Hospital to be demolished

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The new owners of the former Spring Branch Medical Center plan to begin demolishing the 300,000-square-foot facility late this week.

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Olivia Pulsinelli

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The new owners of the former Spring Branch Medical Center plan to begin demolishing the 300,000-square-foot facility late this week, the Houston Chronicle reports.

An investment group bought the 18-acre site, at 8850 Long Point Road, for an undisclosed price in October 2013. The group is led by Houston-based BlackSwan Investment Partners and includes Bruce Phillips, co-founder and principal of Houston-based PinPoint Commercial.

The group had hoped to lease or sell the property to another hospital operator, but Phillips now tells the Chronicle that hospitals are focusing their growth in the suburbs rather than the inner city. The property is located between U.S. Highway 290 and Interstate 10 outside of the 610 Loop but inside Beltway 8.

The owners have not finalized their plans for the property, but they expect to market it as a mixed-use site, the Chronicle reports.

The property has seen ups and downs over the past few years. HCA Gulf Coast closed the facility in 2010, and Houston-based McVey & Co. purchased it in 2011. However, the center declared bankruptcy in 2012, and a New York-based firm foreclosed on the property last year.

Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. Follow her on Twitter for more.