Texas commercial real estate: Parkland Memorial Hospital redevelopment

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Texas commercial real-estate developer Sam Ware has big plans to revitalize Dallas aging Parkland Hospital Campus

Ware recently completed a lease buy back arrangement for the 38 acre property with the Parkland Health and Hospital Systems Board of Supervisors. Ware is entitled to 500,000 sq. ft. of the site for the next three years. Ware intends to redevelop the location into an amenity rich, mixed use development known as “the District.” Ware has made it his business to add value to aging properties like Parkland Memorial Hospital. With so much new office space going up in the area, will the remodeled Hospital site be able to compete? Ware obviously thinks so.

Sam Ware is not unfamiliar with redevelopment projects. He has been redeveloping a range of sites since the 1980’s. His most recent acquisition, a portion of the JC Penny Headquarters, he intends to develop into, “The Campus, at Legacy West.” Ware has called the Parkland project “a once in a life time opportunity.” Claiming “you couldn't get a similar deal in Dallas’ competitive market for under 500 million.” True to his form, Ware will focus on keeping costs low by redeveloping the existing buildings on the site. In his appeals to purchase the property from the Parkland Hospital Systems’ board of directors he claimed the form of the site is, “dysfunctional, but your bones are worth $200 million. Just let the architects figure it out.

Ware will invest 250 million dollars in the project to redevelop it into a mixed use destination called “The District.” Current proposals to renovate and repurpose the existing buildings include, converting the emergency room tower into a hotel for visiting doctors and developing micro-apartments by combining old patient rooms. New amenities will be added to the site as well. Ideas include a valet service, a high end gym, restaurants and a grocery store. To plan the redevelopment, Ware intends to use the team that helped him implement his vision at the former JC Penny Headquarters

Wares redevelopment project has significant potential when compared to other Texas commercial real estate developments.

Prior to the sale CBRE described the Parkland Memorial Hospital campus as a “significant redevelopment opportunity in Dallas-Fort Worth,” an apt description. The site sits on 38 acres in the heart of Dallas’ medical district. The campus has about a dozen existing buildings, of varying sizes along with parking garages and open land. It is adjacent to Lovefield and Dallas’ uptown district. In addition the site boasts access to two nearby commuter rails. Redevelopment of the site is an undeniable opportunity. The immediate area has the highest density zoning in Dallas, outside of the cities central business district. High density zoning allows up to twenty stories to be added on to the sites existing buildings, giving the opportunity to expand the available square footage on the site to to 4.5 million.

It is uncertain whether “the District” will stand out among other Texas commercial real estate developments.

Ware intends to capitalize on the sites pre-existing advantages. The Parkland Campus is centrally located and indicated for high density development. Clearly it is cheaper to remodel the existing buildings on the site. Other developers may have simply started from scratch. Ware has succeeded with similar efforts in the past and the proposed amenities will no doubt add value to the location. Time will tell whether “the District” will be able to compete with new construction in the area.

 

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com

Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701    

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About the Author:  Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

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