Project Overview
Located on the new market hospital campus of Stafford Hospital Center in Stafford, VA, a 100-bed hospital developed and operated by MediCorp Health System. The Stafford Medical Pavilion is a 60,000 square foot building with a covered canopy and connector to the hospital. The medical office building houses a comprehensive cancer center, lab, imaging center, physical therapy, employed physician practices and offices for independent physician practices.
Project Services
- Market Feasibility Study
- Development
- Technology Integration
- Financing / Ownership Structuring
- Off-Balance Sheet Financing
- Physician Marketing and Leasing
Challenges
- Schedule - rapid deployment
- Cancer Center - Design to "I" Occupancy Standards
- Lease-up in difficult economic environment and prior to new hospital opening
- Design to match hospital exterior standards
- Control project costs
- Developer / hospital partnering considerations
- Technology integration
Results
- Medical office building financed off balance sheet
- Delivered $4M in project savings to LLC and tenants
- Joint venture partnership in ownership of building with MediCorp
- On time project completion: Fall 2009
- 75% leased prior to initial occupancy