Real Estate Developer Joe Simone Says Increase in Knee Replacements Will Fuel Ambulatory Surgical Center Expansion

A projected increase in knee replacement surgeries will fuel the growth of ambulatory surgical centers, according to healthcare real estate developer Joseph Simone.

“We are experiencing a revolution in knee replacement technologies that are allowing doctors to perform minimally invasive surgeries that do not require hospital settings,” said Joe Simone, President of the Simone Development Companies, a leading developer of healthcare facilities. “For real estate developers, that means we will see greater demand for new ambulatory surgical centers as increasing numbers of the active elderly seek solutions to joint pain.”

In June, Renub Research Analysis published a report on the global knee replacement market. Renub predicted that in the United States, the value of knee replacements will rise from $8.02 billion in 2020 to $12.87 billion by 2027, a compound annual growth rate of 6.99%.

“Knee replacements will become more common and most of them will occur in the types of ambulatory surgical centers that Simone Development Companies have built, such as the Montefiore Hutchinson Campus in the Bronx, NY,” said Joseph Simone. “By 2040, the Centers for Disease Control and Prevention estimated that 78 million adults in the U.S. will be diagnosed with arthritis.”

Patient interest in ambulatory surgical centers accelerated during the Covid-19 pandemic, when many hospitals were closed to patients who did not need life-saving interventions. Many patients who needed elective surgery like knee replacements were also reluctant to enter any facility that resembled a hospital for fear of contracting Covid-19.

“The construction of ambulatory centers has been strong for years, but with the pandemic and innovations in surgical procedures, the demand for these facilities is exponentially expanding,” said Joe Simone. “We are actively partnering with hospitals and other healthcare providers to identify locations for new construction.”

2021-09-07T14:14:44-04:00July 23, 2021|
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Joseph Simone, President of Simone Development Companies Sees Aging Baby Boomers Behind Healthcare Real Estate Growth

Real estate developer Joe Simone says that a recent U.S. Census report demonstrates how aging Baby Boomers are driving growth in healthcare real estate and jobs.

“The expansion of healthcare complexes nationwide is partly due to the aging Baby Boomers, who as they age require more medical services,” said Joseph Simone, President of the Simone Development Companies, a leading developer of healthcare facilities. “The oldest Baby Boomers are now 75. I foresee the demand for nursing homes, assisted living, rehabilitation centers and ambulatory facilities to quickly grow to accommodate a surge in the elderly population.”

U.S. Census reported last month that from 2010 to 2019, the percentage of the population 65 and older grew nationally (from 13.1% to 16.5%) in all 50 states and the District of Columbia. This growth in the elderly population is affecting the national job market. According to the U.S. Bureau of Labor Statistics, registered nursing is listed among the top occupations in terms of job growth. Employment of registered nurses is projected to grow 7 percent from 2019 to 2029, faster than the average for all occupations.

“All these new nurses will find employment in new or expanded healthcare complexes. Real estate developers will be very busy over the next decade delivering new buildings where the growing ranks of health practitioners will work,” said Simone.

Healthcare providers are already positioning themselves to receive the aging Baby Boomers, who demand convenience and amenities. Simone Development Companies renovated Mount Sinai Doctors’ 80,000-squar-foot facility in Greenlawn, NY to create a modern physical plant that conforms to current design standards and provides a high-quality patient experience.

“Healthcare real estate developers must take the Census and BLS numbers seriously and identify new building sites,” said Simone. “Yesterday’s doctors’ offices are not equipped to handle the coming wave of aging Baby Boomers.”

2021-09-07T14:28:37-04:00July 12, 2021|
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Prospect Plaza

Prospect Plaza

385 Prospect Avenue, Hackensack, NJ

This repositioned three-story, 62,000 square-foot medical office building has been extensively renovated including new lobbies, common areas, façade work, energy management upgrades and a beautifully landscaped entry. The property has a diverse group of medical tenants and is less than a mile north of world-renowned Hackensack University Medical Center and less than a half mile from the Anderson Street NJ Transit station. The property offers excellent accessibility to Interstate 80, Route 17, Route 4, the Garden State Parkway and Interstate 95/NJ Turnpike.

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FOR LEASING INFORMATION, PLEASE CONTACT:

Josh Gopan
Vice President of Leasing

Jeremy Schwartz
Director of Leasing

2023-10-03T09:56:27-04:00July 1, 2021|
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Joseph Simone of Simone Development Companies Sees Remote Working to Spur Healthcare Development

Healthcare real estate developer Joe Simone foresees an increase in non-downtown medical projects as providers relocate from urban office cores to serve their remotely working patients.

“Many commuters who formerly worked in urban cores patronized doctors and medical practices that were easily accessible from the office,” said Joseph Simone, President of the Simone Development Companies, a leading developer of healthcare facilities. “However, the boom in remote working that started during the pandemic emptied urban office cores. Patients are now forced to find healthcare services close to home, which means the suburbs and other residential areas.”

In recent weeks, news reports nationwide have asked when or if office workers will return to central business districts. While the post-pandemic recovery is still incomplete, there is a growing consensus that many office workers will stay home. Additionally, a national exodus of residents in urban cores for more suburban locations has created housing-price spikes in rings around almost every major U.S. metropolis.

“We’ve just witnessed a great relocation of Americans and the healthcare sector hasn’t caught up yet,” said Simone. “This mass movement of people represents tremendous opportunities for agile health providers that can pivot from urban cores to the suburbs.”

A good example is Simone’s 644 West Putnam Avenue property in Greenwich, Connecticut., a commuter community in New York City’s northern suburbs. The mixed-use building offers 19,000 square feet of ground floor retail space and 20,000 square feet of second floor office/medical/retail space.

“People in the urban core are moving to communities like Greenwich, but they still want the specialty shopping and services of a dense urban environment,” Joseph Simone said.

2021-09-08T11:45:12-04:00June 21, 2021|
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Joseph Simone, President of Simone Development Companies, Predicts Urgent Care Boom to Continue

Healthcare real estate developer Joe Simone predicts that the urgent care center boom will continue in 2021.

“Urgent care centers and retail clinics continue to proliferate across the U.S. because patients are increasingly demanding convenience and affordability,” said Joe Simone, President of Simone Development Companies, a leading developer of healthcare facilities. “I see many opportunities for healthcare real estate developers in dense downtowns and urban centers as patients increasingly value proximity.”

Between 2013 and 2019, the number of urgent care centers rose from about 6,100 to 9,616, according to the Urgent Care Association.

“Much of this increase is due to patients’ unwillingness to schedule appointments days or weeks away,” said Joseph Simone. “On-demand healthcare is becoming the norm and all health providers must adjust their business models to this evolving reality.”

For urgent care facilities, location is paramount. The demand for urgent care in suburban shopping centers or retail corridors has motivated many communities to change their land-use rules to include medical practices where they formerly were not allowed. Landlords whose retail or commercial properties have become outdated are finding new tenants in the urgent care sector.

“Simone Development has been a leader in repurposing outdated buildings for new medical uses. Our Boyce Thompson Center in Yonkers, N.Y. is a model for an adaptive reuse that incorporates medical, retail, personal services, wellness and dining to create a regional destination,” said Joseph Simone. “I foresee my company going into our region’s dense downtowns to create new medical spaces that are easily accessible by foot and mass transit.”

2021-09-08T11:47:00-04:00June 1, 2021|
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Joe Simone, President of Simone Development Companies, Announces Advanced Therapy and Performance Leased More Than 12,000 SF at 316 Courtland Ave. in Stamford, CT

Joe Simone, President of Simone Development Companies, Announces Advanced Therapy and Performance Lease of More Than 12,000 SF at 316 Courtland Avenue in Stamford, CT.

Joe Simone, President of Simone Development Companies, has announced that Advanced Therapy and Performance, LLC, a leading provider of physical therapy and training from rehabilitation to elite performance, has leased 12,060 square feet for a new facility at 316 Courtland Avenue in Stamford, CT. The long-term lease brings the property to 94% occupancy, with only 6,000 square feet of office space remaining for lease.

“We are pleased to welcome such a high-profile tenant as Advanced Therapy and Performance to our property at 316 Courtland Avenue, which is now almost fully leased,” said Joseph Simone. “ATP assists clients with everything including orthopedic and performance screening, sport rehabilitation and targeted professional level physical performance. Flexibility and Simone Development’s vision for the leasing of the property were key factors that attracted ATP to this outstanding location.”

The Advanced Therapy and Performance team brings an integrative approach to rehab and training. By leveraging the specialties of each Integrated Performance Coach and Therapist, their treatment and training teams collaboratively utilize all modalities in the therapy and performance training community to get the fastest results possible for clients.

The 116,500-square-foot property offered the flexibility of layout that Advanced Therapy and Performance required, with clear span space and ceiling heights from 12 to 25 feet, abundant parking and ample power. The property is conveniently located only a mile from I-95 and a half mile from the Glenbrook train station.

2021-09-08T11:53:54-04:00May 25, 2021|
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Joe Simone of Simone Development Companies Sees Trend Accelerating for Healthcare Facilities in Retail Settings

The delivery of healthcare in retail settings continues to accelerate beyond urgent care centers to include major medical practices, according to Joe Simone, President of Simone Development Companies Simone Development Companies.

Several years ago, Joe Simone, recognized this trend when he developed the Boyce Thompson Center, an innovative 85,000 square-foot mixed-use center in Yonkers, N.Y. with a consumer-driven retail model for healthcare. The Boyce Thompson Center successfully combined trendy dining destinations and other high-traffic retail with medical practices in a historic building that was adaptively reused.

Simone’s concept proved appealing to St. John’s Riverside Hospital and the Westmed Medical Group, which became the Boyce Thompson Center’s anchor tenants. The commitment from these two medical anchor tenants subsequently attracted ENT Allergy Associates, ColumbiaDoctors, Westchester Gastroenterology, Juvanni Med Spa, Metro Vein, among others.

The adaptive reuse of this historic 1920s botanical research center earned a Westchester Municipal Planning Federation’s 2017 urban planning award. The Boyce Thompson Center has become a prototype for future mixed-use healthcare developments.

“The medical move to a retail setting is driven by patients who want an enhanced physical space where there are opportunities to shop, dine, and have access to other personal services such as restaurants, banking and clothing shops,” said Joe Simone.

Across the country, there are similar models as owners of outdated and vacant commercial buildings repurpose them for healthcare tenants. Once again, Joe Simone is leading the way. In Harrison, NY, Simone is converting a vacant office building into a pediatric specialty care facility to be leased to Montefiore Health System.

2021-09-08T11:55:32-04:00May 13, 2021|
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