The property is just north of the intersection of South 27th Street and West Oakwood Road, on 28 acres in this city 10 miles south of Milwaukee. The project will consist of 180,000 sf of medical/specialty office in single and multi-story structures, 50,000 sf of specialty retail, six acres for out-lot buildings and 1,200 parking spaces. The retail will likely be used for a pharmacy, spa, restaurants or other complimentary uses, says Jim McDonald, director of development for Ryan Cos. US Inc.
He says the company still has to get the plan past the city council. "It's zoned medical office, they're looking for this type of use," McDonald tells GlobeSt.com. "It's a great location, with excellent 27th Street frontage, which is a main north-south corridor. There's also strong and rapid growth in the southern Milwaukee markets. We perceive there's a gap in service to this demographic, a gap which other providers haven't jumped in to fill yet."
The lease rates for the Franklin project will be $23 per sf, net, with a mix of boutique medical offices for lease for about $16 to $20 per sf, McDonald says. His company is targeting national healthcare users, as well as doctors and other providers.
Ryan is also developing North Hills Medical Centre, a multi-phase medical office campus in Menomonee Falls, about 15 miles northwest of Milwaukee. Froedtert & Community Memorial Hospital is leasing a three-story, 59,000-sf building that is planned to open in February. Ryan is already building another, similar speculative building there. "Medical office is going extremely strong in a lot of markets," McDonald tells GlobeSt.com. "As a national developer, we're seeing opportunities across the board. Medical is going to be a big part of the economic growth as a country, and it's going to continue to grow. You've got the demographic shifts, the Baby Boomers retiring, and advances in healthcare and technology. You're definitely going to see more and more of these type of mixed-use medical developments."
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