Hospital building proves to be a boon for G.E. Johnson

Filed under: Daily News,Real Estate | Tags:,
G.E. Johnson recently completed work on the St. Anthony Medical Center in Summit County.

G.E. Johnson recently completed work on the St. Anthony Medical Center in Summit County.

G.E. Johnson Construction Co. just completed work on the $4.5 million St. Anthony Summit County Medical Center.

The 12,739-square-foot mountain community project came in ahead of schedule and under budget, said spokesman Al Slattery. The new hospital wing expansion includes 10 additional beds, four intensive care unit beds and six progressive care patient rooms.

“Our construction budget savings enabled them to also dedicate space for pulmonary function and echo-cardio testing as well as for nuclear medicine testing equipment,” he said, adding that all work was completed without disruption to the patients or staff of the level-2 trauma facility and Flight for Life heliport.

The project architect was Earl Swensson Architects of Nashville, Tenn.

Also in the midst of building the $200 million St. Anthony medical campus in Lakewood, the company began work on a $76 million two-phase Parker Adventist Hospital project earlier this year.

“It’s certainly been great to have hospital jobs like these in an otherwise tough year for the industry,” said President Jim Johnson, adding that his firm was on track to do about $300 million in business during 2009. “We’ve stayed focused on our core business, and that’s paid off.”

The general contractor also recently announced that it was awarded 2100 University, an apartment complex near Denver University, as well as a University of Wyoming Visual Arts Building and a cultural arts facility in Lone Tree.

Foreclosure rate still high

In a December 21 report, the Colorado Department of Local Affairs — Division of Housing spokesman Ryan McMaken said foreclosure activity fell statewide from October to November. Foreclosure sales fell 0.4 percent, and foreclosure filings fell 13.4 percent. Monthly totals peaked during July of this year when foreclosure sales reached 1,869 and foreclosure filings totaled 3,855.

Mesa County reported the largest year-over-year increase in completed foreclosures, with an increase of 181 percent. Boulder County reported a 126-percent spike while El Paso County foreclosure sales were up 11 percent for the 11-month period. All other counties surveyed reported decreases in the number of completed foreclosures. Adams County and Arapahoe County reported decreases of 22 percent and 20 percent respectively. Denver County reported the largest decline of 33 percent.

Mortgage security guidelines

The Federal Housing Administration is reportedly about to announce that the minimum down payment requirement for FHA loans will be raised from 3.5 percent to 5 percent, according to Harry Salzman, owner of The Salzman Real Estate Group.

In a weekly update, he also said that the monthly FHA mortgage insurance premium is scheduled to increase, and the “FICO” score required for borrowers’ credit worthiness will also be raised. For those unfamiliar with the term, “FICO” is a term originally referring to The Fair Isaac Company which created custom software back in the 1980s that helped other companies determine a credit risk based on a number derived from a person’s credit history.

Becky Hurley covers real estate for the Colorado Springs Business Journal.