Anticipating the region’s growing healthcare needs, Fayetteville-based healthcare organization Washington Regional Medical System announced Monday (Sept. 20) a $6.63 million land purchase.
According to a news release, the 15 acres are part of the Drake Farms development in Fayetteville. The purchase price equals $10.15 per square foot.
The land is west of the Washington Regional campus. The release said plans for the property are being finalized and include facilities for expanded inpatient hospital services and outpatient surgical services, to include overnight stay capabilities, ambulatory care services, and a center for wellness focused on whole-person care.
“Washington Regional’s mission is to improve the health of people in the communities we serve,” President and CEO Larry Shackelford said in a statement. “The Northwest Arkansas community is among the fastest growing in the nation, and acquiring this property will allow us to grow with it. Our medical center campus at North Hills opened in 2002 with 345,000 square feet of space. In less than 20 years, it has grown to over 724,000 square feet, and we are unable to expand any further on our main campus.
“Purchasing this property adjacent to our campus will allow Washington Regional to plan for the next 20 years of growth by optimizing our medical center campus for higher acuity services and offering lower acuity services at our expanded campus at the Drake Farms property.”
Drake Farms is a 175-acre mixed-use development that will ultimately include residential, commercial and institutional space, green space and other amenities. Johnson-based firm High Street Real Estate and Development is the developer.
The architects on the Washington Regional project are HRD, and Tommy Van Zandt with Cushman & Wakefield/Sage Partners represented the seller in the transaction, Fayetteville lawyer Neal Pendergraft and his family. Washington Regional also acquired the option to purchase two additional parcels within the Drake Farms development consisting of approximately 25 acres of land in the future.
Earlier this year, Washington Regional opened the Washington Regional J.B. Hunt Transport Services Cancer Support Home at 488 E. Longview St.