   |
|
St. Mary’s Hospital Parking Structure - Athens, Georgia For St. Mary’s Hospital, TimHaahs provided prime design services for a new parking structure that will be delivered using a design-build-finance approach. TimHaahs is coordinating with a team of parking management and financial professionals to provide comprehensive services using this approach. In 2008, St. Mary’s Hospital in Athens, GA embarked on the development of a new 100,000 square foot medical office building. The combination of the new medical office building, plus the hospital’s current parking needs, has prompted the construction of a 700 space parking structure. The hospital sought to preserve their bond rating and capital for hospital-related developments, and required an entity that was able to provide the turnkey delivery of the parking structure. The hospital selected the TimHaahs team to provide the planning, design, construction, parking management and financing for the parking structure. Even though the hospital does not charge for parking at this time, the TimHaahs team developed a strategy to convert all visitor and patient parking to a fee-based system in line with other city parking rates. Using revenues from operations, the plan allows the hospital to lease the structure on a long term basis from a not-for-profit entity, and use the revenue from operations to pay debt service. The hospital will retain ownership of the parking facility at the end of the lease. This creative approach allowed the hospital to achieve a significant infrastructure expansion, while preserving capital for alternate projects.  
|