News
$1 BILLION FOR HEALTH; SHOLOM & ZUCKERBROT
August 12, 2009
| Long Island's Nassau Health Care Corp. is moving ahead with the $1B development of its Uniondale and East Meadow campuses into senior living and medical office complexes, five years in the making. To help us understand the topic, join us tonight for a town hall on health care refor—wait, hold on . . . nevermind. No town hall here. Put down those pitchforks. Hey! Ow! (But seriously, join us tomorrow for a Distressed Assets event.) |
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| From CBRE’s Woodbury office, Richard Karson, Martin Lomazow, and Phil Heilpern, who represent NHCC, told us Health Care REIT will be master developer for the two-property redevelopment. The first is the A. Holly Patterson campus in Uniondale, which will be redeveloped into the “Senior Village at Patterson,” with a 320-bed nursing home, 150-bed assisted living facility, community health center, dialysis center, senior housing, 100k SF of retail/office space, and more. The second is the Nassau University Medical Center in East Meadow into the “Village for Healthy Living,” which includes medical office buildings, an ambulatory surgery center, medical research, a wellness center, community and open space, and new medical student/resident housing. |
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| The Uniondale campus has been obsolete for years, Phil says, and it’s the perfect opportunity to change it into a staged living facility(where seniors move to assisted living and then the nursing home as needs increase). East Meadow (pictured) has been upgraded, he continues, but still has functionally obsolete buildings that will be knocked down for the healthcare village and 500 units of housing. Over the next decade, expect tremendous improvements and growth in the senior healthcare and medical sectors, he adds. Systems like North Shore-LIJ and Winthrop have already begun. |
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| Advisor Poe Corn of Jones Lang LaSalle (pictured all the way from San Diego) says the nursing home will be first to break ground within a year, for an 18-month buildout. Expect the relocation of the 100k-SF emergency room at East Meadow, which will be redeveloped into 100k-200k SF of medical offices. Health Care REIT will develop the medical, outpatient, and ER space, bringing in sub-developers for the rest by the end of the year. NHCC will own/operate the new nursing home, community health center, and dialysis center, but will JV with Health Care REIT on the rest. This will be Long Island’s first continuing care retirement community and among the largest developments on the Island, Phil adds. |
