VOL. 133 | NO. 22 | Tuesday, January 30, 2018
Campbell Clinic Wins PILOT for $30M Germantown Expansion
By Patrick Lantrip
Campbell Clinic has been awarded an eight-year retention PILOT (payment-in-lieu-of-taxes) from the Germantown Industrial Development Board to help pave the way for its expansion plans, which include a $30 million, 120,000-square-foot new facility.
The proposed upgrades to the orthopedic specialists’ Germantown facility will result in the retention of 280 jobs, while creating 185 new jobs with an average wage of a little more than $67,000 over the next three years.
The maximum number of years the Germantown IDB can give on a retention PILOT is eight years. Campbell Clinic, which was represented by Cushman & Wakefield/Commercial Advisors president and CEO Larry Jensen, originally sought an 11-year tax abatement, since they felt as though the project had both retention and expansion elements.
But the Germantown IDB was wary of setting a precedent since this was only second retention PILOT the city has issued. IDB members did leave the door open for Campbell Clinic to return to the board to seek more incentives as its expansion plans come to fruition.
Campbell Clinic announced in November it planned to build a four-story medical office building on a vacant 5-acre parcel adjacent to its current location at 1400 S. Germantown Road.
That new facility will include, among other things, outpatient orthopedic clinical space, expanded physical therapy and imaging suites, and an ambulatory surgery center with eight operating rooms.