Inova Announces Franconia/Springfield Medical Campus Expansion with Land Acquisition from Monument Realty
Falls Church, VA – Inova Health System now has a twenty-one acre site for a new medical campus to serve patients in a convenient and central Northern Virginia location after acquiring the remaining twelve acres of land from Monument Realty and its New York-based partner, Atlas Capital Group. The property is located near the Franconia-Springfield Metro Station and adjacent to the current Inova HealthPlex – Franconia/Springfield. Inova was represented by David Millard and Peter Berk with Avison Young.
The acquisition of the additional real estate is part of Inova’s emerging plan to enhance services, thereby more fully meeting the growing healthcare needs of the eastern region of Northern Virginia, including Franconia, Springfield, Mount Vernon and Lorton in Fairfax County and the City of Alexandria. While Inova is committed to continuing to provide emergency and inpatient services in Alexandria and Mount Vernon, the expansion of the Springfield site affords a unique opportunity to serve the broader region more comprehensively.
“This additional land provides unlimited opportunity for programs, services, and facilities that support our mission to provide world-class healthcare to every patient we have the privilege to serve,” said J. Stephen Jones, MD, FACS, Inova President and CEO. “We are steadfast in our commitment to serve our communities, and we are confident that increasing the availability of care in our eastern region is an important next step for our patients, our region, and for Inova.”
“We could not be more pleased with the transaction and the opportunity to support Inova’s plans to enhance health care services and programs throughout Northern Virginia,” said Russell Hines, President of Monument Realty.
Patients will continue to have access to the emergency room, physical therapy, physician offices, and other clinical operations at the Franconia / Springfield HealthPlex leading up to and during construction of the future campus.
Details on the new medical campus, including program and facility scope and size will be finalized in the coming months. While initial concept development is underway, Inova anticipates the facility planning, regulatory, and construction processes will take place over the next several years. Inova will be filing land use applications with Fairfax County next year to seek approval for the project.
About Inova
Inova is Northern Virginia’s leading nonprofit healthcare provider, recognized in 2019 and 2020 by U.S. News & World Report, which named Inova Fairfax Hospital the #1 hospital in the Washington, DC region. Each of Inova’s five hospitals holds a 5-star rating from the Centers for Medicare & Medicaid Services (CMS), distinguishing Inova as the highest-rated large health system in the U.S., and the only system to have all hospitals receive five stars. All five Inova hospitals were awarded ‘A’ grades for the spring 2020 Leapfrog Hospital Safety Grades, recognizing Inova’s achievements in protecting patients from harm and providing safer healthcare. Inova Fairfax Medical Campus was named to the Fortune/IBM Watson Health 100 Top Hospitals list, ranking in the top 10 nationwide among Major Teaching Hospitals. Our mission is to provide world-class healthcare – every time, every touch – to each person in every community we have the privilege to serve. Inova’s 18,000 team members serve more than 2 million individuals annually through an integrated network of hospitals, primary and specialty care practices, emergency and urgent care centers, outpatient services and destination institutes. Inova is home to Northern Virginia’s only Level 1 Trauma Center and Level 4 Neonatal Intensive Care Unit. Its hospitals have a total of 1,936 licensed beds. More information and statistics about Inova can be found at www.inova.org.
About Monument Realty
Monument Realty, an award-winning, full-service real estate firm, has been leading the way by embracing challenges and creating opportunities for clients and investors since 1998. Monument Realty’s development portfolio includes more than six million square feet of Class-A office space, 4,500 residential units and several hotel properties valued at nearly $6 billion. For more information, visit: monumentrealty.com.
About Atlas Capital Group
Atlas Capital Group, LLC is a full-service real estate investment, development, and management firm. The firm was founded in 2006 by Jeffrey A. Goldberger and Andrew B. Cohen to invest in opportunistic and value-added real estate transactions in core gateway cities, with a primary focus on New York and Los Angeles. Atlas’ portfolio consists of over $5.0 billion of residential, office and retail real estate assets. The company’s in-house disciplines include construction, leasing, development, asset management, property management, accounting, financial analysis and legal.