Citi Community Capital, the community development lending and investing arm of Citi, along with Lowe Economic Development Company ("LEDC") and The East Los Angeles Community Union (“TELACU”) will provide $39.7 million of New Market Tax Credit (“NMTC”) allocation to assist Sharp HealthCare to build a new 68,350-square feet health care facility in downtown San Diego. The financing makes it possible for Sharp HealthCare to save funds to apply towards other important goals in accordance with its mission.
Sharp HealthCare (“Sharp”), an award-winning health care provider of integrated health services, provides a substantial amount of benefits to the low-income communities which it serves including providing employment opportunities, medical services at subsidized rates, educational programs, support to community clinics, and contributions of staff time to community non-profit organizations. Along with the expected 250 predevelopment and construction jobs created to build the facility, Sharp will maintain 236 permanent full-time jobs and add 16 additional full-time positions once the facility is operational in late 2012.
“Citi is proud to partner with Sharp in the financing of the Sharp Rees-Stealy Medical Center, keeping important jobs in the downtown area of the City of San Diego,” said Andrew Ditton, co-head of Citi Community Capital. “Expanding the vital health care services it provides to the community at large and those low income residents of the community that are not able to afford the cost of health care is important to Citi,” Mr. Ditton explained.
The new facility will replace an existing facility with a LEED gold-certified architecturally significant medical office building that will serve an additional 10,000 patients per year. The three-story design includes protection of the historic Moreton Bay fig tree located on the site, and an atrium that will offer spectacular views of Downtown San Diego and the ocean, providing a connection with the surrounding community.
“The new Sharp Rees-Stealy Downtown medical office building will provide a unique healing environment, including soft light filtering through windows and glass features, and a décor of blues and soft greens, to sooth our patients and their loved ones,” said Donna Mills, Chief Executive Officer, Sharp Rees-Stealy Medical Center. “The building is designed to be a quiet space that reflects our organization’s dedication to health and well-being, and its unique healing environment design — influenced by the Moreton Bay fig tree — will subtly suggest the restorative properties of nature.”
Sharp Rees-Stealy is a multispecialty medical group with 400 primary care doctors and specialists representing virtually every field of medicine. With 19 locations throughout San Diego County, Sharp Rees-Stealy is consistently recognized for its quality results and superior patient care, and is part of Sharp, San Diego’s most comprehensive health care delivery system.
Construction of the new facility will have a significant positive impact on downtown San Diego by contributing to the revitalization of an area that is targeted for development and that is highly distressed as evidenced by a Median Family Income of $32,729 or 43.3% of the San Diego Metropolitan Statistical Area Median Family Income average according to 2010 statistics. The project was conceived with the participation and support of appropriate government bodies and agencies having jurisdiction over the project area. This included a presentation to the Uptown Planners Uptown Community Planning Group, a citizen’s advisory board for construction and development projects located in the community, to gain their appreciation and knowledge of the project’s community benefits and attributes.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
About Citi Community Capital
Citi Community Capital (CCC) is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings. Additional information may be found at www.citicommunitycapital.com.
A 2007 Malcolm Baldrige National Quality Award recipient, Sharp is San Diego's most comprehensive health care delivery system. It is recognized for clinical excellence for services in cardiac, cancer and multiorgan transplantation, as well as orthopedics, rehabilitation, behavioral health and women's health. Sharp has been widely acclaimed for its commitment to transform the health care experience for patients, physicians and staff through an organization-wide performance improvement initiative called The Sharp Experience. The Sharp system includes four acute-care hospitals, three specialty hospitals, two affiliated medical groups and a health plan. To learn more about Sharp, visit www.sharp.com.