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Mortenson Development, Seavest Healthcare Partner On Candelas MOB

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Mortenson Development Inc. and Seavest Healthcare Properties will joint venture on SCL Health’s new 43,732-square-foot Class A medical office building at the intersection of West 91st Place and Candelas Parkway within Candelas in Arvada. Mortenson’s construction arm will build the two-story facility, which was designed by Davis Partnership Architects.

Over the last decade, Mortenson has worked with SCL Health to deliver more than 40 projects. This marks the first project in which Mortenson will act as a developer/owner for the nonprofit health care organization.

“Access to quality health care has never been more important, and we’re proud to be working with SCL Health to bring this primary care facility to the Candelas community,” said Taber Sweet, director of real estate development with Mortenson Development Inc.

Mortenson was responsible for site planning and design services for the development, including managing all entitlements and city approvals.

Asked what patients and providers will most appreciate: “The continuity of design as it flows from the exterior to the interior, which is reflected in the use of warm wood tones and the linear patterns in the ceilings and floors,” said Wendi Ekborg, Davis Partnership principal. “For this growing community, having access to an outpatient clinic facility such as this will be more than just a convenience; it will continue to build community and home.”

 

“The design inspiration pays tribute to the open fields of northwest Arvada through the notion of two overlapping branches laying in prairie grass,” said Davis Partnership’s Cody Weaver, AIA, NCARB, LEED Green Associate. “The gray panel used at the screen wall, entry and stair reflects the texture of bark that wraps the branch with adjacent warm tone panels echoing the wood core of the branch creating openings in the façade for connection from the exterior to interior. The irregular window patterning is much like the voids within grass allowing light to pass through the dense prairie. The brick masonry color represents the hues found in prairie grass while the brick banding reflects the setting sun,” he said.

Associated Bank provided the construction financing loan totaling approximately $9.6 million. The project team anticipates completion next summer.

 

Source:  CREJ

Partners To Bring SCL Health Anchored Facility To Candelas Community

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Mortenson Development, Inc., the development arm of top-20 U.S. builder Mortenson, just announced it will soon break ground on a new 43,732-square-foot Class A medical office building at the intersection of West 91st Place and Candelas Parkway within the rapidly growing Candelas master-planned community in Arvada, Colorado.

Mortenson has worked closely with SCL Health to deliver more than 40 projects over the last decade. This marks the first project on which Mortenson will act as a developer/owner for the nonprofit healthcare organization.

“Access to quality healthcare has never been more important, and we’re proud to be working with SCL Health to bring this primary care facility to the Candelas community,” said Taber Sweet, Director of Real Estate Development with Mortenson Development, Inc. in Denver. “Acting as a development partner on a vital healthcare project like this is one of many ways Mortenson delivers value to its clients and invests in building stronger communities here in Colorado.”

The new two-story facility, designed by Davis Partnership Architects, will provide the Candelas community with convenient access to primary care physicians. Mortenson was responsible for site planning and design services for the development, including managing all entitlements and city approvals. The project team anticipates breaking ground on the new facility later this summer, with completion anticipated in summer 2021.

“With more than 4,300 new homes currently under construction in Candelas, we recognized the growing need for access to compassionate, high-quality and effective care in this community,” said Steve Chyung, Senior Vice President with SCL Health. “This project represents an important expansion of SCL Health’s network of care. Through our work with Mortenson, we look forward to delivering a new facility that will allow us to provide comprehensive, mission-driven care solutions in the heart of Candelas.”

SCL Health provides coordinated care through eight hospitals, more than 150 physician clinics, and home health, hospice and mental health and safety-net services primarily in Colorado and Montana.

Mortenson partnered with Seavest Healthcare Properties LLC in a joint venture to develop the project. Seavest is a sector-specific investor focused on investing in medical office buildings and outpatient facilities of all types that are strategic to hospitals. Seavest has been a recognized owner and manager of these critical assets for more than 30 years.

“We are pleased to join with Mortenson to assist SCL Health to bring healthcare services to Candelas,” says Jonathan “John” Winer, Seavest Senior Managing Director and Chief Investment Officer. “Mortenson has done a terrific job of designing and planning for the project and we look forward to getting in the ground shortly.”

Associated Bank provided the construction financing loan totaling approximately $9.6 million. Since 2012, Mortenson Development, Inc. has partnered on the development of nearly 700,000-square-feet in the healthcare space.

 

Source: HREI

Fidelis To Develop Five-Story, 100,000 SF Facility For SCL/Saint Joseph In Denver

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Fidelis Healthcare Partners, a new healthcare real estate venture established by the same leaders who previously built the successful Trammell Crow Company/CBRE Healthcare Services and Development business, has announced its first project.

Fidelis Healthcare Partners has recently finalized an agreement to develop the five-story, 100,000-square-foot Saint Joseph Medical Office Pavilion on the Uptown Denver campus of Saint Joseph Hospital.

Saint Joseph is one of the leading medical campuses in SCL Health, a non-profit, faith-based health system with 11 hospitals in three states. Saint Joseph Hospital’s new $650 million, 375-bed acute care facility opened in late 2014. The campus was rated one of America’s 50 Best Hospitals by Healthgrades in 2017 and 2018.

The new Saint Joseph Medical Office Pavilion will be located on a prominent 1-acre site on the campus at the intersection of Park Avenue, Ogden Street and 18th Avenue. Three floors will be dedicated to Class A medical office space; the ground floor will house convenience retail and restaurant uses; and the rooftop will offer wellness/fitness and entertainment options. The project also includes ground-level, covered parking for physicians and an adjacent parking lot that will offer free parking for patients, visitors and tenant employees.

Kevin O’Neil, president and CEO of Fidelis Healthcare Partners, says he’s often optimistic when competing for new development deals but, as a start-up company, he knew it would be a challenge to be selected through a competitive request for proposals (RFP) process.

“We were up against some strong, established national healthcare real estate development firms, as well as local firms – seven final bidders in all,” says Mr. O’Neil. “I think one reason Saint Joseph selected our firm is because we brought a great deal of thoughtfulness and creativity to our development concept.

“For example, we developed a plan for how to build the best, most complete patient experience on a relatively small urban edge site. We also devised a solution for parking that would meet everyone’s needs while being included in the cost of development, yet still ensuring affordable rent for physicians.”

“We’ve also had the opportunity to work with a variety of executives within the system over the years, and through that earned their trust and confidence that we would deliver great outcomes for the hospital and their doctors,” adds Mark C. Allyn, chief investment officer with Fidelis Healthcare Partners.

Mr. Allyn also notes, “In addition, after its substantial investment in the replacement hospital, Saint Joseph was looking for a developer with efficient capital who was willing to assume financial lease-up risk for the new pavilion. We assured Saint Joseph’s leadership that we had the resources in place together with long term efficient capital and remain dedicated to meeting their needs.”

Fidelis Healthcare Partners recently finalized a joint venture (JV) with a new capital partner: a major state retirement fund advised by Bentall Kennedy, a leading investment management firm and a longtime partner in previous ventures with Mr. O’Neil and Mr. Allyn.

“We clearly conveyed to the Saint Joseph leadership that the Fidelis principals are committed to giving our full attention to their deal,” he says. “When you hire our firm, you’re going to get us – hands-on healthcare experience and partner-level involvement all the way through.”

Saint Joseph hospital officials said the medical pavilion, which is scheduled to be completed in the second quarter of 2020, will fill an important need.

“The Saint Joseph campus is strategically located in central Denver, adjacent to the downtown business district, the River North (RiNo) area and many thriving residential areas,” says Jamie Smith, president of Saint Joseph Hospital. “In addition to the new 375-bed Saint Joseph Hospital, the campus has two medical office buildings totaling about 250,000 square feet. However, the campus has proven to be so popular that there’s a waiting list for space, and our existing medical office buildings are 99 percent leased. The new medical pavilion, with a mix of retail and medical office uses, will be a fantastic addition to our campus. The new space will be a key to our continued growth, which ultimately means more services and value for the growing central Denver community.”

The owner of the medical pavilion will be Fidelis Healthcare Strategic Partners, a joint venture between Fidelis and the previously mentioned state pension fund advised by Bentall Kennedy, and the property manager will be Fidelis Healthcare Partners. The entire Fidelis consultant team is Denver-based and headquartered. This includes: architect Boulder Associates, contractor Saunders Construction and healthcare broker CBRE-Denver Healthcare Services.

Fidelis Healthcare Partners is affiliated with Houston-based Fidelis Realty Partners Ltd., a real estate development firm with the biggest retail footprint in the Houston area and more than $3 billion in retail assets across the Southwestern United States. Fidelis Healthcare Partners was launched in September 2017 and finalized its joint venture agreement with Bentall Kennedy in September.

Mr. O’Neil said the retail expertise of Fidelis Realty Partners will be a significant asset for leasing and managing the street-level and rooftop retail space in the new Saint Joseph Medical Office Pavilion.