When the Board of Directors of non-profit Parkview Health System decided to follow the path of growth and locate a new regional medical center to the outskirts of Fort Wayne, they were equally committed to do the right thing with Parkview Hospital and its 64-acre urban campus. Since the mid-1950’s, Parkview Hospital had invested in excess of $250 million to construct over 1.2 million square feet in service to Northeast Indiana as a Level II Trauma Center. Of particular importance to the Hospital’s senior leadership were the options available that would result in a ‘win-win-win’ solution to benefit Parkview, the surrounding neighborhood, and the City of Fort Wayne.
Many stakeholders were interviewed, Parkview’s 22 buildings were analyzed for reuse potential, and infrastructure was assessed for redevelopment, including green infrastructure solutions. Greenstreet conducted market research and analysis of health care, residential, office and retail demand, which drove reuse and redevelopment scenarios. In partnership with master planner EDEN Collaborative, Greenstreet developed a strategy for repositioning the campus, focused on rehabilitation, behavioral health and senior care services and facilities, including education, research and a business incubator.
An implementation strategy was developed under the following guiding principles: support Parkview Health’s mission; minimize Parkview Health’s capital outlays; offset any strategic capital investment with potential revenue from asset disposition, increases in existing service lines, and/or the addition of new service lines; and leverage Parkview Health’s economic impact and the Randallia Campus Future Uses Plan with public/private partnership opportunities and attract new investment. Greenstreet analyzed and is pursuing local, state, federal and private sector financing and economic development tools for synergies and applicability to implement the unique $50 million opportunity. Greenstreet is providing brokerage and transaction services, identifying mission-aligned tenants and users.