Rowan University’s board of trustees finalized an
agreement to sell 100 acres on the western end of its Glassboro, N.J. campus to
the Inspira Health Network for $11.5 million.
Inspira plans to use the land, on Route 322 near exit 50
of Route 55 in Harrison Township, for a new $310 million hospital that will
replace its Woodbury medical center in Gloucester County.
Rowan University is selling 100 acres to Inspira Health
Network for $11.5 million.
The deal was opposed by Kennedy Health System, which
already has a partnership with Rowan. Kennedy operates a hospital nearby in
Washington Township.
Inspira ended up paying $2 million more than its original
offer of $9.5 million for the property after Rowan's trustees, at a meeting
last month, passed a resolution calling for the final price to be tied to an
appraisal of the land.
The sale is expected to close on May 6.
Inspira intends to build a four-story hospital with 175
to 200 beds, and more than 1,400 employees, at the site next to Rowan’s campus.
The health system plans to keep the Woodbury facility open, but convert it to
other potential health care uses such as outpatient care, emergency care and
administrative office space to support various health system departments and
programs.
Source: Philadelphia
Business Journal
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