SPECIALTY CENTERS
Creative Options for Joint Venture
Real-Estate Ownership with
Speed-to-Market in Mind
CLIENT
ThedaCare Orthopedic, Spine and Pain
Hplex led work to complete financial structuring of a joint venture between physicians, ThedaCare, and Hplex investors. Oversight included management of all negotiations and management of every facet of the project.
DETAILS
Appleton, Wisconsin
230,000 SF
$144M
October 2019-July 2022
SERVICES
AWARDS
2023 BUILD Wisconsin Awards
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Separately funded and owned, but connected projects: 25-bed hospital and Orthopedic and Spine Center to be built on green space site adjacent to existing ThedaCare ambulatory facilities in Appleton, Wisconsin.
As plans were being developed, client requests to cut five months from project schedule
Hplex asked to maintain $144M budget (including FF&E and IT) during and post COVID-19.
Because projects are separate (hospital and Orthopedic and Spine Center), Hplex expertise was needed to guard against co-mingling of projects’ funds to ensure compliance.
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Created, then revised project planning and timing, allowing ThedaCare to open five months earlier than initial plan as requested.
Acted as managing member of a newly-formed LLC, owning the Center of Excellence and leasing it to ThedaCare and physician practices; worked closely with ThedaCare to finalize tenant and ownership opportunities for physicians, funding this portion of the project with third party dollars.
Established guardrails and firewalls to prevent co-mingling of funds and created separate and distinct contracts for each of the two projects. Separate funding for the hospital was made possible through tax exempt bonds.
Met budget established by client at project commencement.
Coordinated activation planning with departments, vendors, and construction team to ensure efficient move-in activities for day one patient care.
“Needing outside experience and expertise to understand the many in-depth tasks that would entail bringing this project to market in an expedited fashion, we engaged Hplex Solutions to lead the development and project management of this project. Hplex built a first-class Project Team and has aligned themselves with our staff and leadership team to deliver a first-class facility both ahead of schedule and within our capital approved budget. Hplex’s “Open Book” philosophy has been valuable in assisting the investors and executive team on the financial aspects surrounding this project. ”
— Thomas Arquilla, Chief Strategy Officer, ThedaCare
