Ground was broken today on Royal Palm Square, a $6 million medical condo project in Coral Springs just minutes from the Coral Springs Medical Center.
The project, developed by Coral Gables-based Bayshore Land Group, is offering 25,000 square feet of Class A medical, professional, or condominium office space.
“Despite a challenging real estate market, we are pleased to move forward with Royal Palm Square and offer the medical community and its patients a state-of-the-art venue like Royal Palm Square,” said Jay Fertig, president of Bayshore.
The Mediterranean-style setting offers tenants design flexibility and amenities and custom build out options including marble tile, granite countertops, and wood cabinetry.
Medical professionals typically want to purchase rather than lease facilities because of the investment it takes to build out the interiors with equipment.
Marc Boucher, president of Southeast Centers, LLC, a real estate development company in Boca Raton, said Royal Palm Square is viable in today’s market.
“A stock broker may spend $25 a square foot to get his space ready, but a doctor might spend $200 a square foot to get his space ready because of the extra electrical, sinks and gas lines,” said Boucher. “It makes economic sense for them to purchase.”
Royal Palm is targeting medical professionals looking to buy commercial office space for their medical practices, as well as diagnostic and surgical centers of all sizes. Fertig said interest from doctors and dentists has been keen over the past several months.
“Buying commercial office space was a better investment than leasing and the 3,000 square feet of medical space will provide room for our practice to grow,” said Dr. Carlos Jurado, an obstetrician and gynecologist in Coral Springs. “I am excited to move our practice to this building.”
There are 18 units available, priced at preconstruction rates starting at $249 a square foot. Royal Palm is the only one-story commercial office building in the immediate area. Buyers will have their own private entrances and parking.
Doctors like Jurado want to control their own destiny, said Bill Morris, president of Southcoast Partners, a real estate developer in Delray Beach, and they want something with a luxurious twist.
“Most doctors, if they really care about their practice, want to portray a high quality image,” Morris said. “Fake flowers and fake waterfalls are a turn off.”