Tri-City Cardiology Consultants Real Estate Holding Co. has started construction on Terraza Medical Village, a five-building, 100,000-square-foot medical office campus in San Tan Valley, Ariz., a Phoenix submarket.
Development partners also include general contractor Kraus-Anderson Phoenix and design firm TriArc Design and Architectural Services. First Citizens Bank provided financing, according to Greater Phoenix In Business Magazine.
The campus is rising at 40245 N. Gantzel Road, less than 10 miles from Mesa Gateway Airport and 27 miles from downtown Mesa, Ariz. Downtown Phoenix is 42 miles northwest. Other medical providers in the area include Banner Health Center and Dignity Health – Arizona General Hospital.
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The first two structures within the 12-acre complex, a two-story, 20,000-square-foot facility and a 9,740-square-foot building, are scheduled to come online in May next year. This phase of the project is estimated to cost about $45 million.
Tri-City Cardiology will be the first medical provider to move in. The firm will occupy the first floor of Building 3, the same source shows.
The campus will also feature ample parking, outdoor amenities and EV charging stations. Medical office suites are to range from 2,338 to 12,756 square feet.
Medical office development in Phoenix
Greater Phoenix had five medical office developments under construction as of March, totaling 517,489 square feet, according to CommercialEdge information. The metro’s development pipeline also includes 32 prospective projects or in different planning stages, which would add about 3.7 million square feet to inventory upon completion.
One of the current developments is a 46,000-square-foot health-care facility in Goodyear, Ariz. Expected to come online later this year, the two-story building will mark the city’s first combination of medical offices and inpatient rehabilitation programs.