Summit Vista Professional Building sold
FRISCO – Doctors have contracted to sell the Summit Vista Professional Building in Frisco and are poised to move into a medical office building at the new hospital site southeast of Frisco, once it is constructed.The buyer, Indiana-based Wise Inc., intends to maintain medical offices at the Summit Vista location. Closing on the sale is set for March 22. Terms of the deal were not disclosed. The deal allows the doctors currently in Summit Vista to join St. Anthony Hospitals’ new Summit Medical Center campus. The new medical office building fell months behind schedule because of the lingering financial commitments to Summit Vista. A sale was complicated by the fact the Summit Vista building sits on leased land owned by St. Anthony Hospital.A key component of the new medical office building is a home for the Summit County Community Care Clinic, operated by county government.The delay in a Summit Vista sale caused the county commissioners to decide they would become the developers of the new medical office building rather than wait for a private party to do it.Plans are for the county to sell about half of the medical office building to the doctors. The county already owns the land at the new medical campus.The hospital opening is expected in December, and the county commissioners wanted the Community Care Clinic to open in conjunction with it.Groundbreaking on the county’s building is set for May, county manager Ron Holliday said.The county will develop the building’s shell, which will be double the size originally planned because demand for medical office space is higher than expected, Holiday said.Units will be condominimized and sold to the doctors.While originally intended to be 45,000 square feet, the county is planning to develop 85,000 square feet and to add an additional story. It will present the new plans to the Ten Mile Planning Commission in March.”While many doctors were reluctant to step forward when the hospital was a concept, now it is reality and people are beginning to show more interest,” Holliday said.Voters reauthorize a mill levy in 2003 that generates about $1.6 million a year to pay for “legacy” projects such as the new Community Care Clinic, improved recycling facilities at the county landfill, water storage and open space. The property tax is expected to generate more than $19 million over its 12-year lifespan.The community care clinic was expected to cost $3.5-$4 million, but new plans will boost that to $4-$6 million after the county sells a portion of the building to the doctors.Holiday said the county’s decision to develop the building forced the project to move forward.”The doctors are ecstatic,” said High County Health Care’s Dennis Flint, who represents the doctors. “We couldn’t be more pleased.”Demand for professional office space is likely to exceed the space being built at the medical campus, according to Wise Inc. principal Stephen Lowry. The company’s immediate plans are to maintain office space at the Summit Vista Professional Building, where Lowry said several tenants want to remain.The company has talked with officials from the town of Frisco, however, which has named the site as a potential campus for Colorado Mountain College.”Right now, our intent is to work with the current owners … to continue it as an ongoing professional office building,” Lowry said. “We are not closing the door to the town of Frisco or others.”St. Anthony Hospitals desired a sale that would bring a nonmedical industry to the Summit Boulevard site to avoid competition with its $40 million, 90,000-square-foot hospital that is expected to open in December.Wise Inc. is a real estate development and construction company. Eighty percent of its projects are grounded in medical communities around the country, including the Blue River Professional Building in Silverthorne.Jennifer Huffman contributed to this story.
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