Groundbreaking ceremony at Frisco Medical Pavilion II. Picture courtesy of Transwestern.
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 common contractor, Hart Gaugler + Associates offers civil engineering providers and Grace Hebert Curtis Architects is the mission’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 area for an ambulatory surgical heart on the primary flooring. Facilities will embrace a 15,000-square-foot out of doors wellness space, coated affected person drop-off and on-site parking. The constructing is already partially preleased.
The property is situated 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 embrace Solomon Plastic Surgical procedure and Affinity Dermatology, amongst others.
Caddis has greater than 80 medical workplace belongings totaling 5 million sq. toes 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 Value health-care sector encompasses six medical workplace buildings underneath development, with 28 initiatives within the deliberate and potential levels, set so as to add roughly 5.5 million sq. toes to the prevailing stock, in accordance with CommercialEdge information.
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.
Based on Transwestern, lease development and low emptiness charges create optimum situations for medical workplace growth within the structurally under-supplied DFW market. Nonetheless, regardless of a strong demand for medical workplace area, rising rates of interest and tightening credit score situations problem the financing of latest developments.
