Our Lady of the Lake Regional Medical Center has purchased a 58-acre parcel fronting Interstate 10 for $15.25 million, or about $6 per square foot. OLOL had been negotiating with Ward’s Creek Investors for more than a year. The land is located on the south side of I-10 between Essen Lane and Bluebonnet Boulevard and is accessed from One Calais and Essen Park.
Ben Skillman with Skill Real Estate has been marketing the property. The sale price reflects that significant site work will need to take place and bridges will need to be built before the property can be improved.
The property is prime for a mixed-use development, but it is more likely that OLOL will use the land to expand its regional medical center. It has been suggested that OLOL develop a children’s hospital or expand the Mary Bird Perkins Cancer Center on the new site. There’s also talk that OLOL will partner with LSU and become home for the state’s teaching hospital, replacing Earl K. Long Medical Center. Officials with OLOL say they have no plans for the land at this time.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)