A Medical Device Daily
Cogdell Spencer (Charlotte, North Carolina) reported signing a new development agreement with St. Luke’s Hospital and Health Network (Bethlehem, Pennsylvania) to develop the first phase of St. Lukes’ Riverside Outpatient Campus.
The 383,000 square foot project will consist of a cancer center, an outpatient healthcare pavilion and two medical office buildings. The two medical office buildings are valued between $35 and $40 million and will be owned in a single investment entity by Cogdell Spencer and physician investors. The balance of the project will be developed by Cogdell Spencer but owned by St. Luke’s, which will be the primary tenant of the combined project.
The $100 million project is scheduled for completion in 3Q09.
The St. Luke’s Riverside Campus first-phase medical facility will be located on 55 acres, about 5 miles from the main St. Luke’s hospital. The project was previously reported at an onsite ceremony late in 3Q07.
“Cogdell Spencer and St. Luke’s Hospital are pleased to bring the quality of care and patient convenience this state-of-the-art medical office park will offer to Bethlehem Township and the Northampton County area,” said Devereaux Gregg, VP of development for Cogdell Spencer.
In other agreements: Surgical Care Affiliates (SCA; Birmingham, Alabama), one of the country’s largest providers of specialty surgical services, reported a joint venture relationship with University of California San Diego (UCSD) Medical Center to partner in the operation of the existing UTC SurgiCenter at 8929 University Center Lane. Under the new partnership, the center will operate under the new name, University Ambulatory Surgery Center.
Mike Snow, president/CEO of SCA, said, “This is a perfect fit with our business objective of partnering with high-quality healthcare providers in order to meet the surgical needs of a local community.”
University Ambulatory Surgery Center will continue to operate as a multi-specialty center offering orthopedics, pain management, ophthalmology, general surgery, otolaryngology, urology, plastics and podiatry. SCA will provide day-to-day management of the center.