After an eighteen-month due diligence process that resulted in the signing of a purchase and sales agreement, New-York-based Lockwood Development Partners has closed the deal with Care New England Health Systems to purchase the long vacant Memorial Hospital site.
The 390,000 s/f former acute care hospital campus will be transformed into 200 affordable housing apartments prioritized for veterans, with access to adult day services for therapy and other social services, a career training and education program for newly-transitioned veterans seeking reskilling or upskilling for the civilian workforce, and medical and lab space. The development will also include dormitory space for veterans participating in the career training and education programs with an emphasis on medical careers.
Lockwood and Veteran Services USA (VSUSA) redevelopment plans allow for the bringing back of emergency services to the 13.4-acre site, centrally located in the city. The city will continue to fiercely advocate for medical services for the community as a whole.
Ongoing medical services at the site will not be impacted by this purchase. This economic development project is expected to cost $70 million and create up to 500 jobs during construction, which includes third-party consultants and construction workers, and up to 60 permanent jobs in the community after the project is complete.
All buildings on the site will be retained and enhanced as part of this historic preservation project. Lockwood is committed to following sustainable practices in the redevelopment of this project and will include extensive landscaping and other amenities within the campus.
The zoning and permitting process is expected to begin by mid-2021 with interior demolition anticipated for late-2021. Construction for the project is slated to begin in 2022 with completion by 2023.
Lockwood intends to conduct community outreach throughout the redevelopment process and will include many opportunities for community input. The city looks forward to working with Lockwood in transforming Memorial Hospital into a new community asset.
Donald Grebien is the mayor of city of Pawtucket, RI.