Group Health has signed a letter of intent with the Trammell Crow Company and an institutional financial partner for the sale of its 28-acre Eastside Campus in Redmond.
The Trammell Crow Company is a Dallas-based real estate developer and investor, which has more than $9.1 billion of projects in process or in its pipeline.
The letter of intent is the first step in the sale process, which includes further feasibility analysis by the buyer with the City of Redmond and developing a formal acquisition agreement that is expected to be concluded by Dec. 1, 2008. Terms of the agreement, including the sale price, will not be publicly released until that time.
Group Health has been working closely with the City of Redmond, Redmond Chamber of Commerce and others to ensure that redevelopment of Eastside Campus would best serve the community’s needs.
The City of Redmond approved re-zoning of the Campus in December 2007 as part of the city’s long-range plan for a vibrant, mixed-use neighborhood of residential, hospitality, retail and office use.
“The City of Redmond is very glad to begin working with Trammell Crow on the redevelopment of this cornerstone site in the Overlake Neighborhood,” said Mayor John Marchione. “This sale comes on the heels of adoption of the Overlake Neighborhood Plan update in December 2007 and we are pleased to begin implementing the plan so quickly.
“Trammell Crow’s thorough understanding of the vision for Overlake Village gives us confidence that this development will provide the vibrant mixed use people place needed in Overlake,” Marchione said.
The Group Health Bellevue Medical Center opened its doors on Monday. The $120 million, 190,000 square-foot, state-of-the-art multi-specialty center has a connecting corridor to Overlake Hospital, providing patients excellent in-patient and out-patient service.
In addition a new primary care medical center will open in Redmond in October, at 159th Place Northeast and Redmond Way, near Redmond Town Center.