CREJ

Page 14 — Health Care & Senior Housing Quarterly — July 2021 www.crej.com Our Company Our Services •Site selection, acquisition, design, construction & completion with direct, hands-on management •Project underwriting •Project finance origination •Equity & corporate entity formation •Full Service Commercial Real Estate Firm •Development & Construction •Property & Asset Management •Leasing and Investment •A leader and innovator in the health care industry •A team of experienced professionals T AKING P ROJECTS FROM C ONCEPT TO C OMPLETION www.pinecroftrealty.com 713-870-6369 approach at SAN, the artwork pro- gram inside the recently completed DHOMC, located in the heart of the Denver, is a project that offers a twist on biophilic design. The designers implemented a similar thematic concept for each floor. However, in lieu of illustrations of nature, the designers used urban and suburban imagery representa- tive of the local neighborhoods and landmarks surrounding the hospi- tal. Each floor exhibits images from different local neighborhoods in Denver: The first floor depicts Union Station and Baker; the second, Baker and the Art District on Santa Fe; the third, the Botanic Gardens; the fourth, Capitol Hill and Civic Cen- ter Park; the fifth, Five Points; the sixth, City Park and museums; and the seventh floor depicts the Denver skyline. Darrell Anderson’s work, My 5 Point Legacy, hangs behind the reception desk on the fifth floor and consists of three canvases sepa- rated by two mosaics. The paintings depict three scenes that identify the Five Points neighborhood, such as the Rossonian Hotel, the 20th Ave. Church and the local barber- shop. The pattern in the mosaics illustrates the five streets coming together to form Five Points. Portray- ing an urban subject in a health care institution conveys an equal sense of healing, through familiarity, when the natural subject relates to the local audience. This, in turn, shares positive messaging. Another way designers can use urban and suburban imagery and still incorporate the healing prop- erties of the natural world is by selecting artwork made from natural materials such as fiber, wood, glass and metal. In this sense, the medi- um itself brings the healing qualities of nature into the space, allowing the subject to bring another layer of meaning to the space. Although the designers of SAN and DHOMC used different biophilic approaches, both art programs con- vey a sense of healing, grounding and joy in the spaces. When design- ing new hospitals, it also is impor- tant to acknowledge that there are new and exciting ways to utilize biophilic design that go beyond using imagery of flowers and trees. Regardless of the specific curatorial process, it is crucial that designers, project managers and stakeholders remember that art plays a pivotal role in making the health care set- ting a more comforting environ- ment, and that designing with a biophilic intention generates the same sense of balance and harmony found in nature within the walls of the hospital. s danielle@noyesartdesigns.com Reisman Continued from Page 8 reaping the rewards of the property’s value appreciating, which is likely in the current commercial real estate climate. For those who want some con- trol over their own space and some financial upside without assuming all the risk of owning a building, a joint venture partnership might be the best path forward. n Understanding the benefits of the joint venture . With a joint venture, providers can work together with an experienced, knowledgeable partner to achieve the best of both worlds, mitigating financial risk while capi- talizing on the benefits of partial property ownership. Typically, with the joint venture model, a developer or commercial owner takes the majority stake in the property, between 75% and 95%, with the provider owning the remaining stake. This model can be applied either to purchasing an existing building or developing a new one. Either way, under this model, the provider has access to its partner’s relationships with build- ers and lenders, and together they can leverage their partners’ market expertise to meet their respective business goals. Speed to market can be another key benefit of the joint venture model. A few years ago, when the Minneapolis Heart Institute’s lease was ending, it entered a joint ven- ture with Cuyana Regional Medical Center and selected Mortenson as the developer and builder to bring the vision for the Crosby Cardiovas- cular Center to life in rapid fashion. After working closely on the design, Mortenson was able to guar- antee the cost, delivery date and lease rate for the 20,000-square-foot primary care clinic, giving the joint venture partners peace of mind and allowing them to accurately plan for the future. This facility was delivered in just under eight months. By taking the minority stake, the provider has some control over the space but is not responsible for all of the upkeep or management and has hedged the risk of property owner- ship. n Finding the right partner. When it comes to making decisions about a joint venture, the most important consideration is choosing the right partner. That means making sure your interests, risk tolerance and expectations are aligned with your partner’s to help prevent divergent ambitions in the future. What hap- pens when one of you wants to sell? What are the terms for buying one another out if cap rates further com- press down the road? One of the most critical ques- tions to ask in the search for the right partner: Do we understand and respect one another’s goals for this project? On the Fairview Lakes Orthopedic Specialty Center, for example, the provider wanted the flexibility of a lease with the ben- efit of creating a tailored platform for future growth on the campus. Ultimately, they saw their services expanding further in the future and wanted to build with that in mind. Under the joint venture, we worked with them to design the project with the capacity to grow both vertically and horizontally, allowing for con- struction of a surgery and MRI cen- ter down the road. Health care providers have some of the most important jobs in our economy and work under a specific kind of pressure, but with the right information and a strong partner- ship, their real estate can become a source of financial stability in addi- tion to providing their patients a comfortable, safe place to receive care. s gene.hodge@mortenson.com Hodge Continued from Page 5