DENVER – Fidelis Healthcare Partners, a new healthcare real estate venture, was recently selected to develop a five-story, 100,000-square-foot Saint Joseph Medical Office Pavilion on the Uptown Denver campus of Saint Joseph Hospital.
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 18thAvenue. 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.
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.
Kevin O’Neil and Mark C. Allyn, who each have more than 30 years of diverse commercial real estate experience, recently launched Fidelis Healthcare Partners. The new venture will leverage the two executives’ 20 years of providing leadership in the creation and growth of both Trammell Crow Company and CBRE’s healthcare businesses
Kevin O’Neil, president and CEO of Fidelis Healthcare Partners, says he’s often optimistic when competing for new development deal, 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 established a track record and sense of trust that we would perform to commitments,” adds Mark C. Allyn, chief investment officer with Fidelis Healthcare Partners. “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 fit the bill, had the right capital partner, and we 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 a previous JV with Partners Health Trust.
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. Saunders is the general contractor for the project.
Rendering courtesy of Fidelis Healthcare Partners