Parkland To Become Mixed-Use District With Hotel, Residential, Retail
Dreien is finalizing the sale-leaseback contract for the 1.4M SF property before it begins work rebranding and redeveloping as The District, the Dallas Business Journal reports.
“Whatever you do, don't sell it to someone that is going to knock it down — it has a second life,” Ware reportedly told Parkland Health’s board of directors.
After finalizing the sale-leaseback, Parkland will lease about 500K SF of medical space for three years. Parkland decided to sell its 38-acre campus at Harry Hines Boulevard and Medical District Drive in January.
Ware hopes to partner with the city in a public-private partnership.
High-density zoning for the campus could allow 20 stories, or 4.5M SF, on the remaining 16 acres. Davidson & Bogel Real Estate will market the 16 acres of developable land.
Those plans are forthcoming, but current redevelopment plans top $250M.
Dreien will convert the emergency room tower into a hotel geared toward the medical district. Condos priced from $200K to $500K and micro-unit apartments will be developed. Hospital rooms will be retrofitted for senior living capabilities such as memory care and assisted living.
The redevelopment will include valet, an on-site gym, a grocery store and a convenience store. A two-story MRI facility will become a 24-hour diner called Scrubs.
Lower levels will be converted into an additional 900 to 1,500 parking spaces.
HKS, Kimley-Horn and project management and financing by CBRE comprise the redevelopment team.