In mid-2007, the principals of Dominion Healthcare Realty, LLC, were actively involved in the closing of approximately 79 acres of land north and adjacent to Methodist Stone Oak Hospital, a $190 million, 132-bed hospital (expandable to 350 beds) scheduled to open in Spring 2009. This North Central San Antonio submarket services a population of approximately 175,000 people, with an average house hold income of $111,000. This large land purchase captured all of the available land directly adjoining this hospital.
To achieve the highest and best use for this land, the principals of Dominion Healthcare Realty, LLC and its affiliate Dominion Advisory Group, Inc. created a master development plan, known as Agora Palms, that encompasses 1.2 million square feet of life-style congruous properties, including approximately 400,0 00 square feet of medical office space and 500,000 square feet of 55+ independent living, assisted living, and skilled nursing facilities, otherwise known as a Continuing Care Retirement Community (CCRC).
Envisioning Agora Palms as integral to the support and future expansion of Methodist Stone Oak Hospital, the principals of Dominion Healthcare Realty, LLC negotiated an interconnecting road and pedestrian access walkway with Methodist Healthcare System for the convenience of physicians and patients needing to move back and forth between the hospital and Agora Palms. The interconnecting road will allow ambulances coming from north Bexar, Comal and Blanco Counties a more direct and less congested route to Methodist Stone Oak Hospital from US Highway 281.
The first phase of the Agora Palms development includes the construction of a 4-lane public road to connect Hardy Oaks Blvd to US Highway 281 and a 100,000 square foot, 4 story medical office building to house physicians o n staff with Methodist Stone Oak Hospital. Construction is slated to commence late spring of 2009. All Master Plans and the development of the initial 100,000 sq. ft. medical office building have been turned over to a new ownership group, with development expected to commence at some point in the future.