The John Carton Medical Building
At Wynn Hospital
What was once a mixed-use neighborhood, surrounded on two sides by canals, is now home to The Wynn Hospital. The new hospital opened in October 2023 and now dominates the streetscape.
One nearby property owner proposed The John Carton Medical Building at 418 Lafayette Street positioned along the historic Carton Avenue. This cobblestone lane was named in honor of Utica inventor and boiler-maker John Carton.
Also see the 442 Med-Health building proposed two doors down.
For Lease
For Lease - The property at 418 Lafayette Street is under redevelopment into the John Carton Medical Building, right beside the The Wynn Hospital.
This property will offer off-street parking, large reception area, 12,000 s.f. of class A medical office space on three floors, serviced by a large ADA compliant elevator.
The John Carton Medical Building is positioned directly opposite the emergency department forecasted to receive 90,000 patient visits a year. The main hospital enterance is just 250 feet away.
Another healthcare property has been proposed at 442 Lafayette Street.
March 1, 2022 - Titled, Demographics Drive Interest in Resilient Medical Office Building Sector - Demographic tailwinds make it a powerhouse to come, according to CommercialEdge one reads, "Medical office buildings have been gaining increased attention from investors and developers since the start of the pandemic."
December 28, 2021 - In Look Who's Investing In Healthcare it is stated, "Medical real estate has a lot going for it: an economic sector that represents 17.7% of U.S. GDP, tenants with high credit and financial strength, and a customer base for which services are a literal matter of life and death."
August 9, 2021 - Property report titled, Upstate New York MOB Portfolio Changes Hands reads, "Medical office space continues to be a hot target for investors, as these assets have proven to be more resilient than other property types during the pandemic."
Consider - In MOB Diagnosis - Understanding Doctors' and Patients' Needs Will Help Drive Successful Medical Office Development one reads, "Spaces of 1,000 sf to 1,500 sf are easier to lease when conventionally designed. A typical design includes a small waiting area that can accommodate two to four patients, two to three examination rooms, a physician office, and a reception area."
MOB Resources
Valuation of Healthcare Real Estate & Real Property
Medical Office Building Appraisal (PDF)
Defusing The Myths About Investing In Medical Office Real Estate
Better Hospital Neighborhood, Better Downtown Utica
Utica's early prosperity was fueled by canals and industrial manufacturing. Downtown's Columbia-Lafayette Neighborhood was a hot bed of early furnace and boiler manufacturing, as homes and businesses were adopting different indoor heating moving from, wood, coal, and then gas. By 1900, the neighborhood's The International Heating Company, claimed- "Largest Maker of Heaters in the World." We're developing the story of over twenty Furnace & Boiler Makers, and their Founders & Inventors and plan to one day offer a museum with exhibits and much more. In the meantime, please consider Fires, Furnaces & Forges to understand how the indoor heating industry developed.
Better Utica Downtown seeks to help create a Better Hospital Neighborhood.