TAMPA, Florida – St. Petersburg, Florida based Optimal Outcomes, a leading developer and owner of healthcare real estate, has recently closed a $24MM construction and acquisition loan with CenterState Bank and has begun construction of a second medical office building comprising “Tradition HealthPark.” Tradition HealthPark is an 11-acre medical campus located adjacent to Martin Health System’s new and expanding Tradition Medical Center in Port Saint Lucie, Florida.
In June 2015, Optimal Outcomes purchased the 11-acre parcel that included an existing medical office building with adjacent developable land in the Tradition master planned community. The first 42,000 square foot building – HealthPark ONE – is 100% occupied and a second 60,000 square foot building – HealthPark TWO – is already under construction at 10060 SW Innovation Way. Completion is expected in early 2017. “After analyzing the Tradition market for several years and waiting for the right opportunity, we are very pleased with the investment and the future opportunities. The demographics and growth are compelling,” said Optimal Outcomes Principal Patrick Marston.
Financing for the HealthPark TWO construction project was completed by CenterState Bank, Florida’s Business Bank. “This is a great project that will have a tremendous impact on the Saint Lucie West and Tradition communities,” said Tammy Roncaglione, CenterState Bank, SVP, Community President – St. Lucie County. “CenterState Bank is excited to be part of this newest addition to the Tradition HealthPark and it continues our commitment to serving the needs of the local business community,” added Roncaglione.
“The health care market is very vibrant and growing at the Tradition HealthPark,” said Optimal Outcomes Principal Andy Boggini. “With the hospital recently commencing construction to expand to one-hundred-ninety beds, the medical campus we are constructing is growing to meet the need for additional specialty physicians and create a medical center of excellence,” added Boggini.
North Carolina based Compass Surgical Partners, an industry leading healthcare management company that specializes in Ambulatory Surgical Centers (ASC) will be a significant tenant in the second medical office building known as HealthPark TWO.
“Ambulatory Surgical Centers offer high quality outpatient care at less expense than the same surgery performed in a hospital,” said Darin J. Hill, CEO, Compass Surgical Partners. “Nationwide, our health care system is in the midst of a trend whereby surgical cases are moving from inpatient to outpatient venues to provide cost savings without sacrificing quality,” Hill added. Statistics show ASCs save Medicare $2.6 billion each year by providing the same care that hospitals provide but in a lower cost setting
The Martin Health Physician Group of physicians will also be an anchor tenant occupying approximately 22,000 square feet of the building. Once construction is completed, both buildings combined, will bring the total Class A Medical Office space to more than 100,000 square feet in the Tradition HealthPark. Optimal Outcomes officials say interest is strong and those wishing to secure space should act quickly to join the Tradition campus before occupancy reaches 100%.
These buildings represent a growing medical campus that highlights the strength of the Medical Office Building (MOB) and Ambulatory Surgical Centers (ASC) medical industries in Florida. According to 2015 research data, Florida ranked fourth in the nation in MOB construction with more than $5.5 billion in projects underway. In the last year alone, Optimal Outcomes undertook more than 100,000 square feet of new medical office developments in Florida excluding Tradition HealthPark. Optimal Outcomes’ Tradition HealthPark has future expansion plans as well and has received the blessing of Saint Lucie County business leaders.
“A world class health care campus is the type of development and positive impact that is needed on the Treasure Coast and in particular the Tradition area,” said Pete Tesch, president, Economic Development Council of Saint Lucie County. “We look forward to the grand opening of Tradition HealthPark TWO and the continued development of a health care center of excellence that is rapidly coming to fruition along with the current expansion of Tradition Medical Center. This is the next step of much needed economic growth that will bring more medical professionals and support companies to Port Saint Lucie,” added Tesch.