Caddis Healthcare Actual Property has damaged floor on Frisco Medical Pavilion II, a 60,000-square-foot medical workplace constructing in Frisco, Texas. The event is slated for completion in early 2024.
Novel Builders serves as normal contractor, Hart Gaugler + Associates gives civil engineering providers and Grace Hebert Curtis Architects is the challenge’s architect.
The Dallas-based firm first introduced the event plans for the Class A construction again in March 2022. Transwestern Actual Property Companies will deal with leasing providers for the property.
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Upon completion, Frisco Medical Pavilion II will characteristic 20,000-square-foot floorplates, a state-of-the-art foyer, elevator cabs with gurney capability and house for an ambulatory surgical middle on the primary ground. Facilities will embody a 15,000-square-foot out of doors wellness space, lined affected person drop-off and on-site parking. The constructing is already partially preleased.
The property is positioned at 12850 Dallas Parkway, 30 miles from downtown Dallas and has frontage to the Dallas North Tollway. The constructing might be located subsequent to Texas Well being Frisco, a full-service hospital which opened in December 2019. Different medical services within the surrounding space embody Solomon Plastic Surgical procedure and Affinity Dermatology, amongst others.
Caddis has greater than 80 medical workplace property totaling 5 million sq. ft underneath administration, with the mixed worth of its acquisitions and developments exceeding $1 billion.
DFW health-care market in want of provide
The Dallas-Fort Price health-care sector encompasses six medical workplace buildings underneath building, with 28 tasks within the deliberate and potential levels, set so as to add roughly 5.5 million sq. ft to the prevailing stock, based on CommercialEdge knowledge.
A fourth-quarter 2022 Transwestern report on the DFW medical workplace market exhibits that emptiness reached a multi-year low of 10 p.c, a slight lower in comparison with the identical interval final yr, when the speed stood at 11.4 p.c.
In response to Transwestern, lease development and low emptiness charges create optimum circumstances for medical workplace improvement within the structurally under-supplied DFW market. Nonetheless, regardless of a sturdy demand for medical workplace house, rising rates of interest and tightening credit score circumstances problem the financing of recent developments.