Dallas-based developer Trammell Crow has tentatively agreed to buy Group Health's 28-acre hospital campus in Redmond's Overlake area. The companies said today...
Dallas-based developer Trammell Crow has tentatively agreed to buy Group Health’s 28-acre hospital campus in Redmond’s Overlake area.
The companies said today that Trammell Crow and an unidentified institutional financial partner had signed a letter of intent, the first step in the sale process. They said the deal should be completed by Dec. 1.
Trammell Crow should be ready to discuss its plan for the property then, spokeswoman Cynthia Langhorst said.
The Redmond City Council in December adopted a new plan for the Overlake area that foresees mixed-use development on the campus, including apartments or condos, office, retail and perhaps a hotel in buildings of up to 12 stories.
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Group Health closed the 30-year-old hospital May 1 and is moving other services from the campus to a new specialty center in Bellevue and a primary-care center under construction in downtown Redmond.