Akron Children’s Hospital will become the owner of one of its newest buildings after a 30-year lease, thanks to a gift by its developer.
Testa Development and its principals, siblings Joel Testa and Julie Testa Thomasson, are building the Akron Children’s Health Center in Boston Heights at 328 E. Hines Hill Road. The building will include pediatric primary care offices as well as an urgent care center, rehabilitative services, radiology and laboratory services, and more than 15 pediatric specialty services.
It is scheduled to open in August 2019.
The hospital has entered into a long-term lease of 30 years with Testa Development and at the end of that lease, the building will be donated to the hospital for $1, said Joel Testa, president of Testa Development.
“In their half-century of married life and their half-century in business, our parents — Paul and Kathie Testa — have put their community and family first and have instilled those same values in us,” Joel Testa said. “It is only natural then that as my sister, Julie, and I proceed in our own real estate development careers through Testa Development, we too wish to give back to the Greater Akron community.”
The Children’s Hospital gift is the first for Testa Development, Joel Testa said. Many of the hospital’s outpatient buildings around the region over the years have been built by or managed by one of the Testa family businesses, he said.
The agreement and future donation is a “win-win” since it gave Testa Development a longer-term commitment from a tenant (often leases could be 10 to 20 years and then renewable), which allowed Testa to get a better financing rate for the $13 million the company will spend on the building project.
At the end of the 30 years, it is estimated the value of the building will have appreciated to $15 million, he said.
Grace Wakulchik, president of Akron Children’s Hospital, said: “Akron Children’s Hospital is grateful for the vision of the entire Testa family and their creativity in thoughtfully designing a way to provide Akron Children’s with such a generous and lasting gift."
The two-story, 43,000-square-foot building will also bring the following pediatric specialists to Boston Heights: pediatric allergy, ENT, orthopedics, sports medicine, plastic and reconstructive surgery, cardiology, dermatology, rheumatology, endocrinology and diabetes, urology, gastroenterology, pediatric surgery, neurology and pulmonology. Maternal fetal medicine and pediatric ophthalmology will be added at a later date.
Said Testa: “We were looking for a thoughtful way to make a lasting impact for our hospital and the most leverage for our family’s dollars.”
Beacon Journal consumer columnist and medical reporter Betty Lin-Fisher can be reached at 330-996-3724 or firstname.lastname@example.org. Follow her @blinfisherABJ on Twitter or www.facebook.com/BettyLinFisherABJ and see all her stories at www.ohio.com/betty.