JACKSONVILLE, FL-Paying top dollar for a prime location, locally based Baptist Health hospital has closed its $9.5 million purchase of a 32-acre tract in Flagler Center where the hospital plans to break ground by summer on a 250,000-sf hospital and 80,000-sf physicians' office building.
The land price in the 1,022-acre Flagler Center at Interstate 95 and Old St. Augustine Road equates to $296,875 per acre or $6.81 per sf. The deal took almost two years to close after the contract was signed in July 2001. Gresham Smith & Partners, an affiliate of Jacksonville, FL-based Haskell Co., is designing the campus which is tentatively scheduled for completion by yearend 2004.
Tied in with the project's location is a new $20 million interchange that Flagler is constructing at I-95 and Old St. Augustine Road. The interchange is tentatively scheduled for completion by spring 2004.
Also waiting to close is a multimillion-dollar deal Flagler has with New York-based Citicorp Credit Services Inc. for 90 acres in Flagler Center where Citicorp plans 500,000 sf of office and production space. If the Citicorp land sells for the same price as the Baptist tract, the Citicorp deal would be valued at about $26.7 million.
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