Medical office nearly complete

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dbryce@journalnet.com

POCATELLO -- Construction on the new South Medical Office on the east campus of Portneuf Medical Center was completed earlier this year and tenant improvements are now being done in order to fill the new medical complex.

Cal Northam, vice president and chief operating officer at PMC, said the 80,000-square-foot, four-story building was built by Florida-based Dasco Development.

The third party developer leased less than one acre adjacent to the hospital's facilities on its Hospital Way location. Northam said Dasco pays a fee based on the square footage of the building for parking and ground maintenance.

"Using third party money means we can use more of our money to build our new hospital," Northam said. "It has to do with how you utilize your capital."

He declined to say how Dasco paid for the lease, or how much PMC would collect in fees, but said third party development is a very common practice among hospitals.

Northam said there has been no formal discussion regarding future third party development with Legacy Hospital Partners, the Texas-based company that will assume 77 percent ownership of the hospital.

On Nov. 4, voters approved the Community Benefit Organization, which will allow the Bannock County Commission to turn over the assets of PMC to the Portneuf Health Care Foundation, which will invest them in the CBO, a joint venture with Legacy. The PHCF will get 23 percent ownership of the CBO in exchange.

Legacy will invest $200 million into the CBO, which will be used to pay off PMC's debt and finance construction of the new facility on Hospital Way.

Northam said the east campus currently houses the cardiovascular unit, including the cardiac rehab center, full imaging services and a sleep lab. The sleep lab will eventually be moved to the South Medical Office.

Currently six physicians have moved into the building. The complex will eventually provide integrated medical procedures that can be done on an outpatient basis.

Northam said two additional office buildings will eventually be needed.

By Debbie Bryce

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