Health-care trend fuels $48M development near Short Pump
The medical office market has caught fire in Short Pump.
The Henrico-based Stanley Shield Partnership is under contract to buy 12 acres at Towne Center West, immediately west of Short Pump Town Center, with plans for a $48 million medical office development.
Stanley Shield managing member Jimmy Stanley said the move is indicative of a new trend in medical real estate: bringing health-care facilities to urban centers frequented by potential patients, opposed to the more traditional practice of building medical offices on or adjacent to hospital campuses.
“We’ve seen a shift even in the last two years in the interest of these medical groups in going to the front-and-center locations,” he said. “Visibility and accessibility are becoming increasingly important.”
The land under contract is owned by the Breeden Company, a Virginia Beach-based real estate firm that developed Towne Center West. The plot is just off West Broad Street on the eastern edge of the development.
Find out when Stanley hopes to break ground, and how large the initial office building will be, on Richmond BizSense. Click here.