Centura Health
PROJECT VALUE
$16M
BOLDT'S ROLE
Owner
Developer
PROJECT DESCRIPTION
The medical office building (MOB) on the St. Francis Medical Center's (SFMC) Campus is the fourth project Boldt is working on with Centura Health. The 60,000 sq. ft. on-campus project will be a medical office building, featuring endoscopy among other specialty services. Boldt is serving as the owner and development partner in the project.
Boldt was selected for the development of this project after a competitive Request for Proposal process was run by Centura Health. Boldt’s aggressive cost of capital and partnership approach to develop ultimately led to Boldt’s continued partnership with Centura in the Colorado Springs market. The ultimate goal of the facility was to bring a key endoscopy partner to the campus at an expedited pace – given this schedule constraint, Boldt’s ability to take-on development and approvals risk to push the project schedule helped the project team ultimately break ground on-time.
UNIQUE CHALLENGES
- Due to the tight schedule demands, Boldt took extra risk on the groundbreaking for the project and moved forward to hit the project team’s overall schedule with 50% occupancy.
- Centura’s desire to use this MOB as a tool to recruit and retain key physician relationships to SFMC.
SOLUTIONS
- Recruited a key specialty practice on-campus that prevented them from leaving the St. Francis Campus
- Boldt, while taking the development risk, made up to 49% of the building ownership available for physician investment.
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