Centura Health plans to build a third hospital campus in Colorado Springs for its Penrose-St. Francis Health Services on 57.8 acres it purchased from Etkin Johnson Real Estate Partners for $30M.

The campus, at the intersection of Interstate 25 and InterQuest Parkway, will have a 522-bed acute-care facility that will include Penrose Hospital and St. Francis Medical Center.

“Northern Colorado Springs is quickly becoming a leading economic engine, paving a clear path of growth for the city,” Etkin Johnson partner Ryan Good said. “This highly visible site will allow Centura Health to better serve Coloradans, while also providing their doctors, nurses and staff with multiple options for housing nearby. We plan to reinvest the capital into future developments and acquisitions that are currently in the works.”

Last year, Etkin Johnson broke ground on FalconView, a 288-unit apartment community adjacent to the site. With 15.1 units per acre, FalconView offers the lowest apartment density rate in the area in a garden-style concept designed to feel like a neighborhood.

Etkin Johnson purchased the Centura site in 2016 as part of a 77-acre parcel. The site, just east of the U.S. Air Force Academy, has unobstructed views of nearby Pikes Peak and easy access to several new multifamily, office, hotel and retail developments in the area.