Seavest announces MOB in Rhode Island
New $13.6 million, 62,454 square foot facility on Kent Hospital campus in Warwick, near Providence, R.I., to house Ambulatory Surgery Center and physician offices
WHITE PLAINS, N.Y., and WARWICK, R.I., July 20, 2011 – Seavest Inc. has broken ground on a new $13.6 million, two-story, 62,454 square foot medical office building (MOB) in Warwick on the campus of Kent Hospital, part of the Care New England Health System.
Following a groundbreaking ceremony in February, the yearlong construction of the Ambulatory Surgery and Medical Office Center at Kent Hospital began in May. The owner of the facility, Seavest Properties III healthcare real estate fund, will lease the 0.76-acre site at 455 Toll Gate Rd. from the hospital through a long-term ground lease. Warwick is about 15 miles south of Providence, R.I.
Upon completion by summer 2012, the facility will house a 31,000 square foot Ambulatory Surgery Center (ASC) to be leased by the hospital, and physician offices. The hospital’s current surgery suites will relocate to the second floor of the new facility. Plans call for the formerly occupied space in the main hospital to be renovated as a 10-bed short stay unit (SSU) as part of a separate $15 million renovation and expansion project that will begin after the MOB is completed. That project will also include the construction of a new lobby/atrium connecting the MOB to the hospital and a separate patient access corridor linking the ASC to the new SSU, according to Joseph DiPietro, Senior Vice President and General Counsel of Kent Hospital.
This project is a critical part of our ongoing effort to expand and modernize the Kent Hospital campus so we can continue to offer the community and state high-quality, patient-focused services. Making key investments in our infrastructure now is essential as we must be able to provide the best possible care in a new, state-of-the-art facility, Mr. DiPietro says. The 359-bed hospital is Rhode Island’s second largest hospital.
Jonathan L. Winer, Executive Vice President of Seavest Inc., says the project provides a key element of the plan for Kent Hospital to expand and modernize. The hospital has had the desire to grow in several areas, especially outpatient services, and this aligns nicely with their strategy, Mr. Winer says. This project is yet another example of Seavest working closely with a hospital to help it execute its strategy.
The Washington, D.C., office of Trammell Crow Co. will develop the building for Seavest along with Steffian Bradley Architects of Boston and the general contractor, Dimeo Construction Co. of Providence.
Private practice physicians who are interested in leasing space in the Kent Hospital ASC and MOB are encouraged to contact Eric Fischer, Managing Director, Trammell Crow Co., at 202.295.3308 or efischer@trammellcrow.com.
About Kent Hospital
Kent Hospital is a 359-bed non-profit acute care institution in Warwick, R.I., approximately 15 miles south of Providence. Kent serves approximately 300,000 residents across central Rhode Island and maintains market share of approximately 42% in its service area. Kent Hospital has the state’s second busiest emergency department and is Rhode Island’s largest community hospital. Care New England Health System (CNE) has corporate governance over the Hospital. For more information, please visit www.kenthospital.org or call 401-737-7000 or 1-888-455-KENT.
About Seavest Inc.
Established in 1981, Seavest Inc. is a real estate investment management firm that joint ventures with developers on new medical office projects, acquires existing medical properties directly and asset manages healthcare real estate. A pioneer in this sector, Seavest made its first healthcare real estate investments in the mid-1980s. Today, the firm controls a significant portfolio of medical office properties and manages three healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.