Faced with rising costs and dwindling revenues, St. Anthony Hospital was directed by its board to evaluate a move to the suburbs from its location in the Midtown District, immediately to the north of downtown Oklahoma City. This directive spurred the City to develop a plan of public and private action that would enable the hospital to stay in its historic location and continue to serve the neighboring Low Income Community.
A component of the plan was the construction of a new, four-story healthcare facility that included physician office space, an imaging center, conference rooms, and educational facilities greatly increasing the hospital's capabilities. The project faced severe feasibility issues after the run-up in construction costs which followed Hurricane Katrina. NMR's investment in the form of a low interest rate loan and a soft-equity investment enabled the stalled project to move forward.
The NMTC-assisted investments by NMR leveraged investments from other private and public sources, which include a ground lease on favorable terms from St. Anthony Hospital, site improvements funded with a TIF loan, a direct loan (without NMTC support) from US Bank, and equity investments from the developer and physician tenants. This development was the first public-private effort in the area and has been an important catalyst for further neighborhood redevelopment.