In a strategic move to enhance Florida's healthcare infrastructure, two prominent Miami-Dade real estate development firms have joined forces to develop four Class A medical office buildings under the MedSquare brand. The joint venture, Flagler Mas AJP, combines the expertise of Coral Gables-based Mas AJP and Miami-based Flagler Healthcare Solutions.
Strategic Locations Across Florida
The planned MedSquare developments are strategically located to serve diverse communities across Florida:
MedSquare Westchester:
Situated at 3500 S.W. 107th Ave. in Miami-Dade County's Westchester area, this two-story, 28,000-square-foot facility is set to commence construction later this year. The development site spans approximately two acres, with part of the land acquired for $2.7 million and additional parcels under contract.
MedSquare Boynton Beach:
Located at 10301 Hagen Ranch Road near Boynton Beach, this two-story, 40,000-square-foot building will be developed on an underutilized parking lot within the Bethesda Health City Campus, owned by WellTower. Construction is slated to begin by fall.
MedSquare Port St. Lucie:
Planned for 190 S.W. Becker Road in Port St. Lucie, this facility is among the projects expected to break ground by the fall, further extending the MedSquare footprint.
MedSquare Pembroke Pines:
Envisioned at 800 N.W. 102 Ave. in Pembroke Pines, this three-story, 49,000-square-foot medical office building will be situated just north of Pines Baptist Church. While a specific construction timeline has not been disclosed, it represents a significant addition to the region's medical infrastructure.
Proven Track Record in Medical Office Development
Mas AJP, led by industry veterans Alberto J. Perez and Juan Carlos Mas, has a successful history of developing medical office spaces in South Florida. Notable projects include:
MedSquare Health:
A 120,000-square-foot medical office building located at 9408 S.W. 87th Ave. in Kendall, completed in 2021.
MedSquare Place and The Contemporary:
A combined development featuring a 95,000-square-foot medical office building and an 85-unit independent living community at S.W. 92nd Ave. and Coral Way in Westchester, completed in 2022.
Additionally, Mas AJP is developing a $100 million mixed-use project in Cutler Bay, encompassing senior living facilities, medical offices, and retail spaces, further contributing to the region's healthcare and residential offerings.
Flagler Healthcare Solutions' Expertise
Flagler Healthcare Solutions, under the leadership of founder and CEO Chris Coots, specializes in healthcare real estate investment, asset management, development, and brokerage. With a portfolio valued at $1 billion, the firm brings substantial experience and resources to the joint venture, positioning it for success in the competitive medical office market.
Market Demand and Investment Stability
The collaboration between Mas AJP and Flagler Healthcare Solutions comes at a time when the medical office market is demonstrating resilience and growth, outperforming traditional office spaces, particularly in the wake of the COVID-19 pandemic. South Florida's expanding population, coupled with an influx of businesses and high-income households, has heightened the demand for accessible, state-of-the-art medical facilities.
Investors view the medical office sector as a stable and lucrative opportunity, given the consistent need for healthcare services and the sector's relative insulation from economic fluctuations. The MedSquare projects are poised to meet this demand, offering modern medical office spaces that cater to both healthcare providers and patients.
Future Outlook
As Flagler Mas AJP advances these developments, the partnership is set to play a pivotal role in shaping Florida's healthcare landscape. By delivering high-quality medical office spaces across key locations, the joint venture not only addresses the immediate needs of healthcare providers but also contributes to the long-term well-being of the communities they serve.
The MedSquare projects exemplify a forward-thinking approach to healthcare real estate development, integrating strategic location selection, modern design, and a deep understanding of market dynamics. As construction progresses, these facilities are expected to become integral components of Florida's healthcare infrastructure, supporting the delivery of essential medical services to a growing and diverse population.
For more information on these developments, contact a Florida Medical Space expert today
コメント