One of our existing customers, National Jewish Health, a non-profit academic healthcare organization in Denver, released an RFP for their new MOB project in early 2018. Mortenson competed and was selected as the General Contractor for this project; however, the project was put on hold due to the inability to secure financing for the project. Our development and Denver team brought an innovative financing solution to the customer that allowed the customer to move the project forward. The development team then closed on the bond financing to start developing the new Center for Outpatient Health on the existing National Jewish Campus.
This project represents what is possible when different divisions within Mortenson come together to solve problems for our clients. After five months of pre-construction work, when it became clear to the construction team that National Jewish Health's financial partner in this facility had changed their capital investment planning priorities and was going to withdraw the funding for this project, the construction team reached out to development to understand what, if anything, could be done to revive this opportunity and deliver our customer the facility that they desperately needed. Our development team had been researching a tax exempt bond structure specific to non-profit healthcare providers that appeared to be a perfect fit for National Jewish Health. After a number of meetings with National Jewish Health and their Board of Directors, we were provided the opportunity to see if we could, in fact, bring this innovative financing alternative to bear on this project.
The National Jewish Health, Center for Outpatient Health is designed to supplement the growing needs of the existing National Jewish Health campus and will be approximately 104,000 square feet, five stories with an attached parking structure that is located partially under the medical building. The facility will contain a variety of clinical exam and treatment spaces with support uses such as a pharmacy and a small coffee shop.
Facts And Figures
104,350 Square Feet
Completion: February 2022