Avista Medical Plazas One & Two

Project Summary

In 1989, Avista Adventist Hospital needed a strategy for drawing physicians to its new greenfield hospital campus in Louisville, CO. In response, the principals of NexCore collaborated with the hospital and developed an on-campus medical office building, Avista One Medical Plaza, without significant pre-leasing commitment. Working closely with Avista CEO John Sackett, NexCore was able to attract the right mix of physicians to support the success of the new hospital.

In 2003, based on the successful development and ownership of Avista One Medical Plaza, the hospital hired the principals of NexCore again to develop and own its second on-campus medical office building, Avista Two Medical Plaza. NexCore played a major role in soliciting the surgical group Cornerstone Orthopedics (which headed off a competitive, off-campus ASC project) and in recruiting the major multispecialty group Boulder Clinic to the hospital campus.

NexCore had a lease-ending deadline with Boulder Clinic that was a challenge to the schedule. We were able to accelerate the pre-development planning for the project before Boulder Clinic committed to signing a lease and were able to meet their demand for a move-in date.

Cornerstone Orthopedics, whose participation would drive the profitability of the Avista Adventist ASC, was considering an off-campus surgery center. In response, NexCore worked closely with the surgeons and the hospital to create a better facility solution than the competing project. NexCore’s ownership offer helped to entice the surgeons to choose the Avista Adventist campus location. NexCore acted as a facilitator in negotiations between the surgeons and the hospital to help win the surgeon’s commitment. NexCore was successful in winning the support of Cornerstone both as a tenant and an investor. The key to our recruitment of Cornerstone Orthopedics was the close collaboration between NexCore and the hospital CEO.