Friday, October 21, 2011

Physician-owned building going up in Bryn Mawr

by Natalie Kostelni

A group of physician practices are constructing a $32 million medical office building here that Bryn Mawr Hospital had originally sought to build.

The four-story, 141,000-square-foot building at 825 Old Lancaster Ave. was on the hospital’s drawing board as part of Main Line Health’s master plan to expand its presence and add space for patients and physicians in and around the hospital. When it came time to construct the structure, the economy was in the throes of the credit crunch and the financing source of the hospital’s partner started to waver.
A group of doctors got together and decided it was interested in allying with the hospital to construct the building.
An arrangement was struck where the hospital signed a 50-year ground lease with the physicians who wanted to construct and own what is called the Bryn Mawr Medical Arts Pavilion. The hospital still owns the ground. The group secured financing from VIST Financial and First Niagara. Moreland Development is constructing the structure.
The project is expected to be completed by next fall.
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