Sherman Hospital engaged Boldt to serve as the owner / developer of a Medical Office Building (MOB) on its new hospital campus in Elgin, Illinois. As owner of the building, Boldt is responsible for the financing, leasing, design and construction oversight and property management of the 100,000-sq.-ft. project. In addition to its role on the MOB, Boldt also served as the owner’s representative / fee-for-service developer for the $325 million hospital project on the same campus.
Boldt was engaged approximately three years after the project was started by another developer. Despite not having a single binding lease commitment when the project was taken over, we were able to complete the project in less than 22 months and the building opened concurrently with the opening of the new Sherman Hospital.
Unique Challenges
Assuming development responsibilities at a critical project juncture with significant time constraints for CON submissions, sizing of the building and overall project schedule
Securing financing for the project in a difficult market
Creating a seamless and smooth transition from one developer to another
Solutions
Secured sufficient lease commitments to properly size the MOB three months after being engaged
Worked with the architect, contractor and hospital team to ensure completion of the MOB coincided with the hospital opening
Arranged for financing through a taxable bond issue that allows for physician ownership in the project
Learn more about our development capabilities.
This project included an ambulatory surgery center, new medical office building, and updating the Aurora Memorial Hospital of Burlington and Aurora Lakeland Medical Center in Elkhorn.
The Aurora Health Center is designed to both increase access to cancer patient treatment, as well as improve the level of care in the Kenosha area.
Boldt has partnered with Centura Health to create healthier communities in Canon City, Monument, and Colorado Springs, Colorado.
The Boldt Company served as the owner and development partner for Centura Health’s Broadmoor Neighborhood Health Center located in Colorado Springs, Colorado.
Boldt was selected to be the owner and developer for a 5 story, 180,000 sf Physician Office Building/ACC in Middletown, NY.
Boldt has teamed with a Valley Health System (Valley) and Akron General to bring a Health and Wellness Center to Mahwah, New Jersey.
St. Thomas More Hospital opened a new multi-specialty medical office building on its hospital campus.
The Willoughby Women’s Health Campus project stemmed from Lake Health’s need to upgrade and expand the space for their successful women’s health practice.
Lake Health and Boldt are working on multiple projects in the Ohio area.
Boldt is developing the Primary Care Clinics to serve as “touchpoints” throughout Nebraska Medicine’s service area.
© 2021 The Boldt Company. All Rights Reserved.