Bremner & Duke Begin Multi-Million Dollar St. Mary's Facility
Released: 8/17/2005
The successful joint venture partnership of Bremner Healthcare Real Estate and Duke Realty Corporation has resulted in the companies being awarded another significant contract. The Bremner and Duke partnership recently broke ground to develop the new St. Mary's Heart Institute in Evansville, Indiana. St. Mary's is a member of Ascension Health, a Catholic, mission-focused organization and the nation's largest nonprofit health system.
The 116,242 square foot medical office building will feature four stories and is already 92 percent pre-leased. The project will be located on the St. Mary's Medical Center campus, including a tertiary hospital and hospital for women and children. Plans call for the building to be in-service by October 2006.
"St. Mary's Hospital has a long and proud history of providing excellent healthcare services to the city of Evansville and the surrounding communities. Bremner Healthcare Real Estate is pleased to assist St. Mary's and Ohio Valley HeartCare in the development and construction of this new state of the art cardiovascular facility," said Jim Bremner, CEO of Bremner Healthcare Real Estate.
St. Mary's encompasses numerous health facilities including St. Mary's Medical Center, St. Mary's Hospital for Women & Children and St. Mary's Rehabilitation Institute in Evansville, Indiana; St. Mary's Warrick in Boonville, Indiana; and the Seton Health Corporation of Southern Indiana, a for-profit entity that includes facilities such as St. Mary's Breast Center, SurgiCare, Dialysis Affiliates and St. Mary's At Home.
"Bremner and Duke have created a model that is especially attractive to hospitals across the country," said Chris Seger, Executive Vice President of Duke's National Development Group. "We have a strong pipeline of projects we are working to close. This partnership has been very beneficial to our clients as it combines the strengths of two of the country's leading developers."
Bremner Healthcare Real Estate is one of the nation's leading developers and managers of healthcare facilities for hospital systems. Focused on a comprehensive and compliance-driven approach, Bremner Healthcare has developed close to $1 billion in healthcare facilities, and currently manages more than 3 million square feet of healthcare facilities nationwide.
Duke Realty Corporation is the largest publicly traded mixed-use commercial real estate company in the United States. Controlling 4,400 acres of undeveloped land that can support approximately 65 million square feet of future development, Duke provides nationwide real estate solutions and healthcare construction services.
In 2004, Bremner partnered with Duke. The joint venture supplements Bremner's regional infrastructure by providing a $1 billion capital source with no financing contingencies with a local construction presence in target markets. The partnership was developed through the practical realization that many hospital systems will benefit from a combined expertise. Bremner brings comprehensive healthcare development knowledge, experience and expertise along with a compliance-driven/hospital grade facility management and maintenance track recorder. Duke contributes a strong local market presence, high-quality construction, strong relationships with local sub-contractors, and cost efficiencies gained through the buying power of its annual construction volumes of more $800 million.
Contact: Cynthia A. McClelland | Email