An HR&A Partner guided historic Martha Jefferson Hospital in downtown Charlottesville, Virginia through a comprehensive relocation and redevelopment process.
When Martha Jefferson Hospital (MJH) was facing the challenges of aging facilities and limited opportunities for expansion, they engaged an HR&A Partner as its advisor to assist them in redeveloping its historic facility in downtown Charlottesville. MJH planned to relocate to newly constructed facilities and wanted to plan for the disposition of the hospital’s historic main building and eight acres of surrounding land. MJH engaged the Partner to evaluate economic conditions, develop a market-feasible program for the redevelopment of the parcel by a single developer, and lead the developer selection and negotiation process. However, they later engaged him to create a phased disposition strategy in order to get the strongest private market response.
Under the Partner’s leadership, MJH created a phased disposition strategy and received several proposals from the development community and ultimately selected a Charlottesville-based developer Octagon Partners to redevelop the historic main building and hospital campus. The transaction will be complete when the former facility is turned over to Octagon partners for construction in January 2012.
- Economic and Fiscal Impact Analysis
- Market and Financial Feasibility Analysis
- Public-Private Development