Healthcare Trust of America has plans for a $55-$60 million office building on the campus that currently houses the Medical City Heart and Spine hospitals. Construction of the 107,000 square feet Class A medical office building will begin later this year.
Called Pavilion III, it will include structured parking and will support the growing medical campus. Arizona-based HTA already owns two MOBs on the campus that are 90 percent leased as of June 30 and the new building will bring HTA’s total square footage to over 300,000 square feet on the campus.
HTA has also purchased a 6-acre piece of land adjacent to the campus for future development. It is the largest specialized owner and operator of medical office buildings in the country.
The campus is the former home of Forest Park Medical Center, which closed after the physician-owned hospital went bankrupt during the turmoil of a massive kickback and bribery scheme whose judgment was decided this year. The current heart facility include 63 patient rooms, cardiac services, and a dedicated cardiac emergency room. The spine hospital includes 24 beds and treats spine disorders and contributes to research.