Weston Sells Developers On Medical Condo Concept
South Florida Business Journal | By: Brian Bandel
About 1.4 million square feet of medical office condo projects are planned in South Florida, according to research by Miami developer Kenneth Weston. The areas of South Miami, western Kendall, Miramar/Pembroke Pines and Boca Raton/Delray Beach have the most projects planned, he said.
Weston has a steady diet of offices he’s readying for doctors. With four such projects he owns or represents breaking ground in the first quarter of 2005. Each project is at least 50 percent pre-sold, said Weston. “Ninety percent of the projects we’re doing are medical office condos,” he said. “Because of the low interest rates and the instability of the stock market, physicians are diversifying their investment in portfolios.”
Weston keeps in contact with physicians who are cramped for space or looking to expand. He targets fast-growing areas that are close to hospitals and underserved by medical offices. Medical offices have specific requirements that conventional office buildings often lack, Weston said. Different medical uses also require certain physical features, such as reinforced floors to support heavy MRI equipment or higher ceilings in ambulatory surgery centers. “Most developers aren’t experienced in designing these buildings,” Weston said. “A lot of the clients we deal with overlooked these situations.” Weston said he has three projects on the table, with two of them likely to break ground within six months.