A proposed $762 million, 1.6 million square foot “medical and innovation campus” in Maricopa, Arizona will eventually include a specialty hospital, several other health care facilities, a hotel and hundreds of housing units, the Phoenix Business Journal reported.
The 30-acre site sits on the southeast corner of State Route 47 and Bowlin Road in Copper Sky Regional Park, south of Phoenix.
S3 BioTech LLC is the developer of the project. The entity received approval from the Maricopa City Council to purchase the property in June.
The first phase of the project would 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 hotel with 150 select-service rooms
- A seven-story condominium/extended stay building with 100 units
- A three-story, 75,000 square foot extended care and physiotherapy center
- A smart parking structure
The second phase should 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 12-storey, 90-unit condominium/extended stay building
- A five-story multi-family residential building with 375 units
- A three-story, 270,000 square foot sports and science academy
- A single-story, 30,000-square-foot “fabrication shop/moving studio”
- A second smart car park
The project is expected to create 11,500 construction-related jobs. At full construction, it is also estimated to bring 2,819 jobs to the city and generate approximately $300 million in economic activity annually.
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The Maricopa Office of Economic Development and Legislative Affairs did not respond to commercial real estate directorS3 BioTech LLC’s request for additional information could not be reached for comment.
Feverish rhythm
Demand for medical office buildings in metro Phoenix looks about as hot as the area’s summer weather.
In February, Altera Fund Advisors acquired the 130,000 square foot Rome Towers, an MOB in Gilbert, Arizona, in a $75 million, four-building portfolio transaction 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 Properties of Talia Jevan for $20 million. Cushman and Wakefield represented the seller in the transaction.
And last month, Centum Health Properties announced the imminent grand opening of a 38,000 square foot expansion of its 53,529 square foot Scottsdale Medical Pavilion.
