Children’s Health Acquires Nearly 20-Acre Property In Plano, Teases Further Expansion
Dallas-based Children’s Health has acquired a prime piece of property on Legacy Drive in Plano, according to a filing with the Collin Central Appraisal District.
Children’s Health has acquired the property at 5301 Legacy Drive in Plano, adjacent to its existing Children’s Medical Center Plano,. (PHOTO CREDIT:: JAKE DEAN)
Located at 5301 Legacy Drive, the property was built in 1997 and consists of a 296,434-square-foot, three-story campus and 270,414-square-foot parking garage. The property’s total land area is 19.66 acres.
According to the filing, Children’s Health acquired the land in December 2022. The property value was most recently assessed at $49 million, and is adjacent to the health system’s existing Children’s Medical Center Plano.
“As we expand our system to meet the needs of a rapidly growing pediatric population, we are investing in space to help us prepare for this growth,” Children’s Health told the Dallas Business Journal in a statement. “We purchased this property near our Plano campus, at Legacy and Hedgcoxe Road, and are currently evaluating the best use of this property to serve our mission to make life better for children.”
The Legacy Drive property was previously owned by Dallas’ Champion Partners, which purchased it from Keurig Dr Pepper Inc. in December 2019. Champion Partners purchased the campus with a $52.4 million loan from New York-based Square Mile Capital Management. The property served as the headquarters for Keurig Dr Pepper, which moved into the office space in 1998. In February 2019, Keurig Dr Pepper announced it would move its headquarters to a 350,000 square foot building at The Star in Frisco. The company moved in 2021.
In March 2022, Dallas’ Champion Partners and New York-based Taconic Capital Advisors received a $73 million loan from California-based CIM Group to renovate the property, according to a report from the Dallas Morning News. Renovations were expected to include a new outdoor amphitheater, fitness center, outdoor courtyard, lounge and meeting area. The developers were also set to remodel the two-story lobby entrance to the main campus, the Morning News reported.
Earlier this month, Children’s Health opened the doors of its new specialty center in Prosper. The three-story, 30,000-square-foot center will expand access to care for children and families in Collin and Denton Counties. In Dallas, Children’s Health and the University of Texas Southwestern Medical Center are in the midst of planning a new pediatric medical campus.
Children’s Health and UT Southwestern are considering a site on the southeast corner of Harry Hines Boulevard and Mockingbird Lane, according to a report by D CEO. The site is on the north side of the UTSW campus, directly across Harry Hines from UTSW’s Clements University Hospital.
Documents sent to potential contractors last year describe the proposed project as a $2.5 billion pediatric hospital to replace the existing Dallas campus of Children’s Health with 532 beds, a medical office building, and at least one parking garage. An emergency department with 90 bays and more than 90 newborn intensive care unit beds is also planned. The RFQ said construction was expected to begin in 2024 for a 2028 delivery.
Source: Dallas Business Journal
