Fletcher Allen Proposes Property Purchase in South Burlington

June 19, 2014  
Filed under News

Fletcher Allen filed a Certificate of Need (CON) application with the Green Mountain Care Board recently seeking approval to purchase two parcels of real estate located adjacent to Hinesburg Road in South Burlington: the majority of the 92-acre Mountain View Business Park containing Tilley Drive where Fletcher Allen leases two buildings, and an adjoining undeveloped 38- acre parcel. The proposed combined purchase price for both properties is approximately $51 million. A CON application is necessary when a proposed hospital expenditure exceeds $3 million.

“As the academic medical center partner of a four-hospital network, we must ensure we have the resources and flexibility to meet evolving patient care needs,” said John Brumsted, M.D., president and CEO of Fletcher Allen Health Care and Fletcher Allen Partners. “Purchasing these properties would give us the opportunity to expand our campus in South Burlington to meet growing demand for outpatient services (a national trend), invest in a smart buy-vs.-lease strategy, and preserve space on the Medical Center Campus for the most acute care needs.”

Fletcher Allen would continue using its Medical Center Campus in Burlington for inpatient care and closely-related outpatient services.

A Master Facility Plan analysis demonstrated that it is prudent to invest in real estate now for future outpatient care use, as interest rates remain historically low. The analysis shows that purchasing buildings already occupied by Fletcher Allen, as well as non-Fletcher Allen occupied buildings, the associated land and adjacent property, will pay for itself within 19 years, according to a Fletcher Allen press release.

Mountain View Business Park

Fletcher Allen occupies two of the five buildings in the business park. One houses the Orthopedic Specialty Center; the other is occupied by the outpatient cardiology clinic, cardiac rehabilitation, endocrinology and the Pain Clinic.

The other two buildings are occupied by an oral surgery practice and a mix of businesses. A fifth building on the site is owned by a private OBGYN practice and is not part of the proposed sale. The park is permitted to construct four additional buildings.

To learn more about Fletcher Allen’s plans, visit www.fletcherallen.org.

 

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