostic Imaging including MRI and CT, Clinical Research, and GI/Endo.
Distributed by PREngine
Company Name: Optimal Outcomes
Contact Person: Kristen Kowall
City: Port Saint Lucie
Country: United States