107K SF Medical Office Building Coming To Medical City Campus That Housed Forest Park Medical Center

Healthcare Trust of America is planning a $55M-plus building on a medical campus off U.S. Highway 75 in Dallas that used to house the Forest Park Medical Center.

The campus, which is now home to Medical City Heart Hospital and Spine Campus, used to house the Forest Park Medical Center flagship location. Forest Park was a physician-owned hospital that fell under the weight of bankruptcy and a federal investigation into an alleged physician kickback scheme.

Healthcare Trust of America out of Arizona said it will build another 107K SF of leasable space on the campus with construction set to launch in the fourth quarter.  The firm estimates it will cost roughly $55M to $60M to develop the Class-A building and a new parking garage.

HTA already owns two medical office buildings on the same campus and plans to acquire another 6 acres nearby for development.  HTA expects the project to have lease commitments of at least 73% prior to the start of construction, which begins this year and ends in 2021.

 

Source: Bisnow