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Joe Simone Views Outdated Malls In Aging Communities As Targets For Retail-To-Medical Conversions

Joseph Simone of Simone Development Companies said more outdated malls in U.S. suburbs will become targets of retail-to-medical conversion.

“As the suburbs mature, the proportion of senior citizens—the biggest medical services consumers—increases, so healthcare providers are scrambling to identify high-traffic locations with ample parking. In many cases, the ideal locations are shopping centers with low occupancy,” said Joseph Simone, President of Simone Development Companies.

Fortune magazine recently noted that 32 enclosed malls nationwide house healthcare services as part of their footprint. Nearly a third of the malls’ medical transformations have been announced since the start of the Covid-19 pandemic, the magazine noted.

Converting foundering shopping centers into medical destinations makes sense for many suburbs built in the 1970s where young families with children no longer predominate. Centereach, N.Y. is one community that saw its population explode in the 1970s.

Changing demographics in Centereach led Simone Development Companies to consider new uses for its retail building. After a market analysis, Simone Development Companies—a retail-to-medical conversion specialist—recently broke ground on Catholic Health Ambulatory & Urgent Care. The new complex will house a multi-specialty practice featuring primary care, women’s health, behavioral health, cardiology, neurosciences, orthopedics, and several other services.

The development will transform a 63,000-square-foot former Ocean State Job Lot retail store located at 2112 Middle Country Road into a new healthcare facility. Catholic Health will lease the new building from Simone and plans to open in the Spring of 2023.

“Throughout the New York metropolitan area, we are seeing health networks announce new conversions of former retail buildings. We will work closely with some of these expanding networks to identify the best locations and secure smooth conversions,” said Joanna Simone, Principal and President of Leasing and Property Management Operations at Simone Development Companies.

2022-09-26T10:10:32-04:00September 26, 2022|

Joseph Simone Says That Behavioral Health Will Drive Medical Real Estate Design

2022-09-26T11:42:08-04:00September 21, 2022|Tags: |

AdaptHealth Inks Renewal and Expansion to Occupy Simone Development’s Entire 1185 Commerce Ave. Building in The Bronx

BRONX, NYJune 22, 2022Simone Development Companies has announced that full-service home medical equipment company AdaptHealth has signed a 13,256-square-foot lease expansion and renewal at Simone’s 1185 Commerce Avenue building in The Bronx. AdaptHealth is expanding its footprint from 27,845 square feet to 41,101 square feet, occupying the entire building. Simone’s Josh Gopan, Vice President of Leasing, represented ownership in the lease negotiations, while AdaptHealth was repped by Cleva/Philips Real Estate Services Corp.

AdaptHealth serves over 3 million patients annually across 47 states, making it one of the foremost companies in home medical equipment services. Through their network of local suppliers, AdaptHealth offers a wide breadth of clinically driven products and services designed to help patients adapt to life in the home including sleep and respiratory therapy, diabetes management supplies, mobility products, wound care, non-invasive ventilation, and nutrition.

“We are thrilled to announce AdaptHealth is expanding their footprint at 1185 Commerce and taking over the full building,” said Josh Gopan, Vice President of Leasing at Simone Development. “AdaptHealth was first attracted to 1185 Commerce Ave in 27,845 square feet and their expansion is a testament to the building’s ideal location as well as its unique characteristics, including 17-foot ceiling heights, loading dock and overhead doors and expansive outdoor space.”

Simone Development’s 1185 Commerce Ave is a newly renovated industrial building made up of 41,101 square feet of warehouse and office space as well as 30,452 square foot of available land space. The property is walking distance from the #6 train and ideally located near both the Hutchinson River Parkway and the Cross Bronx Expressway, providing access to the rest of the city as well as the Tri-state area and beyond. The property is also close to several retailers including Target and Home Depot.

2022-09-21T09:15:15-04:00September 21, 2022|

Joseph Simone Says That Behavioral Health Will Drive Medical Real Estate Design

Joseph Simone of Simone Development Companies says that the Centers for Medicare & Medicaid Services’ (CMS) focus on behavioral health will drive the design of new healthcare facilities.

“There is a growing understanding about the relationship between mental health and physical health, which is causing these two disciplines to converge at primary care facilities,” said Joe Simone, President of Simone Development Companies. “This growing combination of mental and physical practitioners in one location challenges healthcare real estate builders to create spaces that foster relaxation and psychological wellness for patients and healthcare workers.”

Earlier this year, CMS outlined its behavioral health strategy that included access to prevention and treatment services for substance abuse, mental health services, crisis intervention and pain care. The agency’s goal is to enable care that is well-coordinated and effectively integrated.

Healthcare real estate developers must now consider medical offices with deinstitutionalized environments that are homelike with access to daylight, the outdoors, and positive distractions.

Simone Development Companies’ development of medical offices at the Boyce Thompson Center in Yonkers, N.Y. anticipated this deinstitutionalization. Waiting rooms are relaxing spaces in a historic building adaptively reused for restaurants, retail and medical. The Boyce Thompson Center’s design allowed one tenant—WESTMED, a Summit Health Company—to offer behavioral health services.

“Behavioral health challenges medical builders to consider psychology and mental wellness in their projects,” said Joanna Simone, Principal and President of Leasing and Property Management Operations at Simone Development Companies. “The successful delivery of behavioral health services at our Boyce Thompson Center demonstrates that thoughtful and compassionate builders can create safe spaces that calm and reassure vulnerable patients.”

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail, and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.

2022-09-21T09:11:54-04:00September 21, 2022|

Health network expansion driving retail-to-medical conversions

Bronx, N.Y. (August 24, 2022)—Health networks’ expansion into new territories and underserved communities is driving retail-to-medical conversions, said Joseph Simone of Simone Development Companies.

“Across the nation, we’re seeing the conversion of empty or under-performing retail spaces into new urgent care, ambulatory centers and doctors’ offices as expanding health networks seek locations that are attractive to and convenient for consumers,” said Joe Simone, president of Simone Development Companies. “This adaptive reuse of outdated retail appeals to health networks because of the cost savings, plentiful parking and existing customer bases.”

Southwestern Connecticut is one region experiencing significant investment in healthcare real estate. Hartford Healthcare is expected to add about a dozen new medical facilities in Fairfield County as the network seeks communities that are underserved by its competitors. In 2020, Hartford Healthcare converted a former Sports Authority space into a medical center at the North Haven Pavilion in North Haven, Conn. Meanwhile, Hartford Healthcare’s rival—Yale New Haven Health System—has also converted retail into medical uses at the Meriden Mall in Meriden, Conn.

Simone Development Companies is a retail-to-medical conversion specialist. The company recently broke ground in Centereach, N.Y. on Catholic Health Ambulatory & Urgent Care, a new multi-specialty practice featuring primary care, women’s health, behavioral health, cardiology, neurosciences, orthopedics, and several other services.

The development will transform a 63,000-square-foot former Ocean State Job Lot retail store located at 2112 Middle Country Road into a new healthcare facility. Catholic Health will lease the new building from Simone and plans to open in the Spring of 2023.

Catholic Health Ambulatory & Urgent Care at Centereach is the latest example of how Simone Healthcare Development, a leader in medical office and ambulatory care facility development, is revitalizing underutilized assets into modern healthcare centers. In Yonkers, N.Y., Simone transformed an abandoned historic building into the Boyce Thompson Center, an innovative 85,000-square-foot complex featuring medical offices and retail shops.

“While the online shopping revolution poses significant challenges for brick-and-mortar retail, we see enormous opportunities for healthcare providers that want to expand their regional footprints to reach new markets. We are prepared to partner with these networks to identify the best locations,” said Joanna Simone, principal and president of leasing and property management operations at Simone Development Companies.

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail, and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.

2022-08-24T13:21:53-04:00August 24, 2022|

New York’s technology sector attracts venture capitalists and spurs new real estate leasing

Bronx, N.Y. (August 8, 2022)—The New York City region’s burgeoning technology and life sciences sectors are attracting increasing interest from venture capitalists who are leasing new office space to be closer to innovation hubs, says Joseph Simone of Simone Development Companies.

“In July, the developer of the new Zero Irving office building in New York City announced that Sequoia Capital will open its first East Coast office there,” said Joe Simone, president of Simone Development Companies. “Sequoia will join other venture capital firms that have moved into this area, underscoring the attractiveness of the region’s innovation ecosystem.”

Sequoia was an early investor in Apple and Google, and it has notable investments in Zoom and Airbnb.

Venture capital funding is booming in New York City. According to research by CBRE, the New York area led for year-over-year growth among the top five U.S. metro areas, increasing its total funding by 171% or $29 billion in 2021.

In addition to private investment, LifeSci NYC is a $1 billion initiative by the New York City Economic Development Corporation (NYCEDC) to create 40,000 new jobs and establish New York City as the global leader in life sciences.

One of LifeSci NYC’s investments is at the Montefiore-Einstein Accelerated Biotechnology Research Center, located a short walk from Simone Development Companies’ 42-acre Hutchinson Metro Center campus—anchored by Montefiore, which occupies the entirety of Tower Two and parts of Tower One.

The goal of LifeSci NYC’s investment is to establish a biomanufacturing operation focused on cell, gene, and antibody therapy production. The expected Montefiore-Einstein biomanufacturing operation coincides with a planned expansion of the Hutchinson Metro Center campus to include life-science-focused laboratories for medical research.

“The amount of venture capital flowing into the New York region’s innovation sector will have a significant effect on business and employment growth,” said Danielle Contillo, a principal at Simone Development Companies. “As medical technology companies emerge from local incubators, we expect an increased real estate demand.”

2022-08-08T16:10:00-04:00August 8, 2022|

Simone Development and Stagg Group Commence Construction on 186 Units of Affordable Housing in New Rochelle

Housing Construction Marks Phase 2 of 26 Garden Street Project

NEW ROCHELLE, NYAugust 3, 2022Simone Development Companies and Stagg Group have commenced construction on West View Apartments, a 186-unit affordable housing development that marks Phase 2 of a mixed-use project at 26 Garden Street in New Rochelle, NY.

“We are extremely pleased to start the development of Phase 2 of this multifaceted project, providing affordable housing opportunities with convenient access to regional transportation options in the heart of New Rochelle,” said Joseph Simone, president of Simone Development Companies. “This exciting new residential property is expected to be completed and rented by July 1st, 2025.”

Phase 1 of the project, consisting of a six-story building, was completed last summer by the Simone/Stagg partnership, and includes the new home of the New Rochelle Family Court, which features two courtrooms, three hearing rooms, judge’s chambers, offices for non-judicial staff as well as for staff from the Office for Women, Department of Probation, and other County agencies. The 35,000-square-foot space features the latest technology and equipment, from assisted-listening capabilities to HVAC systems that provide for a good fresh-air ratio.

Phase 2 of the project includes a ground up construction project of a 208,000-square-foot, 24-story tower consisting of 186 affordable housing units reserved for families whose income is at or below 60% of the area medium income for Westchester County, NY. The unit makeup will be 34 studios, 96 one-bedroom and 56 two-bedroom units.

The development will include a community room, gym, computer center, laundry facilities and parking for tenants, and will also include a number of sustainability measures including compliance with Enterprise Green Community and Energy Star MFNC (multifamily new construction) standards, low flow plumbing fixtures, LED light fixtures with motion sensors, dark sky compliant exterior light fixtures and use of low VOC paint and sealants.

“We are excited to partner with Simone Development on another successful and important project,” shared Mark Stagg, Founder and CEO of Stagg Group. “First delivering a new state of the art facility for the Westchester Family Courts, and now by adding much-needed affordable workforce housing, constructed to the highest standards, here in New Rochelle.”

The project was designed by Newman Architects and BE Bronx Builders is the General Contractor. The site underwent a brownfield cleanup in 2019 and 2020 to prepare for all three phases of the project. In addition to the new Westchester County Family Court, completed on a tight timeline of just 14 months, Phase 1 also included a Private Art Betterment installation as part of the project requirements. Phase 3 will include an additional mixed-use building with details and use still to be determined.

2022-08-08T15:36:19-04:00August 8, 2022|

Suburban Laboratories Lose Luster As Life Sciences Seek Urban Settings

Suburban Laboratories Lose Luster As Life Sciences Seek Urban Settings

PR Newswire

Suburban research laboratories face increasing competition from urban centers as proximity to talent and capital drive life science companies’ site-location choices, said Joseph Simone of Simone Development Companies.

BRONX, N.Y.July 25, 2022 /PRNewswire-PRWeb/ — Suburban research laboratories face increasing competition from urban centers as proximity to talent and capital drive life science companies’ site-location choices, said Joseph Simone of Simone Development Companies.

“Even in New Jersey—which boasts considerable life sciences laboratories in suburban settings—there is movement toward urban cores,” said Joe Simone, President of Simone Development Companies. “In Jersey City’s Exchange Place neighborhood, a former Palmolive factory has been converted into a 340,000-square-foot lab-ready office building that is a short ferry ride to Manhattan’s Financial District.”

A recent report noted that life science companies are flocking to New York City because of its research hospitals, universities, and venture capital. This urban migration is also driven by the search for top talent, which increasingly prefers to live and work in urban environments offering easy access to diverse cultural, entertainment and retail experiences — qualities that many suburban laboratories can’t match.

One of New York City’s innovation clusters is in the Bronx’s Morris Park neighborhood, where the Montefiore-Einstein Accelerated Biotechnology Research Center will soon open. This biomanufacturing operation will focus on cell, gene, and antibody therapy production.

Simone Development Companies’ 42-acre Hutchinson Metro Center is across the street from the Albert Einstein College and Montefiore Medical Center. The campus is anchored by Montefiore, which occupies the entirety of Tower Two and parts of Tower One.

As in the case of the new Jersey City complex, knowledge workers and other talent in Manhattan can reach the Montefiore-Einstein Accelerated Biotechnology Research Center by public transportation. With the anticipated commuter rail station next to the Hutchinson Metro Center, knowledge workers will enjoy a short train ride to Manhattan’s Penn Station.

“Life-science start-ups are making strategic decisions to settle near the talent and financiers who want to be in big cities. Our planned expansion of the Hutchinson Metro Center to include lab-ready offices is a response to the latest needs of medical research and technology development,” said Patricia Simone, Principal and President of the Simone Management Group.

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the BronxManhattanQueensLong IslandWestchester CountyOrange and Fairfield Counties and New Jersey. With services spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.

2022-08-04T09:30:36-04:00August 1, 2022|Tags: |

Suburban laboratories lose luster as life sciences seek urban settings

Bronx, N.Y. (July 25,2022)—Suburban research laboratories face increasing competition from urban centers as proximity to talent and capital drive life science companies’ site-location choices, said Joseph Simone of Simone Development Companies.

“Even in New Jersey—which boasts considerable life sciences laboratories in suburban settings—there is movement toward urban cores,” said Joe Simone, president of Simone Development Companies. “In Jersey City’s Exchange Place neighborhood, a former Palmolive factory has been converted into a 340,000-square-foot lab-ready office building that is a short ferry ride to Manhattan’s Financial District.”

A recent report noted that life science companies are flocking to New York City because of its research hospitals, universities, and venture capital. This urban migration is also driven by the search for top talent, which increasingly prefers to live and work in urban environments offering easy access to diverse cultural, entertainment and retail experiences—qualities that many suburban laboratories can’t match.

One of New York City’s innovation clusters is in the Bronx’s Morris Park neighborhood, where the Montefiore-Einstein Accelerated Biotechnology Research Center will soon open. This biomanufacturing operation will focus on cell, gene, and antibody therapy production.

Simone Development Companies’ 42-acre Hutchinson Metro Center is across the street from the Albert Einstein College and Montefiore Medical Center. The campus is anchored by Montefiore, which occupies the entirety of Tower Two and parts of Tower One.

As in the case of the new Jersey City complex, knowledge workers and other talent in Manhattan can reach the Montefiore-Einstein Accelerated Biotechnology Research Center by public transportation. With the anticipated commuter rail station next to the Hutchinson Metro Center, knowledge workers will enjoy a short train ride to Manhattan’s Penn Station.

“Life-science start-ups are making strategic decisions to settle near the talent and financiers who want to be in big cities. Our planned expansion of the Hutchinson Metro Center to include lab-ready offices is a response to the latest needs of medical research and technology development,” said Patricia Simone, principal and president of the Simone Management Group

2022-08-01T12:43:47-04:00July 25, 2022|
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