Dallas investor who bought Penney HQ is taking a run at Parkland campus
Written by Steve Brown, Real Estate Editor
Sam Ware is in talks to purchase the huge former Parkland Hospital campus on Harry Hines Boulevard northwest of downtown... The more than 38-acre medical campus ... includes more than 1 million square feet in more than a dozen buildings, parking garages and raw land... Potential buyers who have looked at the Parkland real estate have considered everything from reusing some of the existing buildings to tearing down structures to build new apartment, hotel, office and medical facilities.
...More than 30,000 people work in the surrounding medical district, which treats more than 3 million patients a year. It's located adjacent to two rail systems - DART's commuter rail line and the Trinity Railway Express, which connects downtown Dallas and the medical district to Fort Worth.
willyk wrote:Is there a market here to turn some of these buildings into professional buildings like at other hospitals? Or do the County and University force their professionals to take space in captive buildings?
The longtime Dallas developer and business partner Jeff Blakeley of Dallas-based Dreien Opportunity Partners LLC are under contract to buy the 1.4 million-square-foot property, with plans to give it a second life as an amenity-rich destination called The District.
"You could not replicate this today for under $500 million," said Ware, who calls this a "once in a lifetime," opportunity.
Some of the proposed plans include:
Convert the emergency room tower into a hotel to cater to the Medical District. A hotel flag has yet to be selected and a hotel study is being conducted to determine demand for rooms.
Build small condos that can be sold at a price point ranging from the $200,000s to the $750,000s.
Develop micro-unit apartments by combining two patient rooms into a 500-square-foot apartment that can be rented at a discount compared with Uptown rents.
Retrofit rooms to offer a wide range of senior living capabilities from assisted living to memory care.
Bring in a variety of amenities ranging from valet services, a high-end workout facility, eateries such as a 24-hour diner called Scrubs, a grocery store, high-end 7-Eleven store and other amenities doctors, nurses, patients and residents might need to stay in The District.
Convert a two-story underground MRI facility into a parking facility to add up to 900 parking spaces to the campus.
UT Southwestern Medical Center is expanding its footprint by 650K SF with a third tower, D CEO reports.
The cost of the project, part of the first phase of the $875M West Campus Facilities Replacement Plan, will come to $480M. It is projected to finish in 2020.
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Developer Sam Ware said he plans to complete a purchase of the 38-acre former medical campus as early as the first week of April.
Working with Dallas architect HKS, Ware plans to convert the old Parkland buildings into a combination of housing, office space, retail and a hotel.
"We're calling it the District,"" Ware said. "Everybody else wanted the buy this for the land and tear it down.
joshua.dodd wrote:Yes! I am excited that they are finally going to demolish that ugly ass shopping strip. That place was one of the worst eye sores along my DART commutes. But why are they keeping the parking lot? That just seems counterproductive.