One of the largest office developments to unfold in the region since 2008 could come in the form of a new medical office complex.
New Hanover Regional Medical Center officials could construct up to 100,000 square feet of medical office and hospitality space on 8.24 acres of property along Physicians Drive.
The project is being designed by the Wilmington-based division of LS3P Associates and engineered by McKim & Creed, which also operates a division in the Port City.
New Hanover Regional spokeswoman Erin Balzotti said no definite timeline has been set for construction on the proposed medical complex. She said project officials were working with city development staff on details related to the complex’s undertaking.
Balzotti said the development, which might house cardiology services, would be completed in phases.
The first phase would include construction of a three-story, 60,000-square-foot medical building. The second phase, which would be built pending demand, would consist of a roughly 20,000-square-foot building on the site.
A new 26,000-square foot hospitality house, which typically houses patients’ families while a member receives treatment, is also planned for the medical office campus.
Balzotti said the new facility would replace the existing hospitality structure on Medical Center Drive, but officials would not release what phase its construction would encompass.
The proposed development could be part of another emerging real estate trend this year.
For several years, area, state and national brokers have been expecting a surge in the development and sale of medical office buildings and space, only to see such a trend fizzle.
But with the continued rollout of the federal Patient Protection and Affordable Care Act and improving economic outlook, real estate experts feel this could be the year such a trend materializes.
Deeni Taylor, executive vice president of Duke Realty, said cost and delivery of health care were helping to drive such a trend nationally, including in North Carolina.
Indianapolis-based Duke Realty, which has no assets in the greater Wilmington area, owns and operates industrial office space in major markets across the U.S.
The firm is constructing several health care-related developments in the Raleigh and Charlotte area.
Last month, the realty conglomerate released a report highlighting six health care real estate trends to identify in 2013 including: additional development of higher-acuity care medical office buildings, new uses for freestanding emergency departments and additional repurposing of office, retail and industrial space for medical space.
The report added that additional partnerships among hospitals and providers that specialize in operating health care facilities would increase.
Investor demand for outpatient facilities was also expected to grow, the report stated.
Compartmentalizing health divisions into smaller groups might also fuel the need for more medical space to address stringent federal compliance rules, the report stated.
“For any hospitals and health systems, it’s expensive and time-consuming to stay on top of industry regulations and laws and the documentation requirements,” Taylor said. “Plus many providers lack the internal expertise needed to deal with real estate matters.”
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