Memorial Healthcare System has paid $49 million to acquire the shuttered Hollywood (Fla.) Fashion Center mall, the Commercial Observer reported April 18.
The 10-hospital system, governed by the South Broward Hospital District Board of Commissioners, plans to redevelop the property into a "wellness hub," but has not made a final decision on the project, according to the report.
The eight-acre property houses the 155,880-square-foot shopping mall — which closed in 1993 — and is surrounded by big-box stores including Walmart and Aldi, according to the report. The property currently houses a food service store, food distribution center and grocery store.
Construction is expected to begin in about two years.