Baylor Breaks Ground on $212M Site, Plans $350M Cancer Center
- Sep 26, 2008
Dallas-based Baylor Health Care System broke ground Tuesday on a $212 million 332,000-square-foot hospital in the Dallas suburb of McKinney. News reports indicate that Baylor also plans to announce Friday its intent to build a $350 million cancer center in Dallas. Located on 58 acres at the northwest corner of Highway 380 and Lake Forest Drive, Baylor Medical Center at McKinney will be a 95-bed, four-story hospital and medical office complex with a scheduled completion of November 2010. According to the Dallas Morning News and several other local news outlets, Baylor plans to announce on Friday a 450,000-square-foot cancer center near Baylor University Medical Center at Dallas. “Demand for medical office space continues to be driven by several factors, including the migration of more procedures from hospitals to an outpatient setting, the expansion of existing practices and the increasing obsolescence of aging assets,” according to the mid-year Medical Office Research Report prepared by Marcus & Millichap Real Estate Investment Serives. “Additionally, the growing trend of hospitals expanding to offer medical services at off-campus satellite facilities is expected to accelerate in the future as medical practitioners and hospitals continue to seek out methods to reduce cost structures.” The population of McKinney and the surrounding area is expected to grow 34.5 percent between 2006 and 2011. According to the most recent Census data (released March 21, 2007), Collin County is the eighth-fastest growing county in the nation in numbers of people. The infrastructure of the main hospital will be built to accommodate a total of 12 floors and more than 400 beds. Currently, Baylor operates three hospitals in Collin County. Baylor Regional Medical Center at Plano, an acute medical and surgical hospital, opened in December 2004. Most recently, The Heart Hospital Baylor Plano, Collin County’s first dedicated heart and vascular hospital, opened in January 2007 on the Baylor Plano campus. Baylor Medical Center at Frisco opened in 2002 and completed a $60 million expansion in the fall of 2007. Baylor’s partners in developing the new hospital and property are Dallas-based RTKL Architects, CB Richard Ellis Inc. in Dallas and Dallas-based MEDCO Construction. Baylor Health Care System, a not-for-profit health care provider based in North Texas, is a growing network of hospitals, primary care and specialty care centers, rehabilitation clinics, senior health centers and affiliated ambulatory surgery centers. An employer of more than 16,000 people, Baylor ranks as one of the largest private-sector employers in the Dallas/Fort Worth Metroplex. For fiscal year 2007, the non-profit Baylor Health Care System will report $390 million in community benefits to the Department of State Health Services.