In what is being billed as a generational development opportunity, the real estate once occupied by Hahnemann University Hospital in Philadelphia has come up for sale, the Philadelphia Business Journal reports.
The marketing of the properties, which combined total nearly 2 million square feet in a prime Center City location, comes a year after Hahnemann filed for bankruptcy. The site provides something rare in a dense urban setting: a contiguous stretch of buildings and land that could accommodate upwards of 3 million square feet in new development and redeveloped space with the potential to recast a highly visible area of Center City.
The real estate is expected to garner interest from local and national investors.
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Hahnemann's closure last summer caused 2,500 people to lose their jobs and reduced the number of hospitals that serve the city's low-income patients. Along with the devastation of the hospital closure and job losses came frequent speculation that owner Joel Freedman of American Academic Health System had bought Hahnemann from Tenet Healthcare Corp. as a real estate play.