The St. Joe Co. JV Breaks Ground on Florida Medical Campus
The project features an 80,000-square-foot medical office building, slated for completion in 2024.
Groundbreaking ceremony for the medical campus in Panama City Beach, Fla. Image courtesy of The St. Joe Co.
The St. Joe Co., in partnership with Florida State University and Tallahassee Memorial HealthCare, broke ground on an 87-acre health-care campus in Panama City Beach, Fla.
The development is set to include an 80,000-square-foot medical office building, slated for completion in 2024. The facility will be home to TMH Physician Partners – Primary Care, Tallahassee Memorial Urgent Care Center and an ambulatory surgery center, but also to cardiology and orthopedic services.
The project will also encompass a 100-bed hospital with an emergency center and other inpatient medical services such as surgery, cardiology and imaging. Completion is expected in 2027.
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Due to the partnership with Florida State University, the campus will also include research facilities that will serve medical students and researchers focused on aging and digital health.
The development site is 15 miles from downtown Panama City Beach, close to the Latitude Margaritaville Watersound residential community. FSU’s Panama City campus is 18.5 miles away.
North Central Florida’s health-care sector
FSU President Richard McCullough said, in prepared remarks, that such a project was necessary in an area that is experiencing a population boom, involving collaboration opportunities in sectors such as clinical health, education and research. Later this year, the university plans to break ground on another medical center on the TMH campus in Tallahassee, Fla., a project supported by $125 million in state funds.
According to CommercialEdge data, the North Central Florida health-care market has 97 medical office buildings totaling approximately 4.7 million square feet, with two properties in the planned and prospective stages of development, set to add some 80,000 square feet to the existing inventory.
A 2022 JLL report notes that medical office real estate is still in high demand, without being as much disrupted by the pandemic as other real estate sectors. Despite building completions being stalled by various costs, macroeconomic worries and supply chain issues, the development activity is rebounding.
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