Westmount Realty Capital spawns the idea for branded medical campuses after selling part of a 27-acre site to a physicians’ group. A Houston campus is in the works.
Locally based Westmount Realty Capital has seized an opportunity to begin a development program for branded medical campuses. A 27-acre site in North Dallas, bought in December 2006, is being primed for a 500,000-sf plan while the developer digs into talks to plant a campus on Houston soil too. Cliff Booth, president of Westmount Realty, says the development team always believed the Dallas land was primed for medical uses due to its location, but the branding idea was spawned after selling a 4.35-acre tract at the corner of US Hwy. 75 and Forest Lane to a group of physicians for Forest Park Medical Center. “Now that we’ve branded this site as Westmount Health Campus, we’re going to use that as a springboard,” he tells GlobeSt.com.
Booth says Dallas broker Newt Walker has opened talks with several subsets of medical users for the prototype campus, which is located 400 feet from Dallas Area Rapid Transit’s Forest Lane light-rail station, beside Medical City Hospital and just north of Presbyterian Hospital. Westmount plans to develop some medical office spec, either single-handedly or in a joint venture. “We’re having discussions on both right now,” Booth confides, adding more news should be forthcoming in 60 to 90 days.
The developer says Westmount Health Campus Dallas will support at least 500,000 sf of medical space in addition to a parking structure. Booth says the site will be carved into two- to eight-acre tracts, with a sticker price of $35 per sf.
“We’d identified medical at the beginning as a logical use,” Booth says. “That was a clear alternative. But, we typically let the market tell us what makes sense. All demand is supporting it.”
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