WCBJ
WESTCHESTER COUNTY
BUSINESS JOURNAL
Bob Rozycki
YOUR only SOURCE FOR regional BUSINESS NEWS | westfaironline.com
June 18, 2012 | VOL. 48, No. 25
New quarters for New Rochelle MDs BY JOHN GOLDEN jgolden@westfairinc.com
L
ooking to keep its current physicians and attract new ones in the nation’s changing health care landscape, Sound Shore Medical Center has turned to a private partner to develop an approximately $35 million medical office building that would also house some hospital services on its New Rochelle campus. Landmark Healthcare Facilities L.L.C., based in Milwaukee, plans to build, own and manage the class-A office building proposed to be built on existing hospital parking lot space. The facility would be connected to the main hospital building. Physicians leasing space in the fivestory, 100,000-square-foot building would be offered a share in a 30 percent ownership stake that Landmark provides staff physicians at no initial cost to the doctors. Anthony Lampasona, president of Landmark Healthcare, said the ownership interest is a
financial incentive for doctors to lease space in the office building, lowering their occupancy costs by 25 to 30 percent. Physicians can choose to sell their ownership interest to Landmark or other tenants. Landmark, which has developed about 25 outpatient buildings across the country, will put up $8.2 million in cash equity for the construction project. The developer also plans to build a 530-space parking structure on the campus at an estimated cost of $15 million to $16 million, Lampasona said. Annual parking revenue is projected to almost evenly match debt service on the hospital-owned structure, he said. As a private, for-profit developer, Landmark will sign a ground lease for the building site and pay real estate taxes on what is now tax-exempt property. Lampasona said his company hopes to begin construction by December after receiving required site plan and environmental approvals from city officials. “We’re ready to New quarters, page 6
Congressional gridlock stalls highway funding
Leonard Vallender inside his shop at Fenbar Precision Machinists Inc. in Thornwood.
BY PATRICK GALLAGHER pgallagher@westfairinc.com
Reborn in the USA T Page 2
he Hudson Valley construction industry, pummeled by job losses since the recession, could be in for yet another blow if Congress fails to pass a long-term transportation funding measure that could create 113,000 jobs in New York state. Talks under way since May between the U.S. Senate and the House of Representatives
over a long-term extension of the federal transportation appropriations bill have stalled over a disagreement on how the measure should be funded. With the current bill set to expire June 30, Senate and House leaders have set a mid-June deadline for any long-term agreement to be reached. House Speaker John Boehner of Ohio Congressional gridlock, page 6
SPECIAL REPORT Meetings and Conventions Page 15