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Objective:
To provide finished office space one year ahead of the completion of the adjoining hospital.
In 2004, HCA made the decision to close two existing hospital campuses and relocate the hospital services as well as various physicians to the new location. HCA looked for a third-party developer who was willing to design and construct a building that would be completed at least one year ahead of the hospital's expected completion date. The proposed medical office building would need to complement the hospital's overall appearance, connect to the hospital on all four floors, and share some of the hospital-installed parking. In addition, it was important that the building have competitive lease rates and tenant improvement allowances.
Solution:
Tegra Healthcare Properties was selected to develop and own the new MOB based on our successful development track record with HCA. Working closely with the hospital's design architect, Tegra assembled our own design and construction team to work on the building. The MOB was planned as part of the new larger hospital campus. However, since it was being built ahead of the hospital, a significant amount of coordination was required between both design firms and construction companies.
The construction of the project went as planned, and the building opened approximately one year ahead of the hospital's official opening date. Opening concurrently with the completion of the medical office building was a 20,000 square-foot surgical center and a 20,000 square-foot outpatient imaging center. In addition, Tegra signed leases with numerous physician groups, allowing them to design, build, and occupy the suites before the hospital opened for business. In fact, the building was approximately 80% occupied at the time the hospital opened.
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