Penn Medicine has purchased a 2.75-acre property near the Penn Presbyterian Medical Center in University City for $16 million, Philly.com reported. The property, located at 4040 Market Street, previously hosted a care center for people with disabilities.
The property includes multiple buildings and parking lots. It is expected to receive some operations from the Penn Presbyterian Medical Center in a bid to increase the hospital’s critical-care capacity, Philly.com wrote.
New community-oriented services, such as an autistic children’s day-care center and the construction of townhouses on Ludlow Street, are also being planned near the site.
The property was previously owned by Elwyn, a non-profit organization based in Media, Pa., which has been serving children and adults with a wide range of disabilities since 1852. The care center at Market Street had been in operation for 40 years, and the Philadelphia Inquirer reported that Elwyn's marketing for the property suggested they intended to relocate the facility to a "more strategic" West Philadelphia location.
For Penn Medicine, the acquisition builds on a series of steps taken in recent years to significantly expand the school's operations. In 2015, it acquired a system of three hospitals worth $1 billion, and in 2017, the University announced massive plans to build a $1.5 billion Hospital Pavilion by the end of 2021.
In 2017, Penn Medicine merged with the Princeton HealthCare System and, as of late, has also been partnering with hospitals such as St. Mary Medical Center to expand its outreach and care capabilities.
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