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Medical office building's bigger size tied to expectations of Centura's, Colorado Springs' growth

January 21, 2014 Updated: January 21, 2014 at 2:50 pm

A Wisconsin-based construction company is so optimistic about the future growth of Colorado Springs and Centura Health that it constructing a bigger-than-planned medical office building on the campus of St. Francis Medical Center off Woodmen Road.

The Boldt Company expects to start construction on the estimated $12 million to $14 million, three-story building in late spring and finish it a year later.

The company initially had something smaller in mind.

"Boldt originally came to us with the idea of building a two-story building, and now we are looking to see what it would take to build a three-story as demand continues to grow," said Chris Valentine, spokesman for Penrose-St. Francis Health Services, which is part of the Centura Health family.

Penrose-St. Francis is expected to lease space in the building, which will be on the south side of the campus. Penrose-St. Francis officials have yet to decide how much space they will rent and what services will be provide in the building, Valentine said in an email, but the additional space is needed.

"All of the existing office space on that campus is full, so we are looking at ways to provide more physician office space," Valentine said.

Boldt, a 125-year old firm that constructs only medical office buildings, chose to invest in Colorado Springs for several reasons, said Development Group Vice President Jake Garro,: The hospital's location as the city's growth moves east; the city's fast-growing aging population; and the health initiatives created by Centura Health.

"The things they are doing to try and promote health and well being within and around the city is a winning strategy," Garro said, "and we believe the strategy makes this a very sound investment."

Valentine said Centura officials decided not construct and maintain ownership of the building because they wanted to stay true to their core business structure of being a health provider, not a real-estate management company.

"In some cases, it makes sense for us to build and own our own building - like the hospital," he wrote. "In most other cases, it is better for us to let a company who specializes in buildings build, own, and manage a property, and we can just be tenants."

The building will connect to an existing parking garage to provide patients and physicians with a covered walkway. The area where it is being constructed was designated for a medical office building when the hospital was built in 2008, Valentine said.

It's Boldt's second announced project in Colorado Springs. The company also is working with Penrose-St. Francis and the YMCA to construct a 50,000 square-foot medical campus in Monument; groundbreaking is expected to take place on Monday, with completion set for later this year. Penrose-St. Francis plans to operate an urgent care, laboratory, radiology and primary care practices in the facility.


Contact Ned Hunter: 636-0275

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