While the development of an 85,000-square-foot medical office in Ridgeland, Mississippi is itself a benefit to its surrounding community, the project is also expected to drive economic development around it.
The 2023 project was chosen as winner of the 2024 CoStar Impact Award for commercial development of the year for Jackson, as judged by real estate professionals familiar with the market.
The award submission for the complex noted the potential for job creation in the area.
"Not only does the facility itself require staff such as administrative personnel, medical professionals, and support staff, but ancillary businesses and services may also develop in the vicinity to cater to the needs of the facility and its employees," it reads. "The presence of a medical office property injects economic activity into the surrounding area."
About the Project: The development, completed in a historically difficult time for the office sector, includes a "well-equipped medical office property" that is expected to enhance nearby property values. The project is being led by Catalyst Healthcare Real Estate and National Real Estate Advisors.
What the Judges Said: Judges applauded the development for seizing on a hot location. "Great development and location," said William Hankins of Cook Commerical Properties. Brandon Brown of TL Brown Properties said growth was continuing in the area.
They Made it Happen: Carmelo Curatola of Catalyst HRE