Project Overview
86,400 square foot ambulatory care / medical office building, including an endoscopy center, women’s center, neuroscience institute, retail space, and a 500-car parking structure. Includes a full floor for the Dreyer Clinic that was designed using LEAN design principles.
The building, which opened in March 2009, connects to an existing medical office building via a new two story atrium lobby that also serves as the new main entrance to the hospital and a retail food service and lounge area. The atrium lobby opens up to a beautifully landscaped healing garden and outdoor patio seating area.
Project Services
- Market Feasibility Study
- Strategic Market Planning
- Master Campus Planning
- Zoning / Regulatory Approvals
- Facility Assessment / Planning
- Technology Integration
- Program / Project Management
- Development
- Off-Balance Sheet Financing
- Physician Marketing and Leasing
Challenges
- Master campus planning; integration with and connectivity to existing buildings on campus.
- Site logistics; utility relocations.
- Achieving operating lease accounting treatment
- Project entitlements.
- Achieving required pre-leasing to maintain schedule.
- Code implications of mixed-uses.
- Impact of Advocate’s capital freeze on the Dreyer Clinic build-out.
Results
- Medical office building financed off balance sheet.
- Developed a creative credit enhancement and tenant improvement financing structure to secure commitment from Dreyer Clinic.
- Fully integrated with existing hospital facilities and new parking structure.
- Delivered under budget and ahead of schedule despite challenging entitlement process.
- 80% pre-leased prior to ground breaking.