The former Wyoming State Hospital campus was the subject of a redevelopment plan led by Myers-Anderson Architects, with Strategy 5 serving as the economic consultant on the team. The state-owned property consists of approximately 100-acres, located within the city limits of Evanston, and commanding a prominent position on a bluff overlooking the town. The facility was phased out beginning in 2010 and completely closed to active use of any kind in 2018. A new hospital was constructed nearby and the future disposition of the state property became a major issue for the community.
Strategy 5 conducted a market feasibility assessment that recognized the need for a future private sector use to capture support from well beyond the local/regional area, which lacks the population and economic base to enable a redevelopment project of this magnitude. The firm came to focus on the life sciences industry as a global economic player that has the financial strength and capacity to affect this transition and offers the ability of companies to operate in almost any desirable location. In addition to the market analysis, Strategy 5 conducted financial feasibility analysis, and a funding and finance strategy for the project.
The former Wyoming State Hospital campus offered both opportunities and challenges in the form of existing buildings with historic significance, as well as rapidly advancing deterioration of structures. Potential from the life sciences industry, that includes biotech and pharmaceuticals, was identified as a private sector lifeline to redevelopment for consideration by state and local authorities.