Memorial Healthcare System Acquires Eight Acres in Hollywood, FL
It is not sure what it plans to do with the acreage, but preliminary conversations have focused on a health and wellness hub.
Memorial Healthcare acquired two parcels of land on the corner of Hollywood Boulevard and State Road 7 in Hollywood, FL.
Previously part of the footprint of the Hollywood Fashion Center, the parcels are approximately eight acres and nearly 360,000 square feet on a high-traffic intersection just east of the Florida Turnpike. Memorial will convene a work group and consult with internal and external stakeholders to determine the best use for the property, but preliminary conversations have focused on a health and wellness hub that would serve the community.
The Memorial property is part of the ongoing revitalization of the 441 corridor and seen as a gateway to Hollywood from the west. There is currently a 155,000 square foot building and an adjacent parking lot on the site.
The purchase is part of a strategic plan Memorial has for ongoing investment in facilities that serve its customers. This includes the four-story expansion of Joe DiMaggio Children’s Hospital in Hollywood, Memorial Cancer Institute construction in Pembroke Pines, a new location for behavioral health services in Davie, a day center for sickle cell patients and a planned expansion of Memorial Regional Hospital in Hollywood.
The start of any new construction on this acreage is estimated to be at least two to three years away.
Tobin Real Estate President and COO Jason Tobin and Senior Vice President Louie Granteed exclusively represented Memorial in the acquisition.