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 provides civil engineering companies and Grace Hebert Curtis Architects is the undertaking’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 companies for the property.
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Upon completion, Frisco Medical Pavilion II will function 20,000-square-foot floorplates, a state-of-the-art foyer, elevator cabs with gurney capability and area for an ambulatory surgical middle on the primary flooring. Facilities will embody a 15,000-square-foot outside 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 will probably be located subsequent to Texas Well being Frisco, a full-service hospital which opened in December 2019. Different medical amenities within the surrounding space embody Solomon Plastic Surgical procedure and Affinity Dermatology, amongst others.
Caddis has developed and purchased roughly 80 medical workplace property, a complete of 5 million sq. ft, valued at greater than $1 billion.
DFW health-care market in want of provide
The Dallas-Fort Price health-care sector encompasses six medical workplace buildings beneath building, with 28 initiatives within the deliberate and potential phases, set so as to add roughly 5.5 million sq. ft to the prevailing stock, based on CommercialEdge information.
A fourth-quarter 2022 Transwestern report on the DFW medical workplace market reveals that emptiness reached a multi-year low of 10 %, a slight lower in comparison with the identical interval final yr, when the speed stood at 11.4 %.
Based on Transwestern, hire development and low emptiness charges create optimum circumstances for medical workplace improvement within the structurally under-supplied DFW market. Nevertheless, regardless of a strong demand for medical workplace area, rising rates of interest and tightening credit score circumstances problem the financing of latest developments.
