$762M Medical Campus Project Moves Forward

Image by Michael Schwarzenberger via Pixabay.com

A proposed $762 million, 1.6 million-square-foot “medical and innovation campus” in Maricopa, Ariz., will eventually include a specialty hospital, several other health-care facilities, a hotel and hundreds of housing units, the Phoenix Business Journal has reported.

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.

S3 BioTech LLC is the project’s developer. The entity received Maricopa City Council’s approval to purchase the property in June.

The project’s first phase reportedly will consist of:

• A three-story, 51,000-square-foot specialty emergency hospital with 15 beds
• A three-story, 108,000-square-foot medical office building/outpatient surgery center
• A seven-story, 150-room select-service hotel
• A seven-story condominium/extended-stay building with 100 units
• A three-story, 75,000-square-foot, extended care and physical therapy center
• A smart parking structure

The second phase is expected to include:

• A three-story, 75,000-square-foot behavioral health and sports psychology center
• A five-story, 100,000-square-foot “life science and innovation center”
• A second condominiums/extended-stay building, of 12 stories and 90 units
• A five-story multifamily residential building with 375 units
• A three-story, 270,000-square-foot sports and science academy
• A single-story, 30,000-square-foot “makers shop/move studio”
• A second smart parking structure

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.

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The Maricopa Office of Economic Development & Legislative Affairs did not reply to Commercial Property Executive’s request for additional information, and S3 BioTech LLC could not be reached for comment.

Feverish pace

The demand for medical office buildings in the Phoenix metro seems about as hot as the region’s summer climate.

Back in February, Altera Fund Advisors acquired the 130,000-square-foot Rome Towers, 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. Woodside Health was the seller.

Then in June, Woodside Health was the buyer, picking up an 81,907-square-foot MOB in Phoenix from Talia Jevan Properties for $20 million. Cushman & Wakefield represented the seller in the transaction.

And last month, Centum Health Properties announced the imminent groundbreaking on a 38,000-square-foot expansion of its 53,529-square-foot Scottsdale Medical Pavilion.