Mill Creek, Crescent Communities Commence M-F Projects Near Hospitals
- Oct 24, 2013
Hospitals are a magnet for more than healthcare; as a hub for jobs, they can also attract multi-family development. Crescent Communities and Mill Creek Residential have just kicked off multi-family projects, the 265-unit Premier Medical Center in Houston and the 296-unit Crescent Dilworth in Charlotte, N.C., respectively–within close proximity to major healthcare facilities.
Mill Creek’s luxury apartment development, Premier, will sprout up in the middle of the Texas Medical Center, which, with approximately 46 million square feet of space and more than 50 member institutions, is the largest medical complex in the world. “Premier Medical Center epitomizes Mill Creek’s strategy to develop luxury apartment communities in irreplaceable locations in markets characterized by strong household formation and job growth,” Jeb Cox, manager director with Mill Creek, noted in a prepared statement. “No other multifamily community is as centrally located in the Texas Medical Center as Premier.” The apartment community will sit adjacent to MD Anderson Cancer Center on the TMC campus.
Crescent’s Crescent Dilworth will be erected across from Carolinas Medical Center’s main campus, in Charlotte’s Dilworth neighborhood. The $55 million project, which Crescent is developing in conjunction with Southern Apartment Group, will also feature 2,200 square feet of street-level retail and a location that is also a few strokes away from the Little Sugar Creek Greenway.
“Our goal with all of our communities is to help residents achieve a balanced lifestyle experience close to work and play,” Ben Collins, vice president for Crescent’s multi-family group told Commercial Property Executive. “We plan our projects with that goal in mind, choosing locations that will give residents easy access to employers, shopping, dining and green spaces. Carolinas Medical Center is one of the area’s largest employers and healthcare providers, and Dilworth is one of Charlotte’s most beautiful, historic neighborhoods.”
In general building an apartment property near a sizeable healthcare facility means providing residential accommodations close to jobs, and the healthcare industry has the jobs. “Overall, healthcare has accounted for 13 percent of total job growth in the 100 metro areas over the course of the employment recovery,” according to a study by The Brookings Institution. “In 11 metro areas that span every major U.S. region, healthcare has accounted for more than 25 percent of that job growth.”
Premier will welcome its first tenants in April 2015, and pre-leasing at Crescent Dilworth will commence at the end of 2014.