Pine Creek Medical Center will include up to 50,000 square feet of Class A medical office space in the first phase. (Photo courtesy of National Healthcare Realty)
DENVER, COLORADO, November 13, 2017 – Plans are underway for a new medical office campus on the north side of Colorado Springs, adjacent to the expanding UC Health Memorial North Campus. Mortenson Development in a joint venture with Realty Management Group recently announced plans to build a multi-phased medical office campus at the intersection of Union Boulevard & Powers Boulevard, across from the UC Health Memorial Hospital and future Children’s Hospital of Colorado. The project, formally known as the Pine Creek Medical Center, will include up to 50,000 square feet of Class A medical office space in the first phase. Mortenson Development has selected National Healthcare Realty to be the exclusive broker to handle the marketing and pre-leasing of the new campus.
“Colorado Springs and most of northern El Paso County haven’t seen much in the way of new medical office building development in recent years” said Jecoah Byrnes, CEO of National Healthcare Realty. “The hospital has performed very well under the UC Health brand, and there is a renewed interest by physicians who want to be near the hospital campus and in close proximity to their growing patient base. Add to that the overall lack of availability in the area, and we have received a very positive response from the local medical community”.
As patients are accessing healthcare in a more retail oriented fashion, location and visibility are now more than ever key in the success of medical office buildings and the tenants that occupy them. “Our location is really unmatched in the market” said Taber Sweet, Development Executive with Mortenson Development. “Our JV partner, Realty Management Group, had the long-term vision for this land and collectively, we have been able to create a very thoughtful healthcare project in a strong retail corridor. Now with the recent news of the Powers extension continuing north to Interstate 25, our location is just that much more accessible to people living north of the city in places like Northgate, Monument, Gleneagle, and Black Forest”.
Davis Architects was awarded the design contract, and Mortenson Construction will be the general contractor. The first phase of the project is scheduled to break ground in the 2nd quarter of 2018.
About Mortenson Development
Mortenson Development, a full-service real estate developer, is part of the M.A. Mortenson Company which also includes Mortenson Construction. We have over $1B billion of active development projects across the country, several of which are located in Colorado. Mortenson Development continues to pursue medical office building opportunities that they can develop and own long term.
About Realty Management Group
Realty Management Group (RMG) is a privately held real estate investment and development company based in Denver, Colorado. RMG and its affiliates hold a highly diversified portfolio of office, retail, multi-family, self-storage and land assets throughout Colorado, Wyoming and Kansas. RMG has been retained by financial institutions, private investors, and tenants to assist in solving real property issues since 2006. With over 50 years of combined real estate experience, RMG can transform non-performing real estate assets into performing investments.
About National Healthcare Realty
National Healthcare Realty provides customized real estate solutions for healthcare providers and owners across the continuum of care. Our service offering includes leasing, site selection, acquisition & disposition services. We create winning real estate strategies by leveraging strong industry resources and implementing unique healthcare market knowledge on behalf of our clients. Find out more www.nhrd.com or (303) 390-1055.
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