Foresight: Investing in the Future of Healthcare Infrastructure
“The aging U.S. population is likely to be the source of unprecedented healthcare spending over the next decade. The average healthcare expenditure per year for the 65-and-older population is $6,620, nearly double the average for the rest of the population ($3,400), according to the U.S. Bureau of Labor Statistics.” – https://www.rpcpropertytax.com/archives/aging-u-s-population-expected-to-drive-demand-for-medical-office-space/
The facts speak for themselves.
Healthcare systems nationwide are investing in their own infrastructure with medical office expansions, new hospitals and workforce training. In Flagler County, both AdventHealth Palm Coast and Flagler Health+ are investing in multimillion-dollar projects as the regions’ population continues an upward trajectory.
In the City of Palm Coast, an initiative is underway to make Northeast Florida one of the most connected regions of the United States for healthcare, and much of it flows through the MedNexus project. While the unprecedented partnership aligns universities and colleges in north and central Florida with both state and city government and national healthcare systems, it’s not the only opportunity for the industry’s growth in the region.
Providing a shovel-ready design, Douglas Property Development has in their portfolio a 20,000-square-foot medical office project ready for those willing to invest ahead of the curve in Palm Coast’s rapidly growing Town Center development.
“Anticipating the need for more medical space we had engineering done for a 20,000-square-foot medical office site plan downtown. Architecture as well. A medical user can pull those plans off the shelf and go straight to permitting,” said Walker Douglas, broker associate for Douglas Property Development.
As the 35th most populous county in the state of Florida according to the 2020 U.S. Census, Greg Blosé, president and CEO of the Palm Coast-Flagler Regional Chamber of Commerce sees the community’s growth in both the aging population and the influx of younger families as an opportunity for the healthcare industry to reach new patients, translating into long-term relationships and clients.
“Flagler County is growing, and for the next 10 years, the portion of our population over the age of 65 will also continue to grow,” said Blosé.
“As a result, we must plan to not only have quality healthcare professionals in place to serve the future population but also the facilities needed to give our residents access to care. I believe in the vision set forth for Town Center, which will include higher education partners training future healthcare professionals. Many exciting announcements are forthcoming for Town Center, AdventHealth and our higher education partners,” he said.
With the residential sector of Town Center in place to support the development of a robust healthcare workforce, the area is prime for physician’s offices and training centers in conjunction with MedNexus.
“The graduate medical programs at both Jacksonville University and MedNexus in the heart of Town Center are providing something the medical world desperately needs. Workers. Whether you’re a small healthcare provider or a big one locating to Town Center, you’ll have first dibs on an abundance of talented young people looking for opportunity,” said Douglas.
As Douglas helps facilitate development underway with the MedNexus project, housing in place and a budding entertainment district, the addition of a healthcare space compliments the Town Center concept as part of a complete community destination within the City of Palm Coast.
“Healthcare brings high-paying jobs, high-paying jobs support families, families invest in the community. Our long-term goal for Town Center is to see families put down roots here, and the establishment of Town Center as a healthcare hub helps us get there.”