02.05.08 - Westmount Unveils Plan For Health Campus Flag
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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