Phoenix Approves $14 Million for Cancer Center

As reported in the Phoenix Business Journal, the Phoenix City Council recently approved $14 million to help support the University of Arizona’s planned construction towards a Cancer Center on the Phoenix Biomedical Campus. As a testament to the improving economic climate, this move signifies a departure from the previously stringent mood in the commercial lease Phoenix world. Everyone from landlords to housing construction companies were less than willing to invest in big-dollar projects because of the ever-present risk of losing a large amount of cash. Now, however, the economy is slowly but surely making steps to recover from a down period, as exemplified by this large amount of money voted upon by the Phoenix City Council.



Commercial lease Phoenix provides necessary jobs and revenue; similarly, the Cancer Center is set on providing necessary healthcare positions and visitors to the city of Phoenix. Once construction is completed, the $135 million project will host 200,000 patient-visits annually, bringing in 500,000 new visitors each year to Phoenix, based on current estimates. This Center will create approximately 800 permanent biomedical jobs and create an economic impact of about $250 million. The benefits of this Center are obvious because of the hundreds of jobs being created and new tax revenues being put into place – most importantly, however, the Center will engage and encourage patient care, research, outreach, and education. In exchange for Phoenix’s financial commitment, the University of Arizona can begin this large project immediately.



Until now, Phoenix had been the largest U.S. city without a National Cancer Institute-designated Cancer Center. This new and exciting addition to the Phoenix biomedical campus has high potential for becoming a hubbub of engaging and innovative activities geared towards cancer treatment and research. In the plan put before the council, city staff said that "the plan would be a significant addition of a clinical health care component to the City’s Phoenix Biomedical Campus and is crucial to achieving the City Council-adopted master plan for the campus." Furthermore, it "will strengthen the community’s bio industry cluster while creating synergies for the city’s tenants, including TGen and IGC."



Construction is to begin as soon as possible. Without a doubt, the city of Phoenix and the state of Arizona eagerly await its completion, particularly since the center’s presence downtown will add a clinical healthcare component to the Phoenix biomedical campus.



Are you interested in learning more about how you can benefit from commercial lease Phoenix? Contact a representative at Camroad Properties today. Our team of qualified business professionals are fully aware of the ins and outs of the office space industry and can help you find a property that will work for you.