Jockeying for patients: Health giants crowd Silicon Valley
Stanford Projects
New Stanford Hospital: The $2 billion, 824,000-square-foot hospital will be open in early 2018.
Lucile Packard Children's Hospital Expansion: 521,000-square-foot expansion.
Anticipated completion in 2016. Estimated cost of $1.1 billion.
Stanford School of Medicine: Three new laboratory buildings to meet seismic requirements.
Hoover Pavilion: Retrofit of 1931 structure into medical office building. $50 million project completed 2012.
Stanford Cancer Center San Jose: 70,000-square-foot outpatient cancer center at Highway 85 and Los Gatos Boulevard. Opening late 2014.
Click above to see other hospital projects under way.
New Stanford Hospital: The $2 billion, 824,000-square-foot hospital will be open in early 2018.
Lucile Packard Children's Hospital Expansion: 521,000-square-foot expansion.
Anticipated completion in 2016. Estimated cost of $1.1 billion.
Stanford School of Medicine: Three new laboratory buildings to meet seismic requirements.
Hoover Pavilion: Retrofit of 1931 structure into medical office building. $50 million project completed 2012.
Stanford Cancer Center San Jose: 70,000-square-foot outpatient cancer center at Highway 85 and Los Gatos Boulevard. Opening late 2014.
Click above to see other hospital projects under way.
People are always asking Dr. Richard Slavin, CEO of the Palo Alto Medical Foundation, a certain question – and it has nothing to do with what’s ailing them.
“It’s, ‘Why don’t you have services in our community?” he said.
More and more, he’s been able to answer this way: Soon, we will.
PAMF, a Sutter Health affiliate with 1,400 doctors, has roughly a half-dozen Silicon Valley projects in progress or planning stages.
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And it’s not alone. Kaiser Permanente, Stanford Hospital and Clinics and others are also planning more dots on the Silicon Valley map.
Multiple factors are driving the growth: An aging (and growing) population of well-insured patients, competition for market share, and existing facilities approaching the end of their useful life.
Silicon Valley’s attractive demographics have created an industry ripe for expansion, said Kevin Heravi, a principal with HealthMed Realty, a real estate services firm.
“It’s a captive audience of folks that can afford good care,” he said. “You’re seeing a lot of these providers have a war with each other in terms of establishing market share. The market share is not going to be established by sitting around the hospital and expecting folks to come to them. They need to go to (the patient).”
The projects also reflect fundamental shifts in how care is being delivered and paid for. Most are strategically placed outpatient facilities, in keeping with a trend of providing care away from expensive hospitals. And they are being built by ever-larger medical groups to house doctors they have recruited away from independent practice in recent years.
Nathan Donato-Weinstein covers commercial real estate and transportation
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