{"id":1004600865,"date":"2022-08-29T01:30:00","date_gmt":"2022-08-29T09:30:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004600865"},"modified":"2022-12-08T13:47:26","modified_gmt":"2022-12-08T21:47:26","slug":"762m-medical-campus-project-moves-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/762m-medical-campus-project-moves-forward\/","title":{"rendered":"$762M Medical Campus Project Moves Forward"},"content":{"rendered":"<div id=\"attachment_1004596006\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004596006\" data-attachment-id=\"1004596006\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-expands-in-tampa-area-with-20m-buy\/michael-schwarzenberger-via-pixabay-com\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg\" data-orig-size=\"828,621\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Michael Schwarzenberger via Pixabay.com\" data-image-description=\"&lt;p&gt;https:\/\/pixabay.com\/photos\/hospital-hallway-waiting-room-floor-502885\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Michael Schwarzenberger via Pixabay.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg?w=828\" class=\"size-medium wp-image-1004596006\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg?w=300\" alt=\"hospital hallway\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg 828w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Michael-Schwarzenberger-via-Pixabay.com_-e1659960359723.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004596006\" class=\"wp-caption-text\">Image by Michael Schwarzenberger via Pixabay.com<\/p><\/div>\n<p>A proposed $762 million, 1.6 million-square-foot \u201cmedical and innovation campus\u201d in Maricopa, Ariz., will eventually include a specialty hospital, several other health-care facilities, a hotel and hundreds of housing units, the <em>Phoenix Business Journal<\/em> has reported.<\/p>\n<p>The 30-acre site is at the southeast corner of State Route 47 and Bowlin Road, at the Copper Sky Regional Park, south of Phoenix.<\/p>\n<p>S3 BioTech LLC is the project\u2019s developer. The entity received Maricopa City Council\u2019s approval to purchase the property in June.<\/p>\n<p>The project\u2019s first phase reportedly will consist of:<\/p>\n<ul>\n<li>A three-story, 51,000-square-foot specialty emergency hospital with 15 beds<\/li>\n<li>A three-story, 108,000-square-foot medical office building\/outpatient surgery center<\/li>\n<li>A seven-story, 150-room select-service hotel<\/li>\n<li>A seven-story condominium\/extended-stay building with 100 units<\/li>\n<li>A three-story, 75,000-square-foot, extended care and physical therapy center<\/li>\n<li>A smart parking structure<\/li>\n<\/ul>\n<p>The second phase is expected to include:<\/p>\n<ul>\n<li>A three-story, 75,000-square-foot behavioral health and sports psychology center<\/li>\n<li>A five-story, 100,000-square-foot \u201clife science and innovation center\u201d<\/li>\n<li>A second condominiums\/extended-stay building, of 12 stories and 90 units<\/li>\n<li>A five-story multifamily residential building with 375 units<\/li>\n<li>A three-story, 270,000-square-foot sports and science academy<\/li>\n<li>A single-story, 30,000-square-foot \u201cmakers shop\/move studio\u201d<\/li>\n<li>A second smart parking structure<\/li>\n<\/ul>\n<p>The project is expected to create 11,500 construction-related jobs. At full build-out, it is also estimated to bring 2,819 jobs to the city and generate about $300 million in economic activity annually.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/demand-for-medical-office-space-in-nj-leading-to-rise-in-adaptive-reuse\/\">Demand for MOBs in New Jersey Leading to Rise in Adaptive Reuse<\/a><\/p>\n<hr>\n<p>The Maricopa Office of Economic Development &amp; Legislative Affairs did not reply to <em>Commercial Property Executive<\/em>\u2019s request for additional information, and S3 BioTech LLC could not be reached for comment.<\/p>\n<h2>Feverish pace<\/h2>\n<p>The demand for medical office buildings in the Phoenix metro seems about as hot as the region\u2019s summer climate.<\/p>\n<p>Back in February, Altera Fund Advisors <a href=\"https:\/\/www.commercialsearch.com\/news\/altera-buys-big-enters-phoenix-market\/\">acquired the 130,000-square-foot Rome Towers<\/a>, an MOB in Gilbert, Ariz., as part of a four-building, $75 million portfolio deal that included two properties in Ohio and one in San Antonio. <strong>Woodside Health<\/strong> was the seller.<\/p>\n<p>Then in June, Woodside Health was the buyer, picking up <a href=\"https:\/\/www.commercialsearch.com\/news\/woodside-health-buys-phoenix-mob\/\">an 81,907-square-foot MOB<\/a> in Phoenix from <strong>Talia Jevan Properties<\/strong> for $20 million. <strong>Cushman &amp; Wakefield<\/strong> represented the seller in the transaction.<\/p>\n<p>And last month, <strong>Centum Health Properties<\/strong> announced the imminent groundbreaking on a <a href=\"https:\/\/www.commercialsearch.com\/news\/centum-health-to-remodel-scottsdale-mob\/\">38,000-square-foot expansion<\/a> of its 53,529-square-foot Scottsdale Medical Pavilion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>District 3 at Copper Sky Park could soon rise in suburban Phoenix, an area with a strong demand for medical office space. <\/p>\n","protected":false},"author":882,"featured_media":1004596006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21754,21752,21742,1601,15],"tags":[32799,36278,45950],"class_list":["post-1004600865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-medical-office","category-mixed-use","category-latest","category-phoenix","category-west","tag-cushman-wakefield","tag-medical-office-building","tag-woodside-health"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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