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September 9, 2013

Private Healthcare RE Developer Eyes Mid-City

By Eliza Theiss, Associate Editor

It seems the lure of the New Orleans BioDistrict has attracted a new player to the city’s healthcare and biosciences market. Cobalt Medical Development, a private healthcare real estate development and investment company, plans to build a 60-bed in-patient physical rehabilitation facility in Mid-City, according to the Mid-City Messenger.

The 65,000-square-foot facility will be constructed on Bienville Avenue, on a vacant site adjacent to the Lindy Boggs Medical Center, with groundbreaking set for the first half of 2014–or within 12 months’ time at the latest.  Developers hope to have the rehab center operational by the end of June 2015. The facility will feature private rooms with private bathrooms and shared living rooms; it will offer services such as post-surgery, post-brain-injury and athletic-injury recovery care, as well as veteran care. According to the Mid-City Messenger’s report, Cobalt is keen on forming partnerships with the NFL and other athletic organizations to become the area’s premier athletic injury care center. The center will create about 175 jobs.

One of Cobalt’s most recent projects is Kansas City Elevations, a 45-bed, 54,000-square-foot physical rehabilitation center in Kansas City, currently under development and set for a summer 2014 completion.  According to Cobalt’s website, the company also has three other rehabilitation and brain injury hospitals under contract and five additional healthcare centers under development. Presumably, one of these projects is the future Mid-City location.

Cobalt Medical Development focuses on constructing healthcare real estate in rapid-growth sectors. The company develops specialty hospitals, cancer centers, imaging centers, outpatient centers, post-acute-care rehabilitation and traumatic brain injury hospitals and medical office buildings.

The Mid-City rehab facility’s Bienville Avenue location will put it just on the edge of the BioDistrict, the 1,500-acre biosciences state-enabled economic development district. The BioDistrict is bounded by Earhart Boulevard, Carollton and Loyola avenues and Iberville Street, the latter running right next to and parallel to Bienville Avenue.  One of the most prominent elements of the BioDistrict will be the new $1.1 billion, 424-bed University Medical Center, currently under construction. (Read our previous coverage of the project here.)

Image credit: Cobalt Medical Development and BioDistrict New Orleans

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