AMD Global Buys, Renovates Houston Hospital
- Jun 29, 2017
AMD Global LLC continues to transform the hospital market in Houston with the acquisition and renovation of The Heights Hospital, currently home to St. Joseph Medical Center. The development firm, which purchased the 192,000-square-foot facility from Select Houston Partners LP, has already commenced upgrades.
Located on nearly four acres at 1917 Ashland St. in Houston’s The Heights neighborhood, the four-decade-old health-care property had been under the operation of Select Specialty Hospitals. Under AMD’s ownership, the six-story building will continue to be anchored by St. Joseph, but the medical center won’t be the only name on the roster. The makeover will allow AMD to make room for expanded services, including labor & delivery and a neonatal unit; a comprehensive orthopedics center; a wound care center; a full-service restaurant; and medical office space.
“By revitalizing this landmark, attracting the right tenants and expanding services, we are creating something of real significance with The Heights Hospital,” Dr. Dharmesh Patel, CEO of AMD Global LLC, said in a prepared statement. “We are looking forward to transforming this facility into one that truly reflects the individuality and spirit of The Heights and to bringing the residents who live there the high-quality health care they deserve.”
Health-care construction still going strong
The Heights Hospital isn’t the only health-care project in AMD’s pipeline. In mid-June, news emerged that the company had joined forces with Stream Realty Partners and Diamond Realty Investments on the acquisition of a two-acre site in Memorial Village, where the partners will erect the 101,700-square-foot Memorial Medical Pavilion.
Construction in the health-care sector remains lively. Per a first quarter report by management consulting and investment banking services provider FMI, $42.5 billion in construction is expected to be put in place in 2017, marking a year-over-year increase of 3 percent, and 4 percent growth is projected for 2018. AMD’s current projects appear to dovetail with a trend in the health-care real estate market. “The bulk of the work will be renovation and additions as well as outpatient care,” according to the report. “Construction will continue to become more collaborative and integrated with the various communities involved.”
AMD expects to complete the revamping of The Heights Hospital in mid-September of this year.
Image courtesy of AMD Global