Wexford Named To Redevelop Brackenridge Campus
Central Health has picked Wexford Science & Technology to redevelop the 14-acre Brackenridge campus in Downtown Austin.
The Brackenridge campus, now replaced with the Dell Seton Medical Center, is six prime Downtown blocks. Central Health's board of managers adopted a three-phase master plan in early 2016 that called for the creation of a plan that would capitalize on the healthcare district's "healthy community" mission.
“Selecting a preferred master developer is an important first step to move this project forward,” Central Health President and CEO Mike Geeslin said. “We look forward to starting this process and keeping the board and community apprised of our progress.”
The vote initiates the negotiation of a master developer agreement with Wexford, which has developed life science campuses in Baltimore, Philadelphia and Winston-Salem. Last year, Wexford spun off from its parent company, BioMed Realty LLP, with the sale of its $1.5B real estate portfolio. Wexford continues to manage the portfolio, now owned by Ventas Inc.
Demolition of the existing structures on the Brackenridge site is not expected for at least six months. Construction of a new campus will not begin for at least two or three years, according to the healthcare district.
Four companies were invited to provide proposals on the Brackenridge campus: Catellus Development Corp.; Brandywine Realty Trust; Howard Hughes Corp./Cambridge Holdings; and Wexford. Only two — Wexford and Brandywine — submitted proposals on the project.