Hartford Hospital recently acquired a gas station property neighboring its campus for an estimated $4 million.
Hartford Hospital recently acquired a gas station property neighboring its campus for an estimated $4 million.
According to city land records, the hospital acquired 234 Washington St. on Jan. 23 for $4.4 million. The property formerly was the site of a Mobil gas station and convenience store.
The acquisition follows Hartford Hospital’s
purchase last fall of the former Girls Scouts of Connecticut headquarters at 332 Washington St., which also is located just outside the hospital campus.
Both acquisitions have been made as Hartford HealthCare prepares for a sweeping overhaul of its Hartford Hospital campus — anchored by a planned 470,000-square-foot patient tower.
“The former Girl Scouts building near Hartford Hospital and the former Mobil station on Washington Street are now part of Hartford HealthCare’s long-term vision to redefine access to care in the community,” an HHC spokesperson said in a statement emailed to Hartford Business Journal.
“We look forward to sharing more exciting updates soon including details about a new urgent care center planned near the main hospital campus,” she added.
In December, the
Connecticut Health and Educational Facilities Authority (CHEFA) approved up to $850 million in bonding for systemwide capital projects. CHEFA is a quasi-public state agency that issues tax-exempt bonds on behalf of hospitals, colleges and other nonprofit institutions.
Morgan Stanley, Jefferies and JPMorgan have been hired to manage the financing, which will include two separate bond offerings. The bonds will be sold by no later than June 30.
According to documents submitted to CHEFA, the bond proceeds will be allocated as follows: about $424 million for capital projects across the system, including the new patient tower; $40 million to reimburse previously incurred capital expenses; $86.1 million for the acquisition of Manchester Memorial Hospital and Rockville General Hospital in Vernon; and $251 million to refinance past debt.
Hartford HealthCare completed its acquisition of the two former Prospect Medical Holdings hospitals last month.
